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Stephen Wallace is one of the nation’s foremost authorities on the preservation of government-assisted housing. He has been very closely involved in the legislative and regulatory development of the various federal affordable housing preservation programs over the past 30 years. Steve is also an adjunct professor at Georgetown Law School where he teaches a seminar course on affordable housing.

What do you focus on?

Development and Preservation

Much of my work involves helping clients refinance, rehab and preserve affordable housing properties to increase value and long-term viability. There are a variety of mechanisms that can be used to do this, from mark-up-to-market of Section 8 contracts to Section 236 IRP decouplings (and now re-decouplings) to HUD’s signature initiative, the Rental Assistance Demonstration program. I was part of the successful effort to have HUD approve post-rehab rents effective at loan closing for certain types of financing. Owners and purchasers of older HUD-assisted properties seek my advice on addressing complex transactional and regulatory matters.


I’m in close contact with HUD officials as we work together to decipher the fine print of affordable housing legislation to preserve affordable housing properties. Often these issues take me to Capitol Hill or state housing agencies to seek clarification or resolution of critical preservation issues.

Industry Leadership

Speaking and networking at industry events and educating developers, managers and investors is also a priority for me. I enjoy connecting with others who are passionate about the affordable housing industry and meeting new entrants to the market.

Contact & Links
  • 799 Ninth Street, NW, Suite 500
    Washington, DC 20001-5327
  • Fordham University, B.A.
  • Hofstra University, J.D.
Bar Admissions
  • District of Columbia, District of Columbia Bar Association
  • New York, New York State Bar Association

Nixon Peabody LLP
Headquarters: Boston, Massachusetts

173 The Best Lawyers in America® awards

73 Best Lawyers: Ones to Watch® in America awards

Best Law Firms Badge Full Firm Profile

Recognized in The Best Lawyers® in America 2023 for work in:
  • Real Estate Law
Special Focus:
  • Affordable Housing
Additional Areas of Practice:
  • Government Relations Practice

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