Affordable Housing and Community Development

Few firms in Chicago have attorneys with as many years of experience representing for-profit and not-for-profit developers in affordable housing transactions as Sugar Felsenthal Grais & Helsinger LLP.  Our attorneys have successfully guided our clients through the complexities of obtaining public financing from the U.S. Department of Housing and Urban Development (HUD), the Illinois Housing Development Authority, the City of Chicago and many other state, county and local governments.  

We have represented developers of projects throughout the United States funded through low income housing tax credits, state affordable housing (donations) tax credits, tax increment financing, Section 202 financing for housing for the elderly and Section 811 financing for housing for persons with disabilities.  We have helped our clients leverage these programs with funding from other sources such as HUD’s HOME Investment Partnerships Program and Community Development Block Grant Program as well as other grant programs offered by various governmental agencies. 

In addition to housing development, our commercial and industrial clients have turned to us to help obtain tax-exempt bond financing, new markets tax credits, and tax increment financing. Our experienced attorneys guide our clients all the way through the process, from identifying and selecting the appropriate programs to completing the required applications and finally closing on the funding.

Our Real Estate & Community Development attorneys' recent and notable engagements involving affordable housing and community development matters include:

• Represented client in developing a structure for utilizing insurance proceeds from a major fire and used a bankruptcy proceeding to allow the client to acquire, rehabilitate and finance a 458 unit apartment complex in Chicago, Illinois.

• Represented developer in all aspects of structuring, acquisition, rehabilitation and syndication of 147 unit project from the Chicago Housing Authority.

• Assisted client through successful litigation with HUD to ultimately acquire, rehabilitate and syndicate a 357 unit project in Chicago, Illinois using Low Income Housing Tax Credits.

• Represented developer with successful bid for purchase and the ultimate syndication of Low Income Housing Tax Credits and Historic Tax Credits, Section 8 and FHA insurance under 221(d)(4) for a 628 unit housing project in Chicago, Illinois.

• Provided tax opinion for large New Markets Tax Credit Project in Chicago, Illinois.

• Represented client in the acquisition, rehabilitation and syndication of a HUD subsidized scattered site apartment project using bonds, low-income housing tax credits, TIF proceeds, HOME grants, Illinois Affordable Housing Tax Credits and FHA insurance; devised a creative way to satisfy the 50% test to assure the project qualified for tax credits.

• Represented developer of 240 unit HUD assisted project in Park City, Illinois; made client aware of financing source ultimately used to fund the project;  brought in competing investors so that the client could maximize the credit yield;  closed one of the only HUD insure-upon-completion loans in the Chicago office.

• Represented developer in connection with 100 unit HUD assisted project in Chicago, Illinois.  Devised a plan to allow the acquisition and rehabilitation using bond financing, Illinois Affordable Housing Tax Credits, Low Income Housing Tax Credits and other assistance; helped client stave off likely loss of the purchase to another party.

• Represented various property owners in connection with refinancing properties under HUD 223(a)(7) program.

• Represented owner/developer of 240 unit affordable housing facility in Illinois involving conventional financing and HUD $12.5 million insure-upon-completion financing (221(d)(4)).

• Represented developer of 12 site affordable housing project in Illinois involving bonds and low income housing tax credits having a total project cost in excess of $50 million.  

• Represented owner/developer of assisted living facility in southern Illinois.  Assisted with acquisition of property, segregation of air rights and deeding of air rights to related entity. Prepared air rights easement between two entities and HUD.  Assisted with HUD financing of project and construction of ground level and air right phase of development.

• Represented owner/developer of 333 unit affordable housing project in Ohio involving tax exempt bonds, low income housing tax credits and HOME loan and CDBG funds with a total project cost in excess of $20 Million.

• Represented owner/developer of 110 unit affordable housing project in West Virginia involving tax exempt bonds and low income housing tax credits with a total project cost of approximately $6 million.

• Represented owner/developer of 200 unit affordable housing project in Ohio involving tax exempt bonds and low income housing tax credits.  The total project cost was approximately $6 million. 

• Represented owner/developer of 248 unit affordable housing project in West Virginia involving tax exempt bonds and low income housing tax credits with a total project cost in excess of $12 million.

• Represented owner/developer of 152 unit affordable housing project in Ohio involving tax exempt bonds and low income housing tax credits with a total project cost of approximately $4.5 million.

• Represented developer of over 300 unit multi-phase affordable housing development in West Virginia involving tax exempt bonds, low income housing tax credits, HOME loan funds, Community Development Block Grant funds, Federally earmarked funds, Tax Credit Assistance Program funds and the Tax Credit Exchange Program. The total project cost was in excess of $40 million.

• Represented owner/developer of 165 unit affordable housing project in Ohio involving taxable bonds, tax exempt bonds and low income housing tax credits with a total project cost of approximately $8 million.

• Represented developer of over 300 unit multi-phase affordable housing development in West Virginia involving tax exempt bonds, low income housing tax credits, HOME loan funds, Community Development Block Grant funds, Federally earmarked funds, Tax Credit Assistance Program funds and the Tax Credit Exchange Program.

• Represented owner/developer of 165 unit affordable housing project in Ohio involving taxable bonds, tax exempt bonds and low income housing tax credits.