Stetson Law Offices
The world is changing, business is changing, politics are changing,
Stetson Law Offices, P.C., is determined to keep learning from the changes.
Economic Development & Financing
Developing stable structures, or strengthening existing structures, for the exercise of tribal governmental and proprietary powers is essential to the successful legal strategy for any tribe. We have an interest and experience in tribal economic development and on-reservation business transactions and have frequently developed and updated the tribal codes and regulatory systems that are the foundation of economic success. In addition, we have done substantial work in lease negotiations, joint ventures, traditional debt financing, chartering tribal corporations, financing direct and guaranteed loans, work with LIHTC projects and assisted in the development of the NMMFA in Residential Loan and other tribal investment opportunities. Not only have we served as the tribal attorney for several loan transactions involving shopping centers, hotels, casinos, credit unions, professional offices, landfills, and mobile home parks, but also we have functioned as lender’s attorney in the financing of a tribal telecommunications business in Arizona and as advisor to Fannie Mae for on-reservation mortgage financing.
Financing. Over the years, we have been involved initiating, negotiating, preparation and review of documentation, and closing countless financial transactions for our clients; from four of the earliest BIA Guaranteed Loans in New Mexico to recently assisting in the negotiation of and preparation of transactional documents related to a loan from State of New Mexico Finance Authority Bond Proceeds. Stetson Law Offices, P.C. has been involved and actively participated in four Low Income Housing Tax Credit (“LIHTC”) projects. In the process we have drafted applicable policies, Limited Partnership Agreements, appropriate leases and/or subleases. We have been involved with development of Requests for Proposals and review of submittals related to hiring of LIHTC accountant, attorneys, and general contractors, and the purchase of materials. While we have not provided direct LIHTC closing documentation or opinions, we work with the selected tax credit attorney to ensure that issues related to Indian law are not inadvertently ignored. While our involvement in the first two projects was basically related to oversight and addressing problem areas after the fact, our involvement in the latest project has been more involved. We have undertaken active involvement in all aspects of the project from pre-application through award; award through carryover application and meeting the 10% test; and provision of general oversight thought close-out of the project. In conjunction with current projects under President Obama’s stimulus program, we have assisted our clients in preparation of applications, review of transactional documents, implementation of projects, and compliance assurance related to ICDBG, IHBG stimulus funding, NAHBG competitive funding, ICDBG stimulus funding, FHLB AHP funds, HUD RHED grants, and HOME loans, and projects combining various combinations of such funding sources. We have been instrumental in the development of cost allocation procedures to ensure adequate tracking of funds from the various sources to prevent commingling.