|
Developer's Counsel Reno & Cavanaugh works with public agencies and with nonprofit and for-profit developers to borrow funds and to issue bonds secured by future streams of capital—an innovative means of applying tomorrow’s dollars to today’s needs. Some representative examples of the firm's work are: |  | The Oaks at Park Duvalle Louisville, KY This transaction was the first in which a public housing authority affiliate served as the developer and took primary responsibility as the borrower in the transaction. Reno & Cavanaugh helped this client gain HUD approval of this innovative arrangement, incorporated the client’s affiliate and drafted the funding documentation, which involved a loan of more than $5 million in public funds. |
|  | The Whitelaw Hotel Washington, DC This project was the first non-profit-sponsored tax credit project in the District of Columbia. Reno & Cavanaugh acted as special counsel to the nonprofit organization in negotiating with the investor to restore an historic building in northwest Washington, DC and keep it affordable to families earning below 60% of AMI. The project was made possible by a loan from Signet Bank, equity financing from the National Equity Fund, and a program-related investment from the Metropolitan Life Foundation. This development is part of the African American Heritage Trail. When originally built in 1919, it served well-known entertainers unable to rent elsewhere in the city due to racial discimination. |
|  | 1451 Park Road, NW Washington, DC For approximately 10 years, Reno & Cavanaugh represented a tenant group in the Washington, DC neighborhood of Mount Pleasant, which purchased their building out of Freddie Mac foreclosure, formed a cooperative and implemented necessary capital improvements. Georgetown University Law School’s community development clinic, the Harrison Institute, assisted with Spanish-language training for the cooperative board. | |
|  | Townhomes of Capitol Hill Washington, DC Reno & Cavanaugh assisted this community development corporation in replacing the former Ellen Wilson Public Housing Project on Capitol Hill in Washington, DC. The corporation was created by a local developer (Telesis Corporation), a Boston developer experienced in the industry (Corcoran-Jennison), and a neighborhood group of former residents and church and civic leaders. This development has been the subject of numerous design awards from the American Institute of Architects (AIA), the Congress for New Urbanism (CNU), the Urban Land Institute (ULI) and others. It was also cited by the Washington Area Housing Partnership as an example of a "best practice." |
|  | 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. |
|
Our Work
| |
