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OVERVIEW
Our tradition of service. Peck Shaffer is a national leader in housing finance with one of the most experienced public finance housing practices in the United States. We are consistently among the most active firms in the country serving as Bond Counsel and counsel to underwriters and placement agents for housing financings across the country. We also represent other participants in housing finance transactions, including governmental issuers, trustees, lenders, credit providers and for-profit and not-for-profit developers. Additionally, we are nationally recognized for our federal tax work in the field of public finance.
Coordinating all the pieces. Some combination of tax credit equity, conventional partnership syndication proceeds, seller financing, subordinate debt, HOME or HOPE VI funds, grant money, historic tax credits, or other financing in addition to the bond financing is frequently required to make projects work. In addition, there may be extended use agreements, intercreditor issues, housing assistance payments contracts, subsidy layering issues, and numerous other ancillary features that complicate transactions. We have experience understanding these pieces and dealing with the problems these features create and can help coordinate them with the bond financing to keep the process moving to a successful conclusion.
Tax and financial analysis services. In addition to bond and underwriter's counsel services, Peck Shaffer is able to provide advice and assistance regarding the most advantageous method of structuring bond issues and perform arbitrage rebate calculations. Utilizing software developed by our own attorneys and financial analysts, Peck Shaffer has extensive experience performing the financial analysis necessary to structure numerous types of sophisticated financings involving FHA insurance programs and Ginnie Mae, Fannie Mae and Freddie Mac credit enhancement structures. Our financial analysis is accepted by both Moody's and Standard & Poor's. Since we use our own programs, we can adapt to meet almost any variation unique to a particular financing. We also perform arbitrage rebate calculations and escrow structuring and verification services (see "TAX AND FINANCIAL ANALYSIS – Rebate Services").
Understanding time pressures. We are sensitive to the time pressures and deadlines that are typically present with the development and financing of housing transactions. Based on years of experience, Peck Shaffer attorneys carefully anticipate obstacles common to housing financings that can cause delays.
Your housing finance resource. Unlike most law firms whose fees are based on a billable hours model, our fees are based on a transactional model. After reviewing the anticipated complexity, structure and size of the financing, our experience enables us to establish a fixed fee that can be accurately budgeted in advance. Since we charge on a transactional basis, the clock does not start running the minute you call with a question - so if you have a question, please contact us (see listing of our Housing Attorneys). If there is an issue that you would like to discuss regarding any current, proposed or closed transaction, you can feel free to call without being concerned that you have started to run up a bill. We believe that a key part of our service is to act as a public finance resource, and we are frequently contacted by government officials, attorneys, developers, underwriters and banks with public finance questions regarding specific transactions and general issues. Absent the concerns of exceeding clients’ budgets or internal accountability for our time, we are able to provide fully professional service with a generous amount of personal attention to the client.
Reputation in the housing finance community. Our attorneys are very active in various professional organizations related to housing finance. Peck Shaffer attorneys are members and/or board members of the National Housing and Rehabilitation Association, the ABA Forum on Affordable Housing and Community Development Law, the National Council of State Housing Finance Agencies, the National Association of Local Housing Finance Agencies, the Ohio Housing Council, the Georgia Affordable Housing Coalition, the Manufactured Housing Institute and the Home Builders Association. These activities provide further background and knowledge in housing finance. We frequently participate in their programs as panelists as well as at conferences of the Leased Housing Association and the National Association of Bond Lawyers.
Our focus on public finance. We believe that our focus on public finance is a significant advantage to us and to those we serve. We are less likely to have other representations that might result in our firm being in an adversarial or conflict situation, particularly with our public clients who do other business with the private sector. It also allows us to provide services that complement the work of other attorneys and professionals on a cooperative rather than competitive basis.
Planning a housing seminar? Please feel free to call upon us to participate as a speaker or panelist, or to help plan or organize your housing seminar (see listing of our Housing Attorneys).
SEE ALSO
"Multifamily Housing"
"Single Family Housing"
"Student Housing"