Ballard Spahr’s housing finance attorneys help clients navigate legal and related business issues in transactions nationwide, encompassing all types of construction, bridge, revolving, and permanent financing.

Our housing finance attorneys handle housing and community development transactions across the country. With vast experience in both taxable and tax-exempt lending structures, we represent real estate development, finance, and investment firms, as well as commercial banks, other mortgage banking institutions, bond issuers, and underwriters. Our attorneys draw on their experience and skill in real estate and finance to advise on housing and community development projects including acquisition, rehabilitation, and refunding loans, in addition to construction financing. We also assist clients with loan assumptions, distressed asset advice, and default resolution.

Our clients include national leaders in senior housing, affordable housing, and other single- and multifamily housing sectors. Our experience in the seniors housing market includes advising on licensing and compliance, as well as resolving issues involving licensing deficiencies, change of ownership procedures, and Medicaid provider agreements.


We counsel leading national real estate finance and investment companies and similar lenders, as well as borrowers, developers, and other clients nationwide on all aspects of housing finance products of Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development (HUD) for multifamily housing projects and seniors facilities, as well as on related compliance and servicing issues. Our focus includes closing, negotiation, and review of due diligence for large, multistate mortgage pool transactions intended for purchase by Fannie Mae or Freddie Mac.

Our attorneys assist lenders in obtaining approval to originate and deliver loans to Fannie Mae and Freddie Mac, advise on servicing issues, negotiate loan participations and loan and servicing portfolio sales, and perform due diligence reviews. We have developed extensive relationships throughout Fannie Mae and Freddie Mac and have a solid understanding of their loan products, procedural requirements, and preferences. We serve as counsel to Freddie Mac for its tax-exempt bond credit enhancement and securitization programs.


We represent private and public lenders, borrowers, and other clients nationwide, counseling on all aspects of HUD-insured financing transactions. Our work has included:

  • acquisition, rehabilitation, and new construction loans;
  • tax-exempt bond financings credit enhanced by HUD insurance;
  • GNMA mortgage-backed securities;
  • IRP decoupling transactions; and
  • transfer of physical assets applications.

We are experienced in virtually all of HUD’s multifamily programs and related tax, securities, environmental, and legal issues associated with HUD transactions.


We represent a broad spectrum of public and private clients, including housing authorities, for-profit and nonprofit developers, banks, and governmental agencies in affordable housing projects that include financing from tax credits, including federal Low-Income Housing Tax Credits (LIHTC). We assist in navigating the legal issues that can arise on LIHTC transactions, including subordinate debt and intercreditor agreements, ground leases, tax exemptions or abatements, triparty agreements, regulatory agreements, and navigating the HUD regulatory framework.

Our experience includes transactions that combine LIHTCs with state LIHTCs, historic tax credits, New Markets Tax Credits, solar tax credits, and many sources of debt financing. Our attorneys advise on all aspects of these transactions, including tax, real estate, and business issues.

We also advise clients with Year 15 issues and re-syndications as developments near the end of the LIHTC compliance period. We assist our clients in analyzing the deal’s economics and in navigating the evolving dynamics of the equity and debt marketplace.


Our attorneys represent public and private lenders, underwriters, tax credit syndicators, and government-sponsored enterprises in transactions involving state, local, and private agency programs and the issuance of multifamily housing bonds.

We have served as bond counsel or underwriter’s counsel for state housing agencies nationwide, as well as for numerous local housing finance agencies and authorities. Our bond financing practice consistently ranks among the national leaders in volume handled, as reported by Thomson Reuters. Our experience includes numerous transactions that combine New Markets Tax Credits with tax-exempt bonds.