Hessel Aluise & O’Leary, P.C.
Sheila E. O’Leary, Principal and LEED AP

Sheila E. O’Leary

Principal and LEED AP

Sheila E. O’Leary represents clients in a wide range of multifamily affordable housing transactions involving complex financing and regulatory structures.  Her clients include nonprofit and for-profit project owners, developers, property managers and public entities in connection with the acquisition, development, financing and rehabilitation of affordable properties throughout the US.  Sheila regularly advises clients on matters related to expiring use preservation transactions, HUD loan refinancings, restructurings and workouts of troubled assets, Section 8 renewals and modifications, moving and bifurcating Section 8 contracts, project based vouchers, RAD II transactions, rent increases, and structuring transactions involving public and private sources of green financing.  Sheila is a US Green Building Council LEED certified Accredited Professional.

Prior to joining the firm in 2004, Sheila was an associate in the affordable housing practice at Nixon Peabody for five years. From 1991 to 1998, she was a housing policy analyst and an international development consultant with the Urban Institute.  She also worked for several years in the field of affordable housing as a homeless advocate.

Bar Admissions
District of Columbia

JD, American University’s Washington College of Law, 1995, cum laude
BS, Georgetown University, 1986

Representative Matters

Sheila provides advice to clients in all of the following areas and in the practice areas listed to the right:

  • Troubled FHA insured assets, including partial payments of claims and, in some cases, simultaneous transfers of ownership interests via the TPA process.
  • Mark-to-Market restructurings and refinancings, Section 8 renewals and modifications, moving Section 8 transactions, tenant and project based voucher issues, RAD II transactions, and Mark-up-to-Budget (Ch. 15) or budget based rent increase approvals.
  • Transactions using various combinations of FHA insured loans, tax credits, public housing funds, tax-exempt bonds, Section 8 tenant and project-based rental subsidies, and HOME and CDBG funds.
  • Construction and retrofitting of projects using DOE Weatherization Assistance Program funds and other sources of green financing.
  • Public housing mixed finance transactions incorporating public housing loan funds, Section 42 low income housing tax credits, public housing operating subsidy and project based vouchers.
Information at a Glance

Sheila E. O’Leary
Principal and LEED AP
Hessel Aluise & O’Leary, P.C.
1730 Rhode Island Avenue NW
Suite 900
Washington, DC  20036
202.466.5300 x 204



Practice Areas
Multifamily and Elderly Housing Development
Preservation and Restructuring
Public Housing and Mixed Finance Development
Troubled Assets
Green Building and Energy Retrofit
Underwriting and Structuring Issues and Loan Closings
Ownership and Management Issues

Hessel Aluise & O’Leary, P.C., 1730 Rhode Island Avenue NW, Suite 900, Washington, DC 20036
Telephone: 202-466-5300 Facsimile: 202-466-5508