Practice Areas

Affordable Housing/Community Development

Goldstein Hall PLLC represents and advises nonprofit and for-profit developers of affordable housing projects in the five boroughs of New York City, Long Island, upstate New York and beyond.  Our attorneys have acted as lead counsel in the development syndication or acquisition of thousands of affordable housing units in projects ranging in value from approximately $1 million to $100 million.

The Firm regularly manages and coordinates major projects on behalf of our clients for housing that serve diverse populations such as low/moderate income families, the homeless, the elderly and persons with special needs. Our attorneys have extensive experience in structuring and closing transactions financing with a wide array of public and private financing sources, including:
  • Federal low-income housing tax credits
  • Tax-exempt bonds (private activity and 501(c)(3) bonds), including both publicly traded and privately placed bonds
  • Taxable bonds
  • HOME  funds
  • Federal Home Loan Bank Affordable Housing Program funds
  • State housing trust funds
  • City and county loan and grant funds
  • Affordable housing and transit-oriented property tax exemptions
  • Payments in lieu of taxes (PILOT) programs
  • HUD and FHA financing, including 202 and 108 programs
  • Conventional construction, bridge and term loans
  • Federal historic rehabilitation tax credit
  • Commercial leases for space in mixed-use facilities
  • Investor equity
The legal services that Goldstein Hall PLLC provides include:
  • Entity formation;
  • Preparing and negotiating construction contracts and development agreements;
  • Qualification of entities for tax-exemption under Section 501(c)(3) of the Internal Revenue Code of 1986;
  • Obtaining Property Tax Exemptions, including 420-c, 421-a, 420-a, J-51 and PILOTs
  • Documenting and negotiating real estate acquisitions, including option agreements, purchase agreements, escrow agreements and land sale contracts;
  • Structuring and documenting community land trusts;
  • Developing and documenting affordable homeownership programs, including using subsidy retention and subsidy recapture economic approaches; and
  • Preparing and negotiating LLC operating agreements, limited partnership agreements and ancillary agreements between project sponsors and investors;
  • Negotiating project loan documents, including loan agreements, inter-creditor agreements and security agreements;
  • Coordinating project and transaction closings and assisting with project critical path management;
  • Advice regarding HUD subsidy layering requirements and compliance;
  • Tax planning to maximize project tax benefits;
  • Coordinating project subsidies and project subsidy documents to ensure that subsidy requirements and terms are consistent and do not conflict;
  • Undertaking project tax and legal due diligence;
  • Preparing tax, loan and other legal opinions required by investors and lenders;
  • Advice and training regarding low-income housing tax credit compliance;
  • Preparing and negotiating commercial leases;
  • Drafting and negotiating property management agreements;
  • Advice and representation regarding compliance with residential landlord-tenant and fair housing laws.