Services Offered
The financings with Step Builder, LLC has been involved includes various types of credit enhancements, including enhancements provided by FHA, Ginnie Mae, Fannie Mae, Freddie Mac, the Federal Home Loan Banks, municipal bond insurance with all the major bond insurers (e.g., MBIA, AMBAC, FSA, FGIC, Asset Guaranty), bank letters of credit, insurance company guaranties and credit enhancement devices provided by other institutions, as well as short-term “cash backed” tax-exempt bond financings.
Many of these financings have been multiple-tier financings utilizing senior/ subordinated and other structures to achieve an optimal securitization of project cash flows.
Our close relationships with multifamily bond issuers and trade groups bring credibility and confidence to transactions which pose novel and challenging issues.
The following is intended to serve as a simple listing of common services provided by Step Builder, LLC in connection with Private Activity Bonds (“PABs”) related to IRC Section 142 (d) or Section 501(c) (3).
- Introductions to market participants.
- Assisting the client in real estate site selection.
- Assisting the client in real estate acquisition due diligence.
- Assembly of applications and accompanying task management.
- Ordering third party reports from qualified service providers for services in conformity with the requirements of the bond issuer ad the tax credit allocating agency, if any
- Pro forma review for compliance with various underwriting guidelines and requirements, including the bond issuer’s requirements, rent restrictions, utility allowance, debt covenants, and the requirements of the tax credit allocating agency, if any
- Market Study reviews
- Regulatory Compliance
- Comparison and analysis of alternative or competing forms of financing proposals, including:
- Bond Debt
- Soft Debt
- Bonds issued in connection with IRC Section 142 (d) coupled with 4%Low - Income Housing Tax Credits
- Senior/assisted living (nonprofit or for‑profit, with or without credit enhancement)
- Tax-exempt bond regulatory compliance
- Termination of tax-exempt bond tax regulatory agreements
- Assumption of tax-exempt bond tax regulatory agreements
- Tax abatement
- Year 15 Issues on 4% LIHTCs:
- Transfer of partnership interests
- Asset sales
- Rights of First Refusals (“ROFR”)
- Options to Purchase
- Qualified Contract