John Kelly represents for-profit and nonprofit owners and operators of multi-family housing that has a government overlay. He has more than 30 years of experience in affordable housing and is a longtime advocate at state and national levels.
What do you focus on?
My practice focus is on three primary areas:
I have represented clients in the purchase and sale of government-assisted housing. Recently I helped a major New York City developer acquire a state-regulated 1,600-unit property using tax credits, bonds, city and state subsidies and real estate tax exemptions.
I have assisted clients in the financing of existing properties and the construction of new projects. Recently I represented a developer in financing the construction of a 176-unit project on a ground lease from the City of New York with bonds, tax credits, letter of credit, redirected Medicare funds and other public subsidies.
I assist clients in navigating the plethora of regulations in the affordable housing industry.
I am presently assisting a client obtain the city and state approvals required to move a 318-unit project from a state-regulated program, which limited the owners’ return, to a city regulated program, which is substantially less restrictive.
What do you see on the horizon?
I am watching the collision of the rising local awareness of the need for affordable housing and gridlock in Congress. Federal resources are shrinking, so local governments will have to create new strategies.