Specifications include, but are not limited to: A. Special Counsel Special counsel will provide legal representation on an as-needed basis for various aspects of CHFA's business which includes, without limitation, contract and employment matters, general litigation, single family homeownership and multifamily rental housing While CHFA special counsel are encouraged to maintain a diverse legal practice with capacity to apply an in-depth comprehensive range of legal disciplines to the business of CHFA, submissions for the provision of representation limited to specific areas of legal practice are also encouraged and will be seriously considered under this RFP. Accordingly, please identify your firm’s areas of practice in your proposal. B. Bond Counsel Bond counsel will be required to provide complete legal representation as to state and federal law, including tax matters with respect to all CHFA bond issues, and: • be a law firm with a national reputation, experienced in municipal bond financing to provide services, including tax opinions, validation of bonds, the tax status of bond issues, and have knowledge of requirements of securities law with respect to offerings. • have a working knowledge of CHFA’s mortgage finance bond programs and provide sophisticated legal advice on federal tax matters, including, but not limited to, arbitrage. • be experienced in tax-exempt and taxable financings, credit-enhanced financings, financings incorporating derivative structures and other forms of debt financings. • be experienced in credit agreements, cash-collateralized and special purpose entity transactions. • be experienced in affordable housing financing including but not limited to federal and state tax credits, third-party debt such as federal HOME and state financing programs, third-party subsidy such as federal Section 8 and state RAP, third-party insurance such as FHA, PMI, mortgage-backed securities or other related components. • be able to draft and review all legal documentation necessary to issue CHFA bonds, to render unqualified legal opinions regarding the validity and tax-exempt status of CHFA bonds and to conduct closings of CHFA bond issues. • be able to draft and review legislation relevant to CHFA’s bond issues, seek any necessary opinions, letter rulings, or other documentation from the federal government and assist CHFA in resolving issues regarding its pledged assets, bonds and subordinate debt raised by bondholders, rating agencies or other interested parties. C. Multifamily Closing Counsel Multifamily Closing Counsel will provide comprehensive legal representation to effectuate the closing and funding of CHFA multifamily financing transactions that may include federal low-income housing tax credit and tax-exempt bond or taxable bond funded transactions, joint legal representation with other sources of State funding, and special multifamily financing programs including, without limitation, “Build For CT” (chfa.org/buildforct/). Multifamily Closing Counsel must: • be able to draft and/or review all legal documentation, all entity organizational documentation, all title and survey matters, and to apply all other regulatory or administrative requirements necessary in order to effectuate multifamily real estate financing transactions necessary to further CHFA’s and the State of Connecticut’s mission of the continued development of sustainable affordable housing; • be experienced with affordable housing financing in Connecticut including, without limitation, the federal low-income housing tax credit program and related tax credit equity syndication and investment, State of Connecticut affordable housing financing programs, federal tax-exempt bond financings, project-based Section 8 rental assistance; • be experienced with commercial and multifamily real estate financing in the State of Connecticut, including, without limitation, issues related to title, survey, collateral, contracts, partnerships and limited liability companies, insurance, taxation, and environmental matters and be experienced negotiating and working with borrower counsel, general contractors, environmental consultants, accountants, development consultants, investors and investor counsel and other transaction related parties; and • be effective and efficient transaction closing counsel in order to represent CHFA’s interest while accomplishing multifamily real estate financing transaction closings on aggressive timeframes. financing matters, delinquencies, foreclosures, bankruptcy, partnership law, law of limited liability companies, mortgage insurance requirements, taxation of ownership entities, lender liability and environmental law.
