Reno & Cavanaugh represents lenders and borrowers across the range of commercial and residential financing transactions.  From real estate secured loans to non-typical collateralized financing structures, from FHA-insured transactions to partnership and bridge debt, Reno & Cavanaugh structures debt transactions to accomplish the varied needs of its lender and borrower clients.  Lenders include the range of large commercial financial institutions and small community banks, as well as housing authorities and redevelopment agencies who must structure their lending transactions to reflect responsible stewardship of public funds and related regulatory requirements. 

Much of Reno & Cavanaugh’s financing transactions include a blend of private and public funds.  Reno & Cavanaugh lawyers routinely structure transactions to include Low-Income Housing Tax Credits (LIHTC), state tax credits, tax increment financing, New Market Tax Credits (NMTC), Community Development Block Grant (CDBG) funds, HOME funds, and AHP funds through the Federal Home Loan Bank, among other sources.  Our attorneys have helped lead the way in applying private sector solutions to public agency challenges, including the use of annual public housing capital fund allocations to support longterm bond financing, taking advantage of increased regulatory flexibility to utilize tax credits and addressing the regulatory issues necessary to combine these sources with traditional federal, state and local funding. 

FHA-insured lending has become increasingly prevalent in commercial transactions, and Reno & Cavanaugh represents lenders and borrowers on FHA-insured loans in the contexts of acquisition, construction, substantial rehabilitation, and refinancing.  Reno & Cavanaugh attorneys are familiar with FHA programs for both multifamily rental housing and healthcare facilities, and worked with HUD and national lenders to close the first FHA-insured New Markets Tax Credit (NMTC) and Historic Tax Credit (HTC) mixed-finance transactions incorporating the two-tiered lease structure.

Other areas of emphasis include Fannie Mae, Freddie Mac, USDA Rural Development, conduit, and life insurance company loan transactions.  With substantial lender and borrower experience, Reno & Cavanaugh attorneys understand the negotiable and non-negotiable elements of these transactions and the due diligence standards that must be satisfied, enabling them to take a proactive, problem-solving approach.

Some representative examples of the firm's work are:
	Monterey Place New Haven, CT    In connection with the redevelopment of this former public housing site into a new community of rental and homeownership units, Reno & Cavanaugh counseled the Housing Authority of the City of New Haven on its loan of federal HOPE VI grant funds to collateralize a bond issuance.  The firm drafted the escrow agreement for the federal funds, as well as providing loan and other documentation.  In 2003, this project received an American Institute of Architects (AIA) Housing PIA Award because its design promotes "the importance of good housing as a necessity of life, a sanctuary for the human spirit, and a valuable national resource."
	Rural Revolving Loan Fund   Reno & Cavanaugh is counsel to a revolving loan fund, which has assets in excess of $30 million dedicated to affordable housing development in rural and high-needs areas, such as colonias (areas bordering Mexico), farmworkers’ regions, the Mississippi delta, and Appalachia.  The firm advises the fund on compliance with federal and private funding regulations, internal corporate policies, conflict of interest matters, risk mitigation, and the use of local counsel for closings, foreclosure, and title work.
	Southfield Village Stamford, CT   As a result of a HOPE VI grant, the Housing Authority of the City of Stamford (HACS) was able to construct a total of 330 new housing units, including 160 public housing units, 155 market-rate rental units and 15 opportunities for homeownership.  Reno & Cavanaugh attorneys worked with HACS to develop a revolving loan fund for second and third mortgages to promote affordability in the homeownership component of this project.
	Capital Funds Financing Program New Bedford Housing Authority    This client issued approximately $15.9 million in tax-exempt bonds to finance modernization activities at three separate developments.  Of the 500 units, some will be converted to accommodate group adult foster care for the client’s elderly residents.