Walter McKay Headshot

Walter Henry Clay McKay

Partner Montgomery
(334) 269-3140
Download Resume
Education
  • The University of Florida Fredric G. Levin School of Law
    LL.M. in Taxation, 2002,

    Florida Tax Review, Graduate Editor

  • The University of Alabama School of Law
    J.D., 2001, Hugo L. Black Scholar, magna cum laude, Alabama Law Review, Articles Editor
  • University of the South
    B.A., 1998
Bar Admissions
  • Alabama, 2001
About Walter
Q&A
  • What types of clients do you represent?

    A large share of my legal practice involves the representation of clients, primarily developers, mortgage lenders, and equity investors, in connection with market rate and affordable multifamily housing transactions. In connection with my affordable housing practice, I advise clients in connection with transactions involving various forms of federal/state tax credits, primarily low income housing tax credits (either four percent or nine percent), together with mortgage financing through community bank lenders and non-recourse programs sponsored by the Federal Housing Administration (FHA) (primarily under 221(d)(4), 223(f) and 223(a)(7) of the National Housing Act), Freddie Mac, and Fannie Mae. 

    A portion of my practice also focuses on local counsel related work, which involves representing primarily out of state clients in connection with the acquisition, disposition, and refinancing of commercial property located in Alabama. My work in this area primarily focuses on the drafting of legal opinions regarding the enforceability of documents governed by Alabama law, together with providing advice regarding transfer tax burdens, qualification of foreign entities, state income tax withholding obligations, and other Alabama specific matters.

  • What type of matters do you work on most often?
  • What do you find most exciting about your work?
  • What do you see on the horizon in your area of practice?
MORE ABOUT Walter
  • Affordable multifamily housing: Lead real estate counsel to affordable housing developer in connection with the acquisition, rehabilitation, disposition, and refinancing of portfolio of multifamily housing projects located in various southeast and sunbelt states, financed primarily with four percent low income housing tax credits, tax exempt bonds, FHA 221(d)(4)/223(f) financing and various forms of subordinate financing, including HOME and AHP funds. (Ongoing)
  • Market rate multifamily housing: Lead real estate counsel to multifamily housing developer in connection with the acquisition and refinancing of new construction market rate apartment complexes located in various southeastern states, with primary financing provided under the FHA 221(d)(4) and 223(a)(7) programs. (2010 - 2014)
  • Market rate multifamily housing: Lead real estate counsel to owner/operator of new construction, market rate multifamily housing projects located in Alabama financed under the FHA 221(d)(4) program, together with the refinancing of certain other market rate apartment assets under the FHA 223(f) program. (2012 - 2015)
  • Industrial: Lead real estate counsel to out of state industrial concern in connection with the disposition of various assets located in Alabama. (2009 - 2010)
  • Market rate multifamily housing: Local real estate counsel to out of state multifamily housing developer in connection with the acquisition of student housing projects located in various Alabama locations (2015 - 2016).
  • Affordable multifamily housing: Lead counsel to FHA MAP lender in connection with the financing and refinancing of affordable housing projects under FHA 221(d)(4) and 223(f) programs, including projects involving Public Housing Authorities, the HUD Rental Assistance Demonstration (RAD) Program, and various forms of subordinate financing and low income housing tax credits. (Ongoing)
  • Commercial lending: Lead counsel to commercial bank in connection with various credit facilities to local area Korean automotive suppliers. (2010 - 2015)
  • Affordable multifamily housing: Local counsel to non-profit out of state multifamily developers in connection with acquisition and rehabilitation of affordable housing assets located in Alabama, primarily financed with low income housing tax credits and FHA mortgage financing. (2014 - 2016)
Education
  • The University of Florida Fredric G. Levin School of Law, LL.M. in Taxation, 2002,

    Florida Tax Review, Graduate Editor

  • The University of Alabama School of Law, J.D., 2001, Hugo L. Black Scholar, magna cum laude, Alabama Law Review, Articles Editor
  • University of the South, B.A., 1998
Bar Admissions
  • Alabama, 2001
Professional Affiliations
  • Alabama Bar Association
  • American Bar Association Forum on Affordable Housing and Community Development Law
  • Montgomery County Bar Association
Community Involvement
  • Boy Scouts of America Tukabatchee Area Council Annual Sporting Clays Tournament, Organizing Committee Member
  • Camp Chandler Board of Directors