Joseph P. McCarthy
Experience
Joseph McCarthy is a partner in the firm practicing in the Real Estate and Construction
group. He has substantial experience in the development of affordable housing and
community facilities using tax-exempt bond financing; low-income housing tax credits;
HOME and CDBG funds; HUD 221(d)(3) and (4), 223(f) and 236 financing; state and
local subsidies; property tax exemptions; and transfers of development rights. Joe
also has substantial experience with affordable home ownership programs and
financing including down-payment assistance, shared appreciation mortgages and
community land trusts.
Joe was a founding partner of Kantor, Taylor & McCarthy (1998-2008) and an associate
and partner at Reed McClure (1985-1998).
Representative Work

Land acquisition, development and $65 million of debt and equity financing for
450-unit affordable apartment community in Nevada, containing 300 units of
family housing and 150 units of senior housing, including negotiation of LIHTC
Partner
Seattle, WA
(206) 386-7534 direct
(206) 386-7500 fax
investment, tax-exempt bond financing, $750 thousand in HOME funding, longterm swap of variable rate debt financing, $3 million in 1602 Funding and resyndication of LIHTC equity.


Year 12 refinance of 400 unit affordable housing project, involving new long-term
joseph.mccarthy@stoel.com
Education

1985, with honors
and termination of limited partnership agreement, restructuring of debt internal
Winner, Van Vleck Moot Court
to general partner and buyout of general partner interests by original syndicator
Competition
of general partner interests.
Best Brief, Regional Competition,
National Moot Court Competition
Acquisition and renovation of four apartment projects using tax-exempt bonds
and FHA-insured mortgage financing, assumption of project-based Section 8

Acquisition and renovation of portfolio of 50 USDA Rural Development apartment
Admissions
projects, involving assumption of USDA Rural Housing financing and USDA rental

Washington
assistance, assumption of existing FHA-insured financing and project-based

Oregon
Section 8 Assistance, new FHA-insured financing and tax exempt bonds.

Ground lease, financing and development of 150-unit mixed-use project,
including negotiation of ground lease, including 9% LIHTC, HOME financing,
Housing Trust Fund financing, and City of Seattle and FHLB financing.

Bucknell University, B.A., 1982, cum
laude
contracts and assumption of LIHPRA use agreements.

George Washington University, J.D.,
mortgage debt, pay-off of tax-exempt bonds, buyout of LIHTC investor's interest
Creation, development and financing of a mixed-use renovation project
comprising multiple commercial units and one residential unit of 50 affordable
apartments; creation of development joint venture between commercial and
Joseph P. McCarthy
residential partnerships; negotiation of project-wide debt and equity financing (9% LIHTC, HOME, CDBG, UDAG, Housing Trust
Fund and City of Seattle).

Negotiation and sale of historic façade easement for renovation of 200 unit LIHTC building.

Acquisition of 20 unit Section 8 apartment building involving 9% LIHTC, 1602 financing, HOME financing, Oregon Trust Fund
financing, commercial bank loan, and assumption of Section 8 contract.

Year 15 sale of 9% LIHTC project to non-profit general partner, buyout of LIHTC investor and restructuring of existing debt
financing with state and local funders.

Formation of holding company to own limited partnership interests in 35 existing LIHTC partnerships.

Representation of community land trust in acquisition of failed 15-unit subdivision from FDIC, including completed homes and
vacant lots; negotiation of acquisition financing for project; negotiation of down-payment assistance financing with City of
Seattle; and preparation of unit sales documents and affordability covenants for the homes.

Creation of down-payment assistance loan program for Indian tribal housing authority under NAHASDA.

Development of 150 unit student housing project for private university involving off-balance sheet financing and use of qualified
501(c)(3) bonds enhanced with bond insurance.

Roll-up of clients' interests in general partner entities for 30 LIHTC projects, containing 5,000 units across the western U.S., to a
newly formed holding company, and sale of majority interest in holding company to a publicly traded REIT.

Acquisition of interests in general entities in two LIHTC projects containing 500 units in Nevada and California.
Professional Honors and Activities

Selected as one of "America's Leading Lawyers for Business" (Washington) by Chambers USA (currently: Real Estate), 2016

Listed in Best Lawyers in America© (currently: Real Estate Law), 2011-2016

Fellow, American College of Real Estate Lawyers, 2015

Washington State Bar Association, Real Property Probate and Trust Section, Chair-Elect and Treasurer, 2013-present; Director
Real Property Council, 2011-2013; Executive Committee Member, 2009-2011; Newsletter Editorial Board, 2005-2008

Washington State Bar Association, UCIOA Committee, Chair, 2009-present

American Bar Association, Affordable Housing Forum, HUD Committee and LIHTC Committee, Member

NAIOP, Government Affairs Committee, Member, 2010-present

Master Builders Association of King and Snohomish Counties, Housing Policy Committee, Member

Master Builders Association of King and Snohomish Counties, Warranty Committee, Chair

ULI Northwest, Housing Task Force, Member, 2012-present; Delegate to Quality Growth Alliance, 2013-present
Joseph P. McCarthy
Presentations

"Key Business Terms in Joint Venture Operating Agreements," Real Estate Joint Ventures and Funds Seminar, Law Seminars
International, 2010

"Dissolution of a Real Estate LLC as a Technique to Avoid Liability After Ballard Square," Development Agreements, Easements
and CCRs Seminar, Law Seminars International, 2007-2008

"Managing the Implied Warranty of Habitability in New Home Sales," Advanced Topics in Residential Devel opment Seminar,
Washington State Bar Association, 2006

"Ethical Considerations for the Homeowners Association and Condominium Association Attorney," Advising Homeowners and
Condominium Associations Seminar, Washington State Bar Association, 2005

"Historic Façade Easements and Transferable Development Rights," Real Estate Development Incentives Seminar, The Seminar
Group, 2004
Publications

Author, "The Implied Warranty of Habitability in New Home Sales," Real Property, Probate & Trust, 2006

Author, "A Brief Description of Low Income Housing Tax Credits," Real Property, Probate & Trust, 2004

Coauthor, "Affordable Housing Development," 2001 Supplement to the Washington Real Property Deskbook (3d ed.)

Author, "New Lead-Based Paint Requirements for Housing Sales," Washington State Bar News, 1996
Business and Civic Activities

Board of Advisors, Schuster Realty Partners, LLC (a real estate/private equity fund)

Former president and board member, Fairness Lobby (a nonprofit civil rights organization)

Former president and board member, Common Ground (a nonprofit housing developer)

Former board member, Real Change (a nonprofit homelessness organization)