New York, NY – April 10, 2015 – (RealEstateRama) – Nixon Peabody Tax Credit Finance & Syndication partner Katie Tenney acted as investor counsel for one of the largest conversions of public housing to privately owned affordable housing to date under the U.S. Department of Housing and Urban Development (HUD) Rental Assistance Demonstration (RAD) program. Under the deal, 1600 units of affordable housing in El Paso, Texas, will be renovated and maintained as affordable housing using a combination of tax credits, bond financing and HUD operating subsidies. The first phase represents about 30% of the housing units of the Housing Authority of the City of El Paso and a public/private investment of over $250 million.
“The RAD program allows housing authorities to employ private money to help address the serious deferred maintenance issues facing our public housing stock,” said Katie. “This deal should serve as an example for how housing authorities around the country can combine multiple sites in a single RAD transaction to get the most bang for their buck.”
Nixon Peabody represented the equity investor, Hunt Capital Partners, in the transaction and Tenney was assisted by Tax Credit Finance & Syndication associate Matthew Mullen and Tax Credit Finance & Syndication partner Forrest Milder.
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