At the intersection of innovation and structure

Revitalizing Communities


Pioneering one of the first financing structures
of its kind in Seattle, LLL recently closed
a HUD 221(d)(4) construction loan and
historic tax credits to finance the conversion
of the Publix Hotel, an unoccupied historic
landmark, to multifamily housing.


Providing expert guidance
to untangle the most
complex deals…


…achieving clear,
and efficient results


About Us

Levy, Levy & Levy is known as a leader in the area of affordable housing and real estate finance. We have been involved with virtually all significant federal, state, for profit and not-for-profit housing and redevelopment programs over the last three decades.

Our attorneys provide comprehensive legal services for all aspects of affordable and conventional multifamily and health care financing, acquisition, development, sales, management and operation. In order to be deal-makers, Levy, Levy & Levy understands that the successful culmination of each project requires creative and pragmatic solutions to the many obstacles that arise in real estate transactions.

We combine our technical knowledge of the law to achieve practical, timely, efficient and cost effective results and solutions for our clients. We have developed a deep understanding of our clients’ real estate needs, and focus our attention on the issues they face. Our lawyers stay informed of the changing nature of the real estate industry and think as business people. We look forward to assisting you.

Our Team

Mark Levy


Larry Levy


Christina Howard


Kristen Cummings


Alicia Ferrando


Marie Geraldi


Our Firm

The firm members specialize in representing project owners and lenders in the nationwide financing of the construction, acquisition, refinance and transfer of multifamily housing and health care projects utilizing conventional financing, HUD, Fannie Mae, Freddie Mac, CalHFA, conduit loan programs, tax credit enhancements and bond financing by local housing authorities, cities, counties and state agencies. The firm also has substantial experience working on troubled projects and loan workout issues, as well as representing project owners in disputes with HUD and CalFHA.

We have handled financing and acquisition transactions in most segments of the real estate industry, including multi-family developments, health care facilities, raw land, industrial sites, residential condominiums, office buildings, community developments, shopping centers, and regional and local malls. The firm has substantial experience in development, financing and acquisition of real property, commercial transactions, business law, and the formation of and advising ownership entities. We represent a broad range of clients, from publicly traded companies to small entrepreneurial entities, on transactions both in California and throughout the United States.

The firm has represented nonprofit and tax credit developers under the existing tax credit programs throughout the country. As an example of our involvement in housing, the firm was involved in shaping the federal legislation under the Low Income Housing Preservation Resident Homeownership Act (LIHPRHA) and federal legislation that offered tenant based enhanced vouchers to the elderly and provided owners with market rate rent increases.

Members of the firm have been featured as speakers at conferences held by HUD Lenders, the American Bar Association (ABA), and the National Association of Housing Management Agents (NAHMA).  We are committed to providing legal services of the highest quality to our clients. In this endeavor, we are strengthened by experienced, able attorneys, excellent support staff and the advantages of the most up-to-date technological equipment.

Why you should choose Levy, Levy & Levy:


In the areas in which we practice, our senior attorneys have the same level of experience as the most senior partners in large law firms. We provide this experience to our clients on a direct basis.


Our clients avoid paying for on-the-job training of associates and other inefficiencies that inevitably arise when multiple lawyers work on a matter that can be handled by a single attorney. This means that our clients always have direct access to a seasoned attorney and do not have to worry about their work being delegated to an associate with minimum billing requirements to satisfy.

Personalized Service

We believe that clients hire attorneys and not law firms. Many of our clients switched from larger firms to our firm because they understand and appreciate the benefits of working regularly with an experienced attorney who is personally responsive to their needs.

Areas of Practice

HUD/FHA multifamily loans insured under all applicable sections of the National Housing Act
HUD-FHA Programs. Our extensive HUD practice includes representing owners and lenders in all types of HUD loan closings, and providing representation in connection with Transfers of Physical Assets (TPAs), HUD’s Mark-to-Market (Mortgage Restructuring) OAHP Program involving the restructuring of Section 8 assisted properties, HUD’s Section 236 “decoupling program”, project based section 8 programs and transferring project based Section 8 contracts to a new site, and HUD’s Section 202 prepayment and repositioning initiatives.  We represent owners of eligible low-income housing in connection with the recapitalization, refinance, or sale of projects pursuant to the Emergency Low-Income Housing Preservation Act of 1987 or the Low-Income Housing Preservation and Resident Homeownership Act of 1990. We have extensive experience in HUD administrative enforcement matters, including Form 2530 Previous Participation Clearance issues, adverse project physical inspections and management reviews, Abatement of Section 8 contracts, Lead-based paint compliance, HUD Inspector General Audits and Investigations and Real Estate Assessment Center matters.
Representing local, regional and national for-profit and non-profit developers, lenders and intermediaries in connection with acquisition, development, management and financing of both market rate housing projects and affordable housing projects
Real Estate Transactions and Real Estate Finance. We represent lenders, developers and owners in connection with the sale, acquisition, development, and financing of all types of real estate properties, including commercial, residential and industrial developments, and with the purchase and sale of parcels of land, and have represented clients in all forms of commercial and residential leasing activity. We have also have represented both developers and lenders involved with the financing, development and acquisition of health care facilities. We perform the requisite legal work for traditional construction, permanent, and acquisition mortgage loans, as well as more specialized real estate financing transactions, such as leasehold mortgage loans, mortgage warehouse facilities, conduit loans, securitized loans, and sale-leasebacks.

Our attorneys have extensive experience representing both borrowers and lenders, including representing borrowers and lenders regarding HUD Transfers of Physical Assets (TPAs), partial and full payment of FHA insurance claims and mortgage reinstatements, and  the submission and negotiation of workouts of defaulted loans.

Tax-exempt bonds for housing and community development
Bond and Tax Credit Transactions. We have extensive experience in connection with transactions involving multifamily housing revenue bonds, Low Income Housing Tax Credits and Historic Tax Credits, including transactions which also involve the use of both taxable and tax exempt financing, HOME funds, local or state housing funds, and/or which are subject to a subsidy-layering review by HUD or a state housing finance agency. We help structure the financing, close the acquisition, and issue the necessary opinions to the Issuer, Underwriter, Lender and Trustee.

Recent Closings as Lender’s Counsel
As Lender’s counsel on a recent closing, we worked with the two separate agencies to obtain approvals to close the FHA insured loan. We successfully obtained an amendment to a ground lease wherein the governmental agency agreed to re-subordinate its ground lease and the tax credit agency agreed to subordinate its tax credit land use restriction.  Another recent closing as Lender’s counsel, we worked with the tax credit investor and HUD to close a transaction involving Historic Tax Credits for a portion of a building and which also involved as part of the financing a property tax exemption for a 12-year period.

Fannie Mae and Freddie Mac multifamily loan and investment programs
Fannie Mae and  Freddie Mac. We are involved with the closing, refinancing, assumption and workout of loans originated under the Fannie Mae Delegated Underwriting and Servicing (DUS) and Prior Approval programs, both cash and MBS product lines, and are familiar with the range of Freddie Mac’s multifamily mortgage programs.

HUD’s Section 8 rental assistance programs
We have represented owners and have advised lenders in all facets of the Section 8 programs. We have recently closed a HUD-insured Section a 221d4 project in Omaha that included bonds, tax credits with the local finance agency and a mark up to budget rent increase while representing the lender and submitting the documents with our closing package to HUD for approval, noting the Section 8 increased rents under the Mark up to Budget program supported the new debt service. We closed a project where we represented the Purchaser in which we were instrumental in securing a Housing Assistance Contract under Section 8 that provided for a 20 year renewal contract and where we were able to obtain Rent Increase Approval Letters from HUD prior to closing at the levels required by the Purchaser.

State and local housing programs (such as the California Housing Finance Agency, the California Tax Credit Allocation Committee, the California Debt Limitation Allocation Committee, and the California Department of Housing and Community Development)
State and County Housing Programs. Our practice extends beyond the federal arena to encompass state and local housing programs. We have particular experience with the various housing finance agencies in California, and have represented clients in connections with transactions involving City and County Housing Agencies, Redevelopment Agencies, the California Housing Finance Agency, the California Tax Credit Allocation Committee, the California Debt Limitation Allocation Committee, and the California Department of Housing and Community Development..

Nonprofit Housing Providers. We have assisted in the formation of nonprofit entities and represented nonprofits in their acquisition, management, and financing of projects, including transactions involving joint ventures with private entities and the HUD preservation programs. We have represented Nonprofits who desire to prepay their HUD insured loans in order to recapitalize and rehabilitate the property through Bonds and Tax Credits, most recently involving a LIHPRHA property with a 50 year Use Agreement.

Formation and Advising Business Entities.
Formation and Operation of Business Entities. We assist clients in selecting and preparing the proper legal vehicle for real estate projects and investments, such as co-tenancies, joint ventures, general and limited partnerships, limited liability companies, corporations, and trusts, in order to provide the best opportunity for financial profitability, and to accommodate the particular needs of each particular client. We also counsel entities regarding operating issues once the entities are formed.

Links of Interest

U.S. Department of Housing and Urban Development:

HUD Employee locator:

HUD regulations, notices and mortgagee letters:

HUD Multifamily Accelerated Processing (MAP):

California Housing Finance Agency:

California Tax Credit Allocation Committee:

Fannie Mae:

Contact Us

We welcome inquiries about our practice

Levy, Levy and Levy

1299 Fourth Street, Suite 400

San Rafael, CA 94901-3030

Office: (415) 461-4900

Fax: (415) 461-4994

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