Abigail Patterson is a member of Nixon Peabody’s Affordable Housing practice group, representing nonprofit and for-profit owners and developers of affordable housing in all aspects of the development process, from acquisition and construction loan closings, to operations and regulatory matters.
My practice focuses on affordable housing transactions utilizing a range of federal, state and municipal programs. In my prior role as general counsel for the Housing Partnership Development Corporation, I gained substantial experience with affordable housing incentives such as Article XI, Affordable New York and Inclusionary Housing, as well as advising my client on nonprofit governance and best practices.
As construction costs rise, available land becomes scarce and federal subsidies are under threat, the demand for affordable housing in New York is higher than ever. In response, owners and developers are seeking novel approaches to affordable housing development and, particularly for nonprofit clients, joint ventures with other nonprofits, religious organizations, for-profit developers and community-based organizations, can build capacity and access to financing that might not otherwise be available. While these structures present additional complexity, they also have the potential to capitalize on the respective strengths of project partners, and ultimately to create more housing for hardworking New Yorkers.
On the preservation front, recent changes to the rent stabilization law in New York will have a profound effect on the operation of many properties throughout the city and state. I look forward to advising clients on leveraging tax abatements and exemptions to devise solutions for the ongoing viability of their properties.
This article highlights NP for negotiating a 40-year real estate tax exemption with New York City’s Department of Housing Preservation and Development on behalf of client Clipper Realty Inc. for its 2,500-unit Flatbush Gardens apartment complex in Brooklyn. The article mentions partner and Chief Innovation Officer Aaron Yowell and counsel Abigail Patterson, both of the Affordable Housing & Real Estate practice and New York City office, for representing Clipper Realty in the deal.
Brooklyn Law School, J.D.
Columbia University, B.A.
Subscribe to stay informed of the latest legal news, alerts, and business trends.Subscribe