Mary Grace Folwell

Mary Grace Folwell

Of Counsel
Washington, DC

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