The Colorado Real Estate Journal published an article by Cory Kalanick about affordable housing and how multifamily housing revenue bonds offer communities an opportunity to promote private investment. In this article, Kalanick discusses the three primary opinions rendered by bond counsel in multifamily housing revenue bonds.

Below is an excerpt from the article.

While affordable housing finance is full of its own intricacies, including the ever-increasing scarcity of private activity bonds, volume cap and the complexities of the 50% test for low income housing tax credits, the underpinnings of bond counsel and the anatomy of the bond opinion remain the same.

 The National Association of Bond Lawyers Model Bond Opinion Report details the industry standard for opinion practice, which requires delivery of an “unqualified” opinion, or one that is constrained only by customary assumptions, limitations and qualifications, and not “explained” in any other way. The opinion standard is a high bar: Bond counsel must be “firmly convinced” that the highest court in the relevant jurisdiction, properly briefed and acting reasonably, would concur with such opinion. For example, bond counsel dealing with an issue of state law in Colorado may opine that a bond is validly issued only if the Colorado Supreme Court would agree.

The article can be found HERE.