Timothy J. Aluise

Senior Counsel

Overview

About Timothy J. Aluise

I am the Senior Counsel and founding member of Hessel Aluise & O’Leary, P.C. I have practiced in the field of affordable housing since 1980. My clients include a full complement of active players in the multifamily industry–for profit and nonprofit developers, state and local housing finance agencies, public housing authorities, national trade associations, affordable housing management companies, tenant associations, and Wall Street underwriters. My practice is on a national basis, and I am often involved as special HUD counsel in sophisticated transactions.

I have been involved in every major multifamily HUD program since 1980, often playing a formative role in protecting my clients’ interests as programs are developed and helping clients develop strategic business plans to maximize the profit or programmatic potential of federal programs.

Credentials

Bar Admissions

  • District of Columbia

Education

  • JD, University of Notre Dame Law School
  • BA, Georgetown University, College of Arts and Sciences

Representative Matters

In over 35 years of practice, I have represented clients in the following types of matters:

  • All FHA multifamily, nursing home, and hospital mortgage insurance programs (including 221(d)(4), 221(d)(3), 223(f), 223(a)(7), 241, 232 and 242).
  • Section 8 issues for both project-based and voucher programs, including strategies for implementing subsidy rent increases, Mark-to-Market transactions, transferring subsidy to other projects, opt outs, extensions, reduction of units, and increase in limited distributions.
  • Restructuring and recapitalizing projects with HUD subsidized mortgages, (i.e., Section 236, 221(d)(3) and 202).
  • Structuring transactions for affordable housing preservation, including those projects under the following programs: Emergency Low-Income Housing and Preservation Act (ELIHPA), Low Income Housing Preservation and Resident Homeownership Act (LIHPRHA), Mark-to-Market, Section 236 decouplings, and Section 202 refinancings.
  • Advising financial institutions on how to comply with HUD and GNMA requirements to be approved as an FHA lender or GNMA approved issuer or continue such status.
  • Undertaking portfolio reviews of subsidized projects to advise clients how to maximize benefits under federal housing programs through sale or recapitalizations.
  • Obtaining HUD approvals and waivers for innovative sale, development, and/or financing structures.

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