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J. Toger Swanson


Toger works with all participants in multifamily housing finance, including: issuers, developers, lenders, trustees, credit enhancers, financial advisors and investors. His practice includes serving as bond counsel, issuer counsel, trustee counsel, lender counsel and developer counsel.

Toger focuses on developing innovative financing structures to maximize the use of tax-exempt financing to create and preserve affordable housing for his clients. He routinely works with developers, owners and managers of affordable housing facilities to utilize all available sources of financing such as grants, subordinate loans and tax credit equity to leverage the proceeds of tax-exempt bonds. His representation of lenders in affordable finance concentrates on providing state-of-the art loan products to make his clients the most sought-after source of financing.

Toger’s bond counsel practice focuses on providing issuers of tax-exempt financing the most cost-effective and flexible financing tools to maximize creation of affordable multifamily housing, assisted living, student housing, and manufacturing facilities. His lender, credit enhancer, issuer counsel, developer counsel and trustee counsel practice capitalizes upon his experience as bond counsel in similar transactions.
Government Service
  • U.S. Army Reserve, Judge Advocate General’s Corps (retired)

  • Representing a government-sponsored enterprise as multifamily credit enhancer in connection with credit substitutions, redemptions, project transfers and issuance of new money and refunding variable and fixed rate notes and bonds.
  • Advising national real estate investors and developers regarding financing of multifamily housing projects with tax-exempt bonds.
  • Structuring secondary market offerings of asset-backed securities involving tax-exempt bonds.
  • Representing state and local issuers of multifamily bonds nationwide as multifamily bond counsel.
  • Representing regional banks as lender counsel in tax-exempt and taxable financing of affordable multifamily housing projects.
  • Developing program to aggregate unrated multifamily housing bonds into multi-tranched trust.