Stephen Niles
Education
Carey Business School, The Johns Hopkins University, MS, Real Estate, 2005
Washington College of Law, The American University, JD, 1987
Franklin & Marshall College, BA, 1984
Steve Niles, a Partner at Klein Hornig, has over 30 years of experience representing for-profit and nonprofit clients in transactional and regulatory matters relating to the development and preservation of affordable multifamily housing. Steve regularly assists project owners, developers, sponsors, investors and management agents with the acquisition/sale, rehabilitation, development, financing and operation of affordable housing projects located throughout the country. Much of Steve’s work involves properties financed/assisted with Section 8 HAP contracts, FHA-insured loans, HUD/HFA risk-sharing loans, HUD direct loans and grants, CDBG funds and HOME funds. Steve’s work includes assisting clients with the transfer of project-based Section 8 HAP contracts and HUD use restrictions from one multifamily property to another. Steve also counsels developers, sponsors and investors on transactions involving the conversion of public housing projects and RAP, Rent Supp. and Mod Rehab-assisted projects to Section 8 assistance under HUD’s Rental Assistance Demonstration (“RAD”) program.
Steve is a co-chair of Klein Hornig’s HUD Practice Group. Prior to joining Klein Hornig, Steve was a Partner at Holland & Knight and was co-chair of that firm's National Affordable Housing team. Steve was featured by The Johns Hopkins University as an esteemed graduate of the University’s Carey Business School.
BAR ADMISSIONS
- Virginia
- District of Columbia
- Represented for-profit and nonprofit clients in the acquisition, disposition, rehabilitation and recapitalization of multifamily projects. Also represented owners, developers, investors and others in the transfer of various ownership interests (lower-tier, mid-tier, and upper-tier) in affordable housing project owners.
- Advised clients on various regulatory issues relating to HUD's Section 8 project-based rental assistance (PBRA), project-based voucher (PBV) and housing choice voucher (HCV) programs, including contract rent adjustments, contract renewal options, contract terminations, contract restructurings, contract assignments, transfers of budget authority and conversion of HCV assistance to PBV assistance.
- Assisted clients with the conversion of public housing projects, Rent Supp and RAP projects, and Mod Rehab projects to Section 8 program assistance under HUD’s Rental Assistance Demonstration (“RAD”) Program.
- Negotiated loan workouts of HUD-insured loans that allowed project owners/investors to stabilize their properties for the long term and avoid foreclosure, recapture of tax credits and potential enforcement action by HUD or the Department of Justice (DOJ).
- Represented clients in the appeal/resolution of administrative actions initiated by HUD/DOJ including: civil money penalty proceedings; HUD Departmental Enforcement Center proceedings; Inspector General audits and investigations; and HUD's Real Estate Assessment Center (REAC) inspections and monitoring reviews.
- Obtained rulings, waivers, interpretations and guidance from HUD Headquarters in Washington, DC, and HUD Regional and Satellite Offices around the country, on various matters relating to the acquisition, redevelopment, refinancing, operation and management of multifamily projects.
- HUD Issues Revised Implementation Notice for Rental Assistance Demonstration (RAD) (co-author), Klein Hornig Housing Alert, June 2015
- "Resolution of Troubled or Defaulted HUD-Insured Multifamily and Healthcare Loans" (co-author), Navigating HUD Programs: A Practitioners' Guide to the Labyrinth, American Bar Association Forum on Affordable Housing and Community Development Law, 2012.
- "Beware the Mortgagee Review Board" (co-author), Mortgage Bank Magazine, February 2011
- National Leased Housing Association, Board Member
- National Housing Trust Preservation Working Group, Member
- American Bar Association Forum on Affordable Housing and Community Development, Member
- Moderator/Speaker, “HAP Contract Issues and Opportunities,” NLHA Fall Seminar – October 2022
- Speaker, “The Good, the Bad and Ugly of Section 8 PBRA,” Housing Association of Nonprofit Developers (HAND) – April 2017
- Speaker, "Section 8 Renewal Guide Changes: A walkthrough of the recent guide revisions including the most frequently asked questions," National Leased Housing Association, Fall Seminar – October 2015
- Speaker, "HUD Update," National Leased Housing Association, Seminar: The Mature Section 8 Project – November 2012
- Speaker, "Preservation Opportunities: Year 15 and Strategies for HUD-Assisted Properties," Housing Association of Nonprofit Developments (HAND) – March 2012
- Speaker, "Understanding the Revised Section 8 Renewal Guide Options," National Leased Housing Association, Seminar: The Mature Section 8 Project – October 2011
- Speaker, "Multifamily HUD Update," National Leased Housing Association, 2011 Annual Membership Meeting – June 2011
- Speaker, "What To Do When You Renew: Section 8 Contract Renewal Possibilities and Pitfalls," Affordable Housing Management Association – May 2011
- Speaker, "HUD Update," National Leased Housing Association, Seminar: The Mature Section 8 Project, October 2010
- Speaker, "Surviving an IG Audit or Referral to Departmental Enforcement Center," National Leased Housing Association, Seminar: The Mature Section 8 Project – October 2009
- Speaker, "Why HUD Multifamily Financing Makes Sense During (and After) the Credit Crunch," Holland & Knight and Reznick Group HUD Financing and Tax Credit Conferences – July, September and November 2009
- Speaker, "Today's Real Estate Market – The Changing Landscape for Affordable, Commercial and Green Financing," Reznick Group Conference – August 2009
- Speaker, "10 Key Multifamily Housing Issues," ABA Forum on Affordable Housing and Community Development Conference – June 2008
- Martindale Hubbell Peer-Review Rated AV Preeminent™