Bailey Gallagher

Associate

Overview

About Bailey Gallagher

I represent developers, owners, and property managers in obtaining regulatory approvals from the U.S. Department of Housing and Urban Development to facilitate the acquisition, rehabilitation, and redevelopment of subsidized and federally insured affordable housing properties. I specialize in advising clients on a range of transactional and regulatory compliance matters relating to multifamily affordable housing programs, including:

  • Section 8 renewals and assignments
  • Prepayments of existing FHA-insured or HUD-held mortgages
  • Transfers of physical assets (TPAs)
  • Moving Section 8 HAP contracts
  • HUD 202 and 236 loan programs

Prior to law school, I worked at Novogradac & Company LLP where I conducted market studies for projects that would be constructed or rehabilitated with low-income housing tax credits. While a student at The George Washington University Law School, I interned in the U.S. Department of Housing and Urban Development’s Office of Systemic Investigations within the Office of Fair Housing and Equal Opportunity.

Credentials

Bar Admissions

  • District of Columbia

Education

  • JD, The George Washington University Law School
    BA, Cornell University

Representative Matters

  • Represented a client in obtaining HUD approval to convert a project’s Project Rental Assistance Contract (PRAC) and Capital Advance to a project-based Section 8 HAP contract pursuant to HUD’s Rental Assistance Demonstration for 202 PRAC projects.
  • Represented a client in a portfolio acquisition of properties subject to use restrictions under the Low Income Housing Preservation and Resident Homeownership Act (LIHPRHA) in obtaining various HUD approvals needed to conduct large-scale rehabilitations of the projects, including HAP assignments, HAP renewals with budget-based rent increases, and amendments to the LIHPRHA use agreements to remove the projects’ limitations on distributions.
  • Represented multiple clients in obtaining HUD approvals to decouple or re-decouple Section 236 interest reduction payment subsidies to support new financing.
  • Represented a client in obtaining HUD approvals to facilitate the demolition and reconstruction of a HUD-assisted project, including approval to assign the HAP contract, renew the HAP contract with pre-approval of a post-redevelopment rent increase, convert the utilities from owner-paid to project-paid, and for pass-through leases.

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