Romer Debbas LLP Agency Lending & Affordable Housing group represented a prominent lender in the closing of an affordable housing refinance loan secured by a housing project located in Houston, Texas.   Currently subject to a 99-year ground lease structure with a public facility corporation (“PFC”) the project benefits from a full ad valorem tax exemption for an initial period of 20 years.  In exchange, the Owner agreed to enter into certain restrictive covenants with PFC to set aside a number of units for affordable housing at rent and income levels required by PFC statute.  The rent-income restrictions will remain in place for the duration of the tax exemption.  “This transaction has been one of the most rewarding and challenging transactions our Team has closed this year”, said Carmen I. Pagan, Esq., Partner, and Head of our Agency Lending & Affordable Housing practices, who was the main counsel on the transaction, assisted by Senior Associate, Catherine Azevedo, Esq., and other members of the Agency Lending & Affordable Housing group.