Multifamily Affordable Housing Preservation

Recap designs and executes transactions that achieve value for money and accomplish our client’s unique project objectives. Recap has completed transactions totaling more than $2.7 billion including affordable, mixed-income, and market-rate properties.  


Currently owners with 202 PRAC-funded properties have no options for refinancing and recapitalizing their properties. To address this HUD will be publishing new legislation by the end of February, 2019 to allow PRAC owners to convert their PRAC to a more leveragable form of subsidy through the “Rental Assistance Demonstration” (RAD) Program. As of the time of this submittal, the RAD for PRAC program has been authorized by Congress, and our team is working closely with HUD to shepherd the development of the program. Should you have any questions currently, please contact Gates Dunaway <link>

Section 8 Multifamily Programs

Recap has closed a broad range of multifamily affordable housing preservation and recapitalization transactions using Mark-to-Market, Mark-up-to-Market, FHA/Fannie Mae/Freddie Mac, 236 IRP decoupling, and virtually every other affordable housing preservation strategy, in each case developing the financing structure, assisting with regulatory approvals, and managing the transaction to closing. Recap executives have closed hundreds of such transactions and can deploy the substantive knowledge of virtually all affordable housing programs in place over. This perspective is invaluable in providing advice to PHAs on the impact of potential changes in the affordable housing regulatory and financial environment when converting from public housing to multifamily housing.

Refinancing & Restructuring 

Recap helps clients capitalize on the significant capital improvement and reinvestment opportunities available due to the ever-changing economic environment. 

  • Initial assessment of physical, financial, and operational issues 
  • Project feasibility analysis, including timing and sequencing issues 
  • Development of a transaction plan 
  • Preparation of funding applications, as appropriate 
  • Due diligence coordination and management 
  • Identification, analysis, and thorough comparison of potential debt sources 
  • Assistance with development of recapitalization scope of work, as appropriate 
  • Negotiation of loan terms and financing commitment 
  • Preparation of proposal to key stakeholders for approval 
  • Transaction closing


Recap provides skilled acquisition management for properties with challenging capital structures, high visibility environments, and/or significant regulatory restrictions.  

  • Preliminary evaluation of candidate properties 
  • Analysis of pricing 
  • Letter of Intent and Purchase Agreement negotiation 
  • Negotiation of debt and equity terms 
  • Due diligence coordination and management 
  • Identification, analysis, and thorough comparison of potential debt sources 
  • Subsidy contract negotiation as appropriate 
  • Preparation of funding applications, as appropriate 
  • Transaction closing under direction of client counsel 
  • Post-closing support


Recap helps its clients navigate the sale of individual assets or portfolios while maximizing value and achieving project objectives. Recap specializes in complex assets encumbered by significant regulatory restrictions or high visibility environments. 

  • Portfolio evaluation, including option and pricing analysis 
  • Development of disposition plan 
  • Solicitation process design and customized offer structuring 
  • Marketing, including online Virtual Document Room 
  • Evaluation and negotiation of purchase offers 
  • Assistance to general partners in fulfilling fiduciary duties of disclosure and fairness 
  • Transaction closing