Mary Grace Folwell combines her extensive experience in affordable housing and community development to deliver exceptional insights to her clients.
Mary Grace represents CDEs (lenders) and QALICBs (borrowers) in New Markets Tax Credit Transactions. She represents housing authorities and nonprofit developers in complex financing transactions, including projects funded with financing from 4 percent and 9 percent low-income housing tax credits, bonds, HUD's Rental Assistance Demonstration program, HUD's mixed-finance program, and other public and private financing sources and programs. She provides guidance to housing authorities, nonprofits, and private developers on HUD regulatory and statutory matters, ensuring their compliance with HUD programs.
Representative Experience
Representative Matters
New Market Tax Credits:
- Represented nonprofit client in the historic tax credit and new markets tax credit financing of the renovation of an elementary school once attended by Justice Thurgood Marshall, now known as the Justic Thurgood Marshall Amenity Center at PS 103.
- Represented Community Development Entity in the financing of several charter schools, a theater, a historic train museum, several single-family homeownership housing projects, a mixed-use residential/commercial development, community centers, shopping centers, and an office building.
Professional Highlights
Professional Activities
Co-Chair, HUD Practice Group, American Bar Association Forum on Affordable Housing and Community Development Law
Speaking Engagements
Moderator, "Heard from the Hill on HUD," ABA Forum on Affordable Housing, May 22, 2025
Panelist, "Fair Housing Hot Topics," Housing Development Law Institute, September 27, 2024
Panelist, “Navigating the Waters of Relocation,” Housing Development Law Institute, Washington, D.C., May 5, 2022
Board Memberships & Community Service
Arundel Community Development Corporation – Board Member
Seeds 4 Success, Inc. – Board Vice President
Community Foundation of Anne Arundel County – Board Chair, January 2020-December 2021; Member of Executive Committee, January 2018
Homes for America – Board Secretary and Member of Executive Committee; Member of Real Estate Committee, January 2016-January 2021
Publications
Co-author, "Cross-Cutting Requirements: Federal-Wide Requirements Impacting HUD Programs," Navigating HUD Programs: A Practitioners' Guide to the Labyrinth, American Bar Association, 2024
Credentials
Education
The George Washington University Law School (2005 J.D.)
Swarthmore College (1991 B.A. in Psychobiology)
Admissions
District of Columbia
Maryland