Tax Credits
Gubb & Barshay LLP has been involved in the structuring and closing of over 250 low income housing tax transactions in California and other states. The firm has worked with a wide variety of direct and syndicated investors and has been involved with project closings involving nearly every major lender and investor in the area. Natalie Gubb drafted the initial legislation for the California low income tax credit program and has acted as a consultant to the California Tax Credit Allocation Committee. In addition to our thorough review of the syndication documents, we also closely review the financial projections to structure the transaction to maximize syndication proceeds. We provide all certifications required by tax credit allocating agencies and have acted as special tax counsel on highly specialized tax credit issues. We have also represented many developers on historic tax credit projects and other historic preservation projects, and are working on projects involving the new markets tax credit.


HUD Programs
Gubb & Barshay LLP has extensive experience with a broad array of HUD financing programs, including: HOME, CDBG, HOPE VI, Sections 202 and 811, HUD insurance programs (such as Section 236 and 221(d)(3)), and Section 8 rental assistance programs. We use our expertise to help our developer clients obtain government assistance on the best possible terms, and we assist government lenders in finding creative ways to solve problems in a manner that allows the financing to close. We also advise developers of special needs and senior housing about fair housing and accessibility issues, as well as other HUD issues particular to such housing providers.


Tax-Exempt Financing
A substantial portion of our practice is devoted to representing developers and charitable organizations in tax-exempt bond transactions. Gubb & Barshay LLP has experience with all types of financing features used on housing bond issues, including variable rate bonds, all types of credit enhacnement, tax allocation bonds, and interest rate swaps. We have worked on a wide variety of private placement and rated bond transactions, and with both private activity bonds and 501(c)(3) bonds for housing as well as other charitable organizations.


State and Local Programs
Gubb & Barshay LLP has worked with all State of California financing programs, including all major programs sponsored by the California Housing Finance Agency and the California Department of Housing and Community Development, including RHCP, MHP, HOME, CHRP-R, and the farmworker grant program, and we have particular expertise in Article 34 issues. At the local level, we have worked with cities and redevelopment agencies throughout the State and have a thorough knowledge of redevelopment law and related areas, such as relocation law and prevailing wage law.


Affordable Housing Lending
Gubb & Barshay LLP is active in the representation of affordable housing lenders, and often is asked to assist lenders in the preparation of loan documents and escrow instructions, and in the review of due diligence materials, including architect and construction contracts, title policies and surveys, insurance certificates, subdivision covenants and restrictions, and easements. In addition, we regularly draft and negotiate subordination and intercreditor agreements with other subordinate lenders and we are often involved in closing loans on projects that may have five or more subordinate loans.


Tax-Exempt Organizations
A substantial portion of Gubb & Barshay's developer clients are nonprofit corporations, and we currently advise over 65 nonprofit corporations on a wide variety of nonprofit legal and Section 501(c)(3) issues. In addition to the organization of new corporations (and related partnerships and limited liability companies) and the reorganization of existing entities, we prepare and consult on applications for tax-exempt status and advise our clients on unrelated business income issues and how to structure grants from private foundations. We have also obtained several favorable private letter rulings for clients on a variety of tax-exempt issues.


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Full Practice Listing:

Economic Development
Fair Housing
Historic Tax Credits
Homeless Assistance Programs
HUD Subsidy Programs
Low Income Housing Tax Credits
Mortgage Insurance
Municipal Law
New Markets Tax Credits
Nonprofit Law
Property Management
Public Housing
Redevelopment Law
Rural Housing
Section 8 Rental Assistance
Senior and Special Needs Housing
Tax-Exempt Financing
Tax-Exempt Organizations
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