Nonprofits and Microbusinesses

According to Harvard University’s 2022 State of the Nation’s Housing Report, home prices and the cost of renting continued to soar in 2022, putting safe and decent housing out of reach for many Americans. The firm continued its long-standing representation of nonprofits developing solutions to expand the nation’s stock of affordable homes. Among our efforts, we represented the affordable housing nonprofit Hogar Hispano in a joint venture with several other nonprofit partners that successfully secured financing to acquire 160 defaulted reverse mortgage loans issued by Fannie Mae and the Federal Department of Housing and Urban Development. The transaction saved the properties from abandonment or purchase by for-profit real estate developers and put them in the hands of nonprofits that will rebuild the homes or sell the mortgage loans to low- and moderate-income families at below-market rates.