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Affordable Housing + Finance

Our firm has a longstanding commitment to the representation of public, private, and nonprofit lenders in financing the acquisition, construction, rehabilitation, development, and preservation of affordable, middle income, mixed income housing properties and mixed-use properties across the county.

Our Affordable Housing + Finance practice group works alongside your team as trusted advisors and dependable partners to leverage our collective experience in helping you strategize, structure, and execute on your transactions. Our dedicated team of over 40 lawyers and paraprofessionals is focused and committed to empowering you with an awareness of not only the latest developments and trends, but also the historical context of many of the technicalities and nuances that impact these transactions. We understand the dynamics of the transactions and the meaning of deadlines and strive to keep you one step ahead. Our national reputation is built on the quality of our work, our systematic efficiency, and our willingness to innovate and collaborate. We work tirelessly to help you achieve your closing objectives while looking out for your financial, legal, institutional, and reputational interests.

Our Services

Our lawyers close several hundred transactions, representing several billions of dollars of debt financings annually on behalf of:

  • Commercial banks
  • Investment banks
  • Freddie Mac
  • Freddie Mac Optigo lenders
  • Fannie Mae DUS lenders and servicers
  • Mortgage banks
  • Nonprofit lenders
  • Letter of Credit issuers
  • Private funds

We navigate federal, state, and local subsidy and incentive programs to integrate the myriad of requirements as they relate to programmatic and proprietary lending structures for:

  • Acquisition and bridge financing
  • Construction and rehabilitation loans
  • Tax exempt private placement bond financings
  • Tax exempt back-to back loans
  • Freddie Mac tax exempt loans (TEL)
  • Fannie Mae and Freddie Mac credit enhancements
  • Fannie Mae and Freddie Mac taxable loans
  • Forward commitment transactions
  • 9% LIHTC financings

We also support our clients’ portfolio needs in areas such as:

  • Loan participations and syndications
  • Individual and portfolio loan purchases and sales
  • Asset management issues
  • Loan workouts and restructuring

Public Finance
We have provided bond counsel services for securities offerings by states, municipalities, public authorities, and agencies for more than 60 years. As one of the first recognized bond counsel firms in the country, we have been listed in The Bond Buyer's Municipal Marketplace (Red Book) since the early 1940s.

Today, our attorneys rank among national and regional leaders as bond counsel and underwriter’s counsel. Using multiple sources of funding, we serve as bond counsel to housing authorities throughout the country on many financings, including capital funds revenue bonds, private placements, and credit-enhanced transactions.

Our Team

Our team of 22 partners, 15 counsel and associates, and 10 paraprofessionals situated across the R+C offices constitutes one of the largest Affordable Housing Finance practices in the nation.

To provide our clients complete support on all aspects of their finance transactions, our Affordable Housing Finance team regularly collaborates with lawyers throughout our firm’s other practice groups, including:

  • Business Transactions
  • Construction
  • Environmental, Energy + Telecommunications
  • Land Use
  • Real Estate + Development
  • Tax + Exempt Organizations
  • Real Estate Litigation
  • Bankruptcy


Our strong working relationships with government housing authorities and housing finance agencies across the country are instrumental in facilitating complex transactions. We are also committed to helping you meet your affordable housing objectives and fulfill your obligations under the Community Reinvestment Act.

Whether you represent a commercial bank, mortgage bank, or private or nonprofit lender in the affordable housing arena, our Affordable Housing Finance practice group has the proficiency to bring your finance transaction from conceptualization to closing.

Experience


Represented WinnDevelopment in $85 Million Affordable Housing Project

On July 10, 2023, Robinson+Cole client, WinnDevelopment, broke ground on an $85 million project to transform a nationally recognized historic structure, the old Landers, Frary and Clark manufacturing complex in New Britain, CT, into a 154-unit apartment community for affordable housing and workforce households.

A cross-disciplinary team of R+C lawyers and professionals helped Winn navigate the acquisition, tax credit syndication, debt financing and environmental issues that accompany the redevelopment of a historic factory building. 

This adaptive reuse project will convert four buildings into 79 one-bedroom, 59 two-bedroom and 16 three-bedroom apartments geared toward young professionals, middle-income households and fixed-income seniors. The historic exterior of the brick buildings will be preserved, while the interior space is adapted into apartments for households earning 30, 50, 60 and 80 percent of Area Median Income

Financing for this project includes numerous sources of debt and equity, including federal LIHTC equity and, with the help of Eversource, State historic tax credit equity. Bank of America provided taxable construction financing and CHFA provided a long-term tax-exempt bond loan. Other sources of debt came from the Connecticut Department of Housing, HUD, the Connecticut Department of Economic and Community Development and the City of New Britain.

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Represented WinnDevelopment in $85 Million Affordable Housing Project

Nevada Rental Assistance Demonstration Project

Represented a national lender in a $13 million construction loan for the development of Rental Assistance Demonstration project in Nevada under a ground lease from the local housing authority.

Affordable Housing Project Experience

Represented various Fannie Mae and Freddie Mac lenders in affordable housing projects involving a host of issues including 9 percent tax credits, governmental subordinate debt, and payoff of tax-exempt bonds.



News


September 29, 2025

Robinson+Cole Continues Mid-Atlantic Expansion with Ten-Member Public Finance Team in DC and New York

Robinson+Cole announced Ryan L. George, Ethan Ostrow, and Catherine E. Woltering joined the firm as partners. George and Ostrow will be resident in Robinson+Cole’s Washington, DC office and Woltering will be a member of the firm’s New York office. Together, they bring decades of experience in public finance and reinforce the firm’s strategic growth in the Mid-Atlantic region. Joining with the partners are associates Cassandra M. Pereda, Victor O. Carlo, and Matthew J. Hood; paralegals Isabelle Yourick, Rosaura Fox, and Grace Burt; and Legal Administrative Assistant Nancy Parada. Collectively, the team offers national experience advising on municipal bond financings and related practice areas. The addition of this lateral group builds on momentum from late 2023, when the firm welcomed six lawyers and six professional staff from DC-based firm Kearbey Pirulli & Evatt LLC, including Affordable Housing + Finance team partners Robert A. Kearbey, Nicholas A. Pirulli, and Patrick L. Evatt. “This team brings an exceptional depth of experience in public finance that not only complements and strengthens our existing capabilities, but also aligns with our strategic goals,” said Keisha S. Palmer, chair of the firm’s Public Finance group. “Their collaborative approach and national perspective make them a powerful addition to our already robust Public Finance group.” “This addition builds on the momentum we established with the previous expansion of our Affordable Housing + Finance practice,” said Andrew L. Kramer, co-chair of Robinson+Cole’s Affordable Housing + Finance team. “We have been collaborating with members of the team for over 25 years. This transition formalizes that longstanding partnership with the added enhancements that the entire team will provide to both our practice and to the core Public Finance practice. We are looking forward to capitalizing on the synergy that this group will generate to allow us to deliver even more comprehensive service, innovation and support as we help our affordable housing clients navigate their way through the increasingly complex legal, regulatory and financial landscape.” Ryan L. George has practiced in public finance for nearly 25 years, focusing on lender’s and underwriter’s counsel roles in private placements and public offerings of tax-exempt and taxable municipal bonds. His work centers on private activity bond financings for affordable multifamily rental housing, student housing, and healthcare facilities. George has played a pivotal role in structuring transactions and programs for banking clients, including the nation’s largest bank-sponsored tax-exempt bond and loan conduit private placement program for affordable multifamily rental projects. Ethan F. Ostrow advises as underwriter’s, purchaser’s, and issuer’s counsel in tax-exempt and taxable bonds with a focus on multifamily affordable housing financing. His work spans public offerings and private placements involving credit providers such as FHA, Ginnie Mae, Fannie Mae, and Freddie Mac. Ostrow’s experience includes 4% low-income housing tax credit transactions and 501(c)(3) and essential function bonds. He was instrumental in developing the structure and documentation for Fannie Mae’s MTEB program. Catherine “Cat” Woltering focuses on affordable housing transactions. With over 15 years of experience, she advises clients on public finance matters, drawing on a background in litigation, securities, and bankruptcy. Her practice includes structuring and closing debt financings for institutional lenders, bond underwriters, placement agents, and developers, including transactions credit-enhanced by FHA, USDA, Fannie Mae, and Freddie Mac. Woltering was part of the legal team representing the SIPA trustee in the liquidation of Bernard L. Madoff Investment Securities LLC, contributing to global investigation and asset recovery efforts. Robinson+Cole also welcomes Tina Bhanshali, who joins as counsel in the firm’s Los Angeles office. Bhanshali primarily represents loan servicers in Fannie Mae and Freddie Mac conventional and affordable, securitized and non-securitized, multifamily housing loan transactions. “Tina’s addition complements our existing practice and the practices of Cat, Ryan and Ethan and their team—expanding our national Affordable Housing practice,” said Rhonda J. Tobin, Managing Partner at Robinson+Cole. “Our active recruiting is not just about growth—it’s about deepening our capabilities in highly strategic practices and our presence in a region that’s vital to our clients. Welcoming these talented professionals is a clear signal that we’re delivering on our plan and positioning the firm for long-term success in major Mid-Atlantic commercial centers.”

Addition of Six-Lawyer Team, Plus Los Angeles Counsel, Bolsters Robinson+Cole’s Public Finance and Affordable Housing Capabilities
Robinson+Cole Continues Mid-Atlantic Expansion with Ten-Member Public Finance Team in DC and New York teaser
June 12, 2025

Robinson+Cole Adds Over a Dozen Lawyers in New York, Including New Partner Michael Pass

April 11, 2025

Kristin Niver Joins the New York State Association for Affordable Housing Board of Directors

September 29, 2025

Robinson+Cole Continues Mid-Atlantic Expansion with Ten-Member Public Finance Team in DC and New York

Robinson+Cole announced Ryan L. George, Ethan Ostrow, and Catherine E. Woltering joined the firm as partners. George and Ostrow will be resident in Robinson+Cole’s Washington, DC office and Woltering will be a member of the firm’s New York office. Together, they bring decades of experience in public finance and reinforce the firm’s strategic growth in the Mid-Atlantic region. Joining with the partners are associates Cassandra M. Pereda, Victor O. Carlo, and Matthew J. Hood; paralegals Isabelle Yourick, Rosaura Fox, and Grace Burt; and Legal Administrative Assistant Nancy Parada. Collectively, the team offers national experience advising on municipal bond financings and related practice areas. The addition of this lateral group builds on momentum from late 2023, when the firm welcomed six lawyers and six professional staff from DC-based firm Kearbey Pirulli & Evatt LLC, including Affordable Housing + Finance team partners Robert A. Kearbey, Nicholas A. Pirulli, and Patrick L. Evatt. “This team brings an exceptional depth of experience in public finance that not only complements and strengthens our existing capabilities, but also aligns with our strategic goals,” said Keisha S. Palmer, chair of the firm’s Public Finance group. “Their collaborative approach and national perspective make them a powerful addition to our already robust Public Finance group.” “This addition builds on the momentum we established with the previous expansion of our Affordable Housing + Finance practice,” said Andrew L. Kramer, co-chair of Robinson+Cole’s Affordable Housing + Finance team. “We have been collaborating with members of the team for over 25 years. This transition formalizes that longstanding partnership with the added enhancements that the entire team will provide to both our practice and to the core Public Finance practice. We are looking forward to capitalizing on the synergy that this group will generate to allow us to deliver even more comprehensive service, innovation and support as we help our affordable housing clients navigate their way through the increasingly complex legal, regulatory and financial landscape.” Ryan L. George has practiced in public finance for nearly 25 years, focusing on lender’s and underwriter’s counsel roles in private placements and public offerings of tax-exempt and taxable municipal bonds. His work centers on private activity bond financings for affordable multifamily rental housing, student housing, and healthcare facilities. George has played a pivotal role in structuring transactions and programs for banking clients, including the nation’s largest bank-sponsored tax-exempt bond and loan conduit private placement program for affordable multifamily rental projects. Ethan F. Ostrow advises as underwriter’s, purchaser’s, and issuer’s counsel in tax-exempt and taxable bonds with a focus on multifamily affordable housing financing. His work spans public offerings and private placements involving credit providers such as FHA, Ginnie Mae, Fannie Mae, and Freddie Mac. Ostrow’s experience includes 4% low-income housing tax credit transactions and 501(c)(3) and essential function bonds. He was instrumental in developing the structure and documentation for Fannie Mae’s MTEB program. Catherine “Cat” Woltering focuses on affordable housing transactions. With over 15 years of experience, she advises clients on public finance matters, drawing on a background in litigation, securities, and bankruptcy. Her practice includes structuring and closing debt financings for institutional lenders, bond underwriters, placement agents, and developers, including transactions credit-enhanced by FHA, USDA, Fannie Mae, and Freddie Mac. Woltering was part of the legal team representing the SIPA trustee in the liquidation of Bernard L. Madoff Investment Securities LLC, contributing to global investigation and asset recovery efforts. Robinson+Cole also welcomes Tina Bhanshali, who joins as counsel in the firm’s Los Angeles office. Bhanshali primarily represents loan servicers in Fannie Mae and Freddie Mac conventional and affordable, securitized and non-securitized, multifamily housing loan transactions. “Tina’s addition complements our existing practice and the practices of Cat, Ryan and Ethan and their team—expanding our national Affordable Housing practice,” said Rhonda J. Tobin, Managing Partner at Robinson+Cole. “Our active recruiting is not just about growth—it’s about deepening our capabilities in highly strategic practices and our presence in a region that’s vital to our clients. Welcoming these talented professionals is a clear signal that we’re delivering on our plan and positioning the firm for long-term success in major Mid-Atlantic commercial centers.”

Addition of Six-Lawyer Team, Plus Los Angeles Counsel, Bolsters Robinson+Cole’s Public Finance and Affordable Housing Capabilities
Robinson+Cole Continues Mid-Atlantic Expansion with Ten-Member Public Finance Team in DC and New York teaser
June 12, 2025

Robinson+Cole Adds Over a Dozen Lawyers in New York, Including New Partner Michael Pass

April 11, 2025

Kristin Niver Joins the New York State Association for Affordable Housing Board of Directors

December 6, 2023

Robinson+Cole Expands Affordable Housing Finance Practice with Addition of Six Lawyers in Washington, DC


December 6, 2023

Robinson+Cole Expands Affordable Housing Finance Practice with Addition of Six Lawyers in Washington, DC