Attorney Peter Lam has joined Ballard Spahr's public finance group as of counsel, the firm said Tuesday.
Lam, who has counseled issuers of more than $10 billion in tax-exempt bonds, will work in the firm's New York office in its finance department and tax group.
Lam has served as bond counsel to state and local issuers for public and privately placed bond issuances. These bonds financed a variety of affordable housing projects and continuing-care retirement communities as well as educational institutions, energy conservation and public power projects, health care facilities and state revolving funds.
Previously, he worked at Holland & Knight, McCarter & English and Hawkins Delafield & Wood.
Lam has experience with affordable housing developments financed with tax-exempt bonds and low-income housing tax credits (LIHTC). He has focused on the bond issuance phase, which involves coordination with the intended LIHTC structure.
He has also advised clients on refinancing affordable housing projects during the construction periods, multiphase projects in and out of LIHTC's Qualified Census Tracts (QCT) and Difficult Development Areas (DDA) and Year 15 Program options.
QCTs must have 50% of households with incomes below 60% of the area median gross income or a poverty rate of 25% or more. DDAs are areas with high land, construction and utility costs relative to the area median income. The Year 15 Program takes into account the future financial and physical viability of a project and preserves the long-term affordability of properties nearing or have reached the end of the initial tax credit compliance period.
