Larry Levy received his B.A. in Political Science at the University of California in Davis (1978) and JD/MBA from Whittier Law School (1984). From 1979-1983, Larry worked at Citicorp and ARCS as a mortgage banker. Larry holds a current California Real Estate License. Larry is admitted to practice in all California state courts, the U.S. District Court – Northern District of California, the U.S. District Court for the District of Hawaii, and the U.S. Court of Appeals – Ninth Circuit. Larry is a member of the American Bar Association (Affordable Housing Section) and has been a featured speaker on housing issues at ABA Affordable Housing Conferences and NAHMA Conferences.
In 1989 Larry successfully negotiated one of the first plans of action in the Country to be approved by HUD under the Emergency Low Income Housing Preservation Act of 1987 (ELIHPA). Larry was also involved in the pioneering effort to obtain Tenant Based Enhance Vouchers from HUD for Section 236 and Section 221(d)(3) prepayments in 2007 for Owners of LIHPRHA projects. The issuance of enhanced vouchers then made it feasible in many bond/tax credit closings to underwrite the rehabilitation and modernization those projects sorely needed which could not have occurred without the enhanced vouchers.
Larry’s practice includes representing lenders in all phases of financing, closing, and preparing post-closing documents and assignment documents that may be required in the GNMA delivery. Frequently these closings include various types of subordinations and amendments to existing local governments and state agency loans, use restrictions and land planning documents. One recent closing involved a ground lease where 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 involved Historic Tax Credits for a portion of a building and a property tax exemption for a 12-year period.
Lender clients frequently ask for Larry’s assistance in reviewing the title and survey issues prior to the application stage to assure less difficulty and expedite closing after the FHA Commitment is issued. For example, Larry successfully negotiated, prior to the issuance of a Firm Commitment, the approval of Title Company endorsements and release of liens to provide a clear title policy during the application stage. In another recent closing, Larry worked with HUD counsel to obtain approval of all recorded subordination documents prior to the Commitment being issued due to the complexity of the subordinations and HUD requirements that had to be negotiated with the local government.