Specializing in Multifamily Housing

We are one of the premier housing bond firms in the United States with particular focus and nationwide leadership in multifamily affordable housing bond finance. Since 1985, we have served as bond counsel or underwriters counsel for over 2,200 housing finance transactions totaling more than $56 billion for almost half of the state of California’s housing finance agencies and for many local agencies from coast to coast.

The Housing Finance group has experience with virtually every type of financing structure used in the housing bond market, as well as with the restructuring of bond issues. Housing bond issues for which we have been bond or underwriters counsel have included a variety of features, many of which now seem commonplace, but many of which we helped create or refine, such as:

  • Mortgage loan sales and bond defeasance
  • Tax-exempt real estate loans (private placement pass-through documentation)
  • Rehabilitation loans (including rehab loan advances)
  • Variable rate or adjustable rate bonds
  • Cash-collateralized short-term multifamily bonds
  • “Year 15” recapitalization structure
  • Put bonds (tender option bonds)
  • Convertible option bonds
  • Compound interest bonds
  • Senior/subordinate bonds, including multiple levels
  • Taxable/tax-exempt combinations
  • Low-income housing tax credits
  • Interest-only strips to finance down-payment assistance
  • Letters and lines of credit
  • Issuer (“captive”) single-family mortgage insurance
  • GNMA and FNMA pass-through certificates
  • FNMA collateralized security structures
  • Variable rate, renegotiable rate, growing equity, graduated payment and shared appreciation mortgages
  • Deferred payment second mortgages
  • Forward purchase agreements for bonds
  • Refunding/recycling programs
  • “Index option” pricing of bonds
  • FHA risk-sharing multifamily mortgage insurance
  • Real estate investment trusts
  • Various derivative products designed to lower borrowing costs or hedge interest rate risk, including interest rate caps, swaps and swaptions
  • We have recently served as bond or underwriter’s counsel in connection with financings for:

    • New York City Housing Development Corporation
    • Idaho Housing & Finance Association
    • Oregon Housing and Community Services
    • California Housing Finance Agency
    • Housing Authority of the County of Los Angeles
    • Community Redevelopment Agency of the City of Los Angeles
    • Housing Authority of the County of Marin
    • Housing Authority of the County of Santa Barbara
    • Housing Authority of the County of Santa Clara
    • Oakland Community and Economic Development Agency
    • Sacramento Housing and Redevelopment Agency
    • San Diego Housing Commission
    • San Francisco Redevelopment Agency
    • Numerous cities, counties, joint powers authorities and other issuers of housing bonds all throughout the state of California