For more than a half century, a significant portion of Krooth & Altman’s practice has been to represent owners and lenders in the development, financing, and operation of projects insured and assisted under the United States Housing Act and the National Housing Act, including Sections 221(d)(4), 223(a)(7), 223(f), 232, 236, 241, and 242 of the National Housing Act. The firm’s housing practice also includes representing its clients in the transfers of physical assets (sales) of Federal Housing Administration (FHA) projects, foreclosures, defaults, workouts, processing of FHA insurance claims, and prepayment of FHA insured mortgage loans.
K&A represents both mortgage lenders and developers utilizing FHA’s Section 8 rental assistance program, including initial application, renewal, termination and modification of Section 8 HAP Contracts. The firm has been involved in the development and implementation of FHA’s “mark-to-market” program that reduces above mark Section 8 rents on FHA-insured mortgage loans to comparable market rent levels. The firm represents lenders structuring deals involving Low Income Housing Tax Credits, including approval of borrower entity and the structuring of the financing, including permanent, construction and mezzanine loans.
K&A has represented mortgagees and owners in connection with Section 241(f) acquisition and equity take-out loans under the Low Income Housing Preservation programs of the Cranston-Gonzalez Affordable Housing Act. The firm represents borrowers, lenders, underwriters and bond insurers in tax-exempt and taxable housing bond issuances. The firm’s practice includes representing parties in transactions involving Fannie Mae and Freddie Mac credit enhanced bonds, GNMA collateralized bonds, letter of credit enhanced bonds and bonds insured by major bond sureties.