LIHTC Financing of Affordable Housing Development in New Haven

Represented a large regional developer with respect to a series of transactions which will result in the rehabilitation and renovation of the former Welch Annex School in New Haven into 30 apartments providing 100% deed-restricted affordable housing as part of New Haven’s Hill-to-Downtown Project. The transactions involved simultaneously closing on the acquisition of the property, 4% low-income housing tax credit financing from the Connecticut Housing Finance Authority, Housing Trust Fund financing from the Connecticut Department of Housing, CDBG financing from the City of New Haven and an unsecured loan from a related party, while entering into a joint venture agreement with a tax credit investor. In addition, our team prepared and negotiated the construction contract and various subcontracts, efficiently navigating the myriad requirements of the various governmental agencies involved.