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About Affordable Housing Sales
Project-Based Section 8 (PBRA / HAP Contract Sales)
We represent owners selling communities supported by HUD Housing Assistance Payments (HAP) contracts, where subsidy is tied to the property (not the tenant) and contract terms materially impact underwriting and price. We are experienced across the major HAP renewal/contract structures (e.g., Option 1, Option 2, Option 3, Option 4, etc.) and how each framework affects revenue, renewal strategy, and buyer demand, especially when Use Agreements come into play. We bring expertise in identifying and communicating rent-growth drivers such as Mark-to-Market, Mark-Up-to-Market, and OCAF-based increases. When a nonprofit is selling, we have experience with transactions that involve petitioning the state Attorney General as part of the approval process, where applicable.
USDA Rural Development (RD 515 / Rental Assistance)
We broker the sale of RD Section 515 communities and specialize in the RD-specific drivers that determine buyer demand, execution path, and value. We understand how prepayment eligibility status (and related restrictions) shapes the universe of qualified buyers and impacts pricing and when Interest Transfers are used as opposed to Fee Simple sales.
We also underwrite and clearly communicate the rental assistance story, including when a property may be eligible for standalone/decoupled assistance concepts (often discussed as “CERA” in industry conversation) and how assistance structure can materially affect underwriting and value.
On the cash-flow side, we’re fluent in RD economics—especially how Return to Owner (RTO) and management fee per unit are used to determine the value specific interests that we evaluate for sale.
Finally, we have specific experience pricing communities that have or have not received proceeds tied to Franconia-related Section 515 prepayment litigation settlements, and we understand how that history can affect documentation, underwriting, and transaction positioning, and real estate value.
Low-Income Housing Tax Credit (LIHTC / Section 42)
We sell LIHTC assets through real estate sales and, when appropriate, partnership interest transfers (GP and/or LP), depending on the structure and remaining credit timeline.
Typical transactions include: Year 11+ dispositions, extended use considerations, partnership consents, and positioning the asset to match the right buyer profile (preservation, compliant value-add, recapitalization).
Pre–Year 10 capabilities: we can facilitate GP interest sales independently from the LP in scenarios where the LP is not selling or where the parties’ objectives differ—while still running a controlled buyer process and managing the consent/compliance narrative.
The Team
Jonathan Massaro Broker of Record j@affordablehousingsale.com (484) 947-8470
Brett Tulchin Associate Agent b@affordablehousingsale.com (310) 806-2808
Brett Tulchin Associate Agent b@affordablehousingsale.com (310) 806-2808
Brett Tulchin Associate Agent b@affordablehousingsale.com (310) 806-2808
Michael Godio Associate Agent m@affordablehousingsale.com (267) 983-8894
Hannah James Broker Support
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Past Clients
