Affordable Housing

Caleb Foundation - The Olde Woolen Mill in North Berwick, Maine was merely gathering cobwebs when the Caleb Foundation saw an opportunity to create housing for low-income seniors.  To help finance it, our tax attorneys were instrumental in structuring one of the very first syndications under Maine's recently expanded historic tax credit program and synchronizing the requirements of the state credit investor with the federal historic tax credit and housing tax credit investors.  We successfully obtained favorable financing necessary to green-light renovations to 40 apartments for senior residents.

Acadia Hospital and Spring Harbor Hospital - Successfully worked on behalf of Acadia Hospital and Spring Harbor Hospital, Maine's two non-profit psychiatric hospitals to obtain enactment of supplemental appropriation of $5.6 million to treat indigent mentally ill patients. Handled legislative approval of the appropriation necessary to make up for significant shortfall in so-called disproportionate share of hospital (DSH) Medicaid pool.

American Housing Preservation Corporation - When American Housing Preservation Corporation (AHPC) wanted to acquire 1600 new low-income housing units in Colorado and Wyoming, we negotiated and closed the $91 million acquisition. The deal involved 21 different property owners, and included the permanent and bridge debt and low income housing tax credit equity financing.

Housing Initiatives of New England Corporation - In 2005, we coordinated for Housing Initiatives of New England Corporation, a non-profit provider of affordable housing for seniors in both Maine and New Hampshire, a $30 million financing to assure the expansion, refurbishment and sustainability of HINEC's seven New Hampshire complexes. Our attorneys coordinated the financing, acquisition, leasing and tax structuring related to the tax-exempt bond financing provided by the New Hampshire Housing Finance Authority.

Laconia Housing Authority - Preti Flaherty represented Laconia Housing Authority in the revitalization of the former Scott & Williams knitting machine mill in downtown Laconia, New Hampshire. As general counsel on the $13 million project, which involved a complete transformation of the mill into three stories of affordable housing, plus commercial space on the first floor, we assisted with the acquisition of the mill from a Massachusetts corporation and coordinated the financing, which involved tax-exempt bonds and federal low-income housing tax credits. We also coordinated the transaction with several lenders, created a limited partnership for investors interested in the tax credits, and represented the Housing Authority in the sale of the commercial space on the first floor to businesses that will serve the needs of the residents: a senior wellness center, a family health clinic, and an affordable daycare facility.