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Sullivan's Affordable Housing Group is a dynamic, cross-disciplinary team that represents all parties involved in the affordable housing industry. Our clients include for-profit and not-for-profit developers, lenders and investors.

We have assisted our clients with multi-family residential housing developments, mixed-income and mixed-use developments, senior-oriented cooperatives and affordable assisted living. Our lawyers partner with industry leaders to create and preserve affordable housing and support community development. We assist our clients through all aspects of a project, including structuring, acquiring, financing and disposing of properties, syndicating and re-syndicating tax credits, structuring joint ventures between for-profit and not-for-profit entities and disposition of limited and general partner interests.

Development. Our attorneys recognize that a deal starts at the time that our clients visit a potential property. We draw upon our extensive experience to assist our clients in all phases of due diligence and acquisition, including negotiating site control, evaluating current housing restrictions, permitting, land use and environmental law issues.

Tax Credits. Our attorneys have experience with nearly all federal and state tax credit programs used by our clients in the development of their projects, including Low-Income Housing Tax Credits, Historic Tax Credits, New Market Tax Credits, Brownfields Tax Credits, Renewable Energy Tax Credits and Solar Tax Credits.

Financing. Our attorneys have a complete understanding of state and federal loan programs used by our clients in the development of their projects. We represent commercial and quasi-public lending institutions and regularly work with HUD and state and local financing agencies on complex multi-tier financing, including tax exempt bond financing, historic lease pass-throughs, multi-tiered lending and mezzanine financing.

Partnership Dispositions. Since many of our clients’ projects involve the acquisition of interest in an existing ownership entity rather than the acquisition of land, the Affordable Housing practice group works closely with the firm’s corporate group to best assess and execute a deal that anticipates how to structure transactions for possible future syndication or refinancing.

Organizational Structuring. Affordable Housing projects have a unique set of issues that require expertise when structuring the deal. Our tax and real estate attorneys work together to create a structure that works for each unique project.

Representative Client Work

  • Represented a national lender in providing permanent financing for multiple phases of redevelopment of aged public housing into a mixed income, mixed use community in Connecticut
  • Represented a regional bank in providing over $30 million in construction and bond financing for the creation of over 80 units of mixed income rental housing, in a “twinning” structure utilizing federal and state LIHTC, tax exempt bonds, and an additional $15 million in public and private funding in Worcester, Massachusetts 
  • Represented the non-profit residents ownership entity in the restructuring and financial repositioning of a mixed income artist housing and commercial property in Boston, Massachusetts
  • Conversion of one million square foot department building into multi-phase condominium to allow for a mixed use development utilizing New Markets Tax Credits, Historic Tax Credits, Low-Income Housing Tax Credits, as well as $60 million of public and private financing
  • Represented a regional bank in providing over $15 million in construction and term financing to a nonprofit developer for the creation of 40 units of LIHTC housing and a youth sports center in Lawrence, Massachusetts
  • Represented a for-profit developer in the financing and new construction of 40 homeownership units in Roxbury, Massachusetts
  • Represented a regional bank in providing over $20 million in construction and tax exempt bond financing for the creation of 66 units of mixed income rental housing and over 8,000 sf of commercial space in Providence, Rhode Island
  • Represented a private equity fund on the purchase of multiple general partnership interests in an existing LIHTC and Section 8 portfolio involving over 40 properties in various states
  • Represented a for profit owner in refinancing and restructuring multiple affordable and mixed-income properties in Massachusetts, Washington DC, Virginia, Pennsylvania and New York
  • Represented a regional bank in providing over $35 million in financing for the acquisition of a mixed income apartment complex in Hudson, Massachusetts consisting of over 175 residential units
  • Represented a national lender in providing construction financing for an 80-unit mixed income homeownership project in Mattapan
  • Represented an investment fund on a joint venture acquisition of corporate debt and general partnership interests in connection with a LIHTC portfolio involving over 65 properties in various states valued at over $300 million
  • Represented an affordable housing developer in connection with programmatic refinancing of its portfolio (50+ properties) with various state and federal agencies
  • Represented a joint venture between a developer and a private equity fund on a $100 million disposition of a LIHTC portfolio to a third-party buyer
Viewpoints
All Viewpoints
Housing Bill Becomes Law, But It’s Not Just About Housing
On Tuesday, August 6th, Governor Healey signed into law House Bill 4977, “An Act relative to the Affordable Homes Act.” The 181-page Bill provides for $5.1 billion in capital funding to support housing production and preservation in the Commonwealth which is almost triple the amount in prior authorizations. In addition to providing significant increases in funding for many existing affordable housing programs such as the Affordable Housing Trust ($800 million), the Housing Innovations Fund ($200 million) and the Housing Stabilization Fund ($425 million), the Act allocates over $150 million to programs that support and encourage mixed and middle-income housing development and innovation, and $275 million for climate related sustainability or “Green Housing” initiatives. The Act also creates new tax credit programs and increases funding for several existing credit programs. The lack of affordable housing at all income levels has been identified as a major factor affecting economic growth in the Commonwealth. A coalition of business leaders and housing advocates posits that 200,000 new housing units need to come online by 2030 to keep up with demand.[1] The new law represents a major step toward meeting this challenge. The new law also includes several important legislative initiatives that are not necessarily only about affordable housing. These include changes to the administration of registered land in the Commonwealth, changes to eviction processes and amendments to zoning and homestead laws. One important aspect of the legislation involves new procedures for withdrawing real estate from the operation of the Massachusetts Land Registration Act. Massachusetts has two separate land title systems— (1) unregistered land, whereby deeds, mortgages and other instruments affecting real estate title are recorded and indexed in a county registry of deeds, similar to the recording systems in most other states, and (2) registered land under the Massachusetts Land Registration Act, whereby the Land Court certifies ownership of the real estate on a “certificate of title.” Although land registration carries with it certain benefits for the owners of registered land, unregistered land can often be more desirable to avoid cumbersome and time-consuming administrative processes that are involved in transferring title or otherwise dealing with registered land. And, although neighboring parcels of real estate can be a mix of registered and unregistered land, it can often be beneficial (or even necessary) for development and/or re-subdivision for the adjacent parcels to either be all registered or all unregistered.  Under the old system, moving property from the land registration system into the unregistered system was only permitted under certain limited circumstances and often took many months, or even years, to accomplish. The new Act, however, provides for a streamlined process to de-register land without the need to satisfy one of the old statute’s limited conditions. Under the new system, the owner of registered real estate would simply file a Complaint and a Notice of Voluntary Withdrawal with the Land Court. The landowner would also either need to include a written assent from any mortgage lender and certain other parties with record interests in the property. Alternatively, the landowner could serve a copy of the Notice of Withdrawal on those parties, who would then have 30 days to object. Unless the Court receives an objection that is grounded in “good cause” or determines that it is necessary to appoint a title examiner to look into the property’s title in more detail, the Court must approve the de-registration within 30 days after it receives all necessary information (unless the Court determines “for good cause” that more time is needed).  The Act also makes a change to existing law to allow the state’s chief title examiner (or one of her deputies) to authorize corrections of clerical errors on certificates of title. Such corrections previously required filing a Complaint with the Land Court and obtaining a Court order. The Act also provides for a number of other changes to Massachusetts law that may be of interest to owners of real estate, including: An amendment to zoning law allowing owners of property zoned for single-family homes to construct an “accessory dwelling unit” (i.e., a separate apartment) on the property provided it is 900 square feet or less and satisfies certain other requirements; An amendment to the Homestead Act allowing homeowners in most circumstances to increase their “declared homestead exemption” from $500,000 to $1,000,000; and A new provision in landlord-tenant law, allowing evicted tenants to seal their eviction records, either immediately (in the case of what the Act calls a “no-fault eviction”) or after waiting 4 or 7 years after the eviction proceeding, depending on the circumstances. The Act was passed with an emergency preamble, meaning it took effect as soon as the Governor signed. However, many sections of the Act do not go into effect right away, and we expect that many aspects of the law may take some time to implement, particularly those requiring changes in Land Court forms and procedures. [1] See, e.g., Future of Work Commission, Final Report, March 2022, page 26 (“Executive Office of Housing and Economic Development Secretary Michael Kennealy testified that there will be an estimated shortage of 125,000-200,000 housing units by 2030”).
The Next Generation of Superstars
John Gahan authored the article, "The Next Generation of Superstars," which was published by Tax Credit Advisor in its January 2023 issue. 
John Gahan Honored as One of the National Housing & Rehabilitation Association's Inaugural Directors Emeriti
John W. Gahan III, a partner in Sullivan’s Real Estate Department, has been recognized as one of the National Housing & Rehabilitation Association's (NH&RA) inaugural Directors Emeriti. He and fellow honoree John B. Rucker III of Stifel Financial Corporation were celebrated at the NH&RA’s 2025 Annual Meeting last week in Miami, Florida, where they received distinguished career awards. The NH&RA is a professional association dedicated to affordable housing and multifamily development, fostering business relationships and advocating for key industry issues. Before receiving this honor, Gahan served on the association’s Board of Directors since 2010.
Sullivan’s Spencer Stone Named to INvolve’s Outstanding Executives Role Model List
Boston, MA – Spencer Stone, a Boston-based partner in Sullivan & Worcester’s Real Estate Department, has been selected for the 2024 INvolve Outstanding Executives Role Model list. INvolve showcases outstanding global leaders who are inspiring change, driving inclusion and helping to break down barriers in the workplace. “I’m very honored to have been selected for this recognition,” Spencer said. “My advocacy work has enabled me to make connections with a range of talented professionals. It is gratifying to share what I’ve learned with my colleagues and peers, expand opportunities for LBGTQ+ individuals and strengthen welcoming work environments. Throughout the years, Sullivan & Worcester has always supported my efforts.” Spencer’s advocacy work has included membership with the Massachusetts LBGTQ Bar Association and the Boston Gay Real Estate Group, as well as his involvement with the GLBTQ Legal Advocates and Defenders. In 2023, he was a Leadership Council on Legal Diversity Fellow. He is co-chair of the firm’s annual Pride Event, a member of Sullivan’s hiring committee, director of the summer associate program and an active participant in the firm’s affinity group for diverse attorneys. The global Outstanding Role Models are breaking down the ceiling for LGBTQ+ employees within international business. These inspirational leaders are paving the way when it comes to increasing representation and driving inclusion for others within the workplace. Role Models featured in the Outstanding Role Model Lists do not work professionally in DEI but represent the wide range of individuals who have made it their personal mission to make a difference. The full list of 2024 INvolve Outstanding Executives Role Models is available here. About Sullivan Sullivan & Worcester (Sullivan) is a global, mid-sized law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best‑in‑class client service.

Affordable Housing & Community Development