Known for his experience in the areas of affordable housing finance and taxation, Stephen represents clients in all aspects of financing and developing affordable housing projects throughout the country. His experience, active practice, and relationships with developers, lenders, and investors give him invaluable and unique insights into the affordable housing marketplace.

Counsel To Builders, Developers, And Public Agencies

Stephen has represented numerous builders, for profit and nonprofit developers, syndicators, lenders, financiers, public agencies, and consultants for more than 30 years. His expertise includes structuring and closing complicated financings for mixed-use, mixed-income, senior, assisted-living, family, and farmworker projects. He is also considered the foremost authority on California's property tax exemption for affordable housing and was instrumental in the adoption of rules clarifying the exemption. Stephen's clients also turn to him for help structuring complex financings utilizing tax-exempt bonds, low-income housing tax credits, rehabilitation tax credits, new market tax credits, solar tax credits, energy tax credits, and public subsidies.

An Active Business Practice

During the past three decades, Stephen has participated in a substantial number of all multifamily bond financing in California. He also maintains an active business practice with significant experience in structuring partnership, limited liability company, and corporate financings, tax planning, real estate development, and capital formation. In addition, he represents clients before State Housing Agencies and the Internal Revenue Service.


  • Representation in over 1,000 affordable housing transactions as primary or principal counsel.

  • Representation in hundreds of bond financings valued in the many billions of dollars.

  • Represented a leading affordable housing developer in portfolio acquisition of GP Interests in 78 projects from national public company.

  • Represented a national real estate sponsor in the syndication and development of multi-family affordable housing projects valued in excess of $350 million.

  • Representation in some of California's most notable Historic Tax Credit developments, including the Napa Valley Opera House; Oakland's historic landmark, The Rotunda Building; and the historic renovation of the original Bank of America building.

  • Represented California's second largest independent mortgage lender in its public syndication activities with investor equity of approximately $200 million.



Speaking Engagements


Awards & Affiliations

Honors & Recognitions

Best Lawyers, Real Estate Law, 2014-2024

Professional Affiliations

American Bar Association

National Council of State Housing Agencies, Member

California Council for Affordable Housing, Board of Directors

National Association of Bond Lawyers

Frequent Lecturer at National Conferences on Affordable Housing including:

  • New York University's 19th Annual Conference On Federal Taxation Of Real Estate Transactions Warren Gorham & Lamont And The Institute For Professional Executive Development, Inc.'s Advanced Tax Credit Strategies
  • The National Affordable Housing Conference
  • The Developers Affordable Housing Conference
  • The ABA's Forum Committee On Affordable Housing And Community Development Law Annual Convention

Beta Gamma Sigma, Member

Practice Areas

Real Estate Sectors

Bar & Court Admissions

  • State Bar of California


J.D., University of California College of the Law, San Francisco, 1979

M.B.A., University of California, Berkeley, 1979

B.S., University of California, Berkeley, 1976

at Cox Castle

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