Ofer Elitzur



Ofer is a transactional project finance attorney focused on representing developers in the acquisition, disposition, financing, and development of multi-family affordable housing projects, including mixed-income projects, mixed-use projects, transit-oriented developments, and A-B partnerships. Ofer is recognized in California and nationally as a leading attorney in affordable housing finance and development, and has extensive experience in structuring complex financings utilizing tax-exempt bonds, low income housing tax credits, property tax exemptions, and other public subsidies.  Developers rely on Ofer's technical legal experience, in-depth knowledge of current debt and equity market terms and participants, and his calm and practical problem-solving approach to meet their business goals. 

Recognized Leader In Affordable Housing

Ofer has been involved in the financing and development of hundreds of thousands of units of mixed-income and low-income restricted rental housing throughout the United States, assisting for-profit and non-profit developers in generating and implementing the complex financial engineering necessary to construct and operate these projects. He is considered one of the leading authorities on California's property tax exemption for affordable housing and played a key role in the adoption of regulations clarifying the exemption. He also is a leading attorney on affordable housing issues under California's landmark 2011 redevelopment agency elimination statute (California Assembly Bill ABx1 26). Ofer is sought out nationally for his extensive experience in purchase and sale transactions in which a buyer either seeks to preserve and improve an existing low-income restricted apartment community, or seeks to convert an unrestricted property into a new low-income restricted apartment community.

Broad Residential Rental Real Estate Industry Experience

Ofer's experience spans all aspects of acquisition, disposition, and financing of market rate, mixed-income, and low-income restricted residential rental properties, including structuring, negotiating, and documenting joint venture arrangements on behalf of developers and investors, and representing borrowers in all aspects of real estate-secured debt financings, mezzanine loan financings, and other structured debt transactions.


Represented the developer of the required affordable housing component of a large master-planned community in connection with the acquisition and financing of that property, which representation included advice regarding utilization of master planned community facilities fee credits in a low-income housing tax credit financed deal.

Advised an equity provider in connection with its acquisition of a high profile, partially constructed tax exempt bond-financed mixed-use project with an affordable housing component through a multi-stage acquisition of the ownership interest in the project-owning entity, which acquisition included (i) assumption of existing construction and conversion to permanent financing, and (ii) structuring a low-income unit master lease arrangement to facilitate low-income housing tax credit delivery and utilization.

Represented the developer in the financing of a five-property scattered site affordable housing project, involving tax exempt multi-family housing bonds, low-income housing tax credits, United States Department of Agriculture Rural Development loan funds, and Tax Credit Assistance Program grant funds under the American Recovery and Reinvestment Act of 2009, in a first-of-its-kind financing transaction in New Mexico.

Represented the developer of a hotel project in a unique construction financing transaction involving a loan of proceeds from the sale of tax-exempt Recovery Zone Facility Bonds authorized by the American Recovery and Reinvestment Act of 2009.

Represented two San Francisco Bay Area nonprofit schools in tax-exempt bond loans for the construction of new school campus facilities.

Represented the borrower in a loan transaction secured by a pledge of equity interests in a handful of entities that indirectly owned controlling partnership interests in a portfolio of dozens of existing, fully-financed, and operating low-income restricted apartment communities.

Negotiated a global settlement between an equity investor and one of its developer partners pursuant to which the developer partner agreed to withdraw from a portfolio of low-income restricted project-owning partnerships.

Publications &
Speaking Engagements

Recent Publications

Recent Speaking Engagements

Filling the Financial Gap, Tax Credit Housing Finance Conference, 12/4/2008

Awards &

Awards & Recognition

  • Best Lawyers, Real Estate Law, 2020-2021
  • Northern California Super Lawyers Rising Stars, 2009-2010
  • Top 40 Under 40, featured in San Francisco Magazine and Law and Politics Magazine, 2009

Professional Affiliations

  • Bar Association of San Francisco


Bar and Court Admissions

  • State Bar of California


  • J.D., Harvard Law School, 2000, cum laude
  • B.A., University of California, Berkeley, 1995, highest distinction in general scholarship