Services
Affordable Housing
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Stites & Harbison prides itself on the breadth and depth of its neighborhood revitalization experience, particularly in the area of affordable housing. Over the past 25 years, the firm's real estate attorneys have represented owners, developers and institutional lenders involved in commercial, residential and mixed-use projects in Tennessee, Kentucky, Indiana, Ohio, Michigan and other states in the region. Transactions have ranged from traditional construction and permanent financing to credit enhancement, low-income and historic tax credit financing, tax increment financing, bond financing and securitization of loans.
Two recent examples of this experience include the Laurel House development in Nashville and the Park DuValle development in Louisville.
- The Laurel House project involved rehabilitation of an existing warehouse into retail and office space with new construction of 48 units of affordable housing above this space. The firm's services for the Laurel House development, slated for occupancy in 2004, have included land acquisition, the tax-credit application process, closing on the land acquisition, tax increment financing, and construction loans, and, most recently, closing on the equity contribution and HUD-insured permanent financing.
- The Park DuValle project involved representation of a local housing authority in connection with a neighborhood revitalization project under the Hope VI program to create 1,500 new HUD-financed housing units and to represent a consortium of commercial lenders in the revitalization financing of Louisville's Village West low income housing project.