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    1. Home
    2. People
    3. Aaron J. YowellPeople
    1. Home
    2. People
    3. Aaron J. YowellPeople

    Aaron J. Yowell

    Partner / Chief Innovation Officer


    • New York City
    • Office212.940.3161
    • ayowell@nixonpeabody.com
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    Introduction

    Aaron Yowell represents private, public, and nonprofit developers of multifamily and transitional housing, as well as private equity investors and family offices, with a particular focus on projects with unconventional financing structures. Aaron works regularly with tax credits (including state and federal low-income housing and historic tax credits), real property tax incentive programs (including 421-a (a/k/a Affordable New York), Article XI, and 420-a), New York City Housing Authority PACT (Permanent Affordability Commitment Together) preservation, the Mitchell Lama Housing Program, and inclusionary housing. He advises clients in all aspects of project development, new construction, rehabilitation, and operation, including acquisitions, dispositions, regulatory matters, public and private financings, joint ventures, and investments.
     

    Aaron often serves as lead counsel in several high-profile affordable housing transactions. Past transactions include the acquisition and refinancing of Spring Creek Towers, the largest HUD-subsidized property in the country, and several large affordable housing portfolio recapitalizations and dispositions. Aaron works on transactions nationwide, with projects located in New York, New Jersey, Pennsylvania, Virginia, and California.
     

    In his capacity as Chief Innovation Officer, Aaron is responsible for innovation across all aspects of the firm’s activities. He uses leading-edge collaboration and other technology to deliver efficient and high-quality legal services, as well as working with clients on new approaches to building much-needed housing.

    Practice Areas

    Affordable HousingReal EstateSustainable DevelopmentBehavioral HealthOpportunity ZonesSupportive Housing

    Industries

    Real Estate

    My focus

    Aligning interests

    Building new affordable housing and preserving housing requires marshaling diverse sets of government agencies and debt and equity partners within an ever more complex set of programs and incentives. We guide developers and investors in building transactions on the foundation of our broad and deep experience. For example, we recently helped a for-profit developer and a nonprofit operator acquire and finance a hybrid supportive housing and transitional housing project. The project was financed with a mix of subsidy, credit tenant lease financing, a Freddie Mac loan, and brownfields equity. Getting to closing required us to harmonize the interests of each of these sources while protecting our clients’ core interests.

    Project management and legal tech

    Up-to-the-minute deal awareness is essential. We rely on strong project management to update the members of our team and our clients. Affordable housing transactions, which often involve upwards of five or six different sources of debt financing, tax credit equity, and state and local tax exemptions, present a unique opportunity to create value through efficiency. During my time as Chief Innovation Officer, our team has developed several approaches that reduce friction for our clients. However, our innovation initiatives are not only focused on increasing transactional efficiency but also on helping clients identify opportunities for existing assets and unlock new lines of business. We work closely with our clients to develop new financing models for much-needed housing, including using new sources and regulatory approaches. We relish the opportunity to partner with our clients on their most challenging transactions.

    Analysis and sustainability

    I am proud to be on the advisory board of the Furman Center for Real Estate & Urban Policy, which conducts cutting-edge research on urban development and affordable housing. In addition to affordable housing, sustainability and green building are very important to me. I was a founding board member of GreenHomeNYC, a nonprofit offering sustainability resources for small- and medium-sized buildings in New York City.

    Looking ahead

    The New York City and State governments continue to try to outdo each other in housing production, increasingly insisting upon a substantial mix of incomes and other programmatic priorities. At the same time, with the tax-exempt bond volume cap constrained, opportunities abound for less conventional structures and more creative players. For example, with the New York City Mandatory Inclusionary Housing program now orphaned by the lapsing of Affordable New York (a/k/a 421-a), we are going to have to find new ways to build housing. This presents opportunities for traditional affordable housing developers, market-rate developers, and players new to the affordable market to expand in both size and scope. At the same time, on a nationwide basis, portfolios from the first phase of LIHTC development will be reaching the end of their regulatory restrictions, and the developers of these portfolios will be looking to recapitalize and reposition. Developers, lenders, investors, and owners will have to adapt their approaches to accommodate this volume.

    Our work in this area will not just be substantive. Through our legal technology initiatives, we continue to improve our efficiency and productivity, reduce transactional pain points, and find new areas where we can help our clients. The last several years have seen tremendous growth in this area, with new tools becoming an essential part of our practice in a matter of months.

    Insights

    Publications

    • “Building Environmentally Sustainable Communities: A Framework for Inclusion” (What Works Collaborative 2010) (co-author with Vicki Been, Mary Cunningham, Ingrid Gould Ellen, Adam Gordon, Margorie Turner and Ken Zimmerman) 
    • “That’s Where We Print the Money: Trading Increased Density for Public Amenities,” 15 NYU Environmental Law Journal 493, 2007, reprinted in Zoning and Planning Handbook , Patricia E. Salkin, editor, 2008 
    • “Tracking Building Energy Usage,” The Cooperator, June 2008 
    • “Inclusionary Zoning for New York City: Predictions and Recommendations for Hudson Yards, Greenpoint-Williamsburg and Beyond,” 14 NYU Wagner Review 1, 2007 

    Select Presentations

    • “The Latest in Financing Housing for the Homeless,” NYSAFAH's 2022 Annual New York State Affordable Housing Conference, May 18, 2022 (Moderator)
    • “State Rent Regulation Changes: What Affordable Housing Developers Need to Know,” NYHC Housing Marketing & Rent Law Policy Symposium, New York, NY, September 10, 2019
    • “New Sources of Equity Workshop,” 20th Annual New York State Affordable Housing Conference, New York City, May 15, 2019
    • “Private Equity in Affordable Housing,” Institute for Responsible Housing Preservation with Joshua Plattner, Jonathan Rose Companies; Lisa Davis, PGIM; Louis Harrison, Belveron Real Estate Partners; Rick Gropper, Camber Property Group; and Kim Darga, New York City Housing Preservation and Development, January 2019 (Panel moderator)
    • “How Will Opportunity Zones Impact Land Use and Development?” ULI New York Real Estate Outlook 2019, January 2019 (Panelist)
    • “Strategies to Maximize Opportunity Zone Investments,” Capalino + Company with Morgan Harper, LISC; Michael Lohr, Goldman Sachs; Richard Roberts, Red Stone Equity Partners; and Adam Roman, Stellar Management, New York City, November 2018 (Panelist)
    • “Federal Housing Program Changes & their Impact on States,” NYSAFAH Upstate, September 2018 (with Richard Roberts, Red Stone Equity Partners; Linda Manley, New York State Homes and Community Renewal; and Olivia Barrow, Enterprise Community Partners (Panelist)
    • “State Funding Update,” NYSAFAH Upstate, September 2016 (with Marian Zucker, HFA; David Walsh, JPMorgan Chase; Sue McCann, TCB and Victor Sostar, First Sterling (Panelist)
    • “Affordable Housing’s Getting Creative,” Bisnow, September 2016 (with Spencer Orkus, L+M Development, Eli Weiss, Joy Construction and Shwetha Subramanian, Forest City Ratner (Panelist)
    • “Developing Inclusionary Housing without 421a: Alternative Tax-Exemption Tools,” Nixon Peabody LLP, July 2016 (with Vicki Been, HPD Commissioner and Chuck Brass, Forsyth Street Advisors (Panelist)
    • “Beyond Tax Credits: Alternative Financing for Affordable Housing,” Nixon Peabody LLP, March 2016
    • “Labor and Employment Issues in Affordable Housing,” Nixon Peabody LLP, November 2015)
    • “Low Income Housing Tax Credit Property Dispositions,” IPED, October 2015
    • “Developing for ELI (Extremely Low Income) Tenants,” New York State Supportive Housing Conference, May 2015
    • “Supportive Housing—Challenges and Opportunities,” IPED, March 2015
    • “Negotiating Equity Documents,” Nixon Peabody LLP, November 2014
    • “Better Buildings, Greener Pockets: HUD’s New Funding,” Institute for Responsible Housing Preservation, January 2014
    • “Real Financing, Real Quick (Financing for People with Short Attention Spans),” Building Energy New York City, October 2013 (Panel moderator)
    • “Negotiating Confidentiality Agreements, Northwood Acquisitions,” January 2011
    • “The Good Green Meme: Models of Citizen Engagement from the Streets of New York City,” GreenBuild 2009, Phoenix, Arizona (with Gita Nandan, thread collective and Miquela Craytor, Sustainable South Bronx (Panelist)

      Ideas

      • New York Affordable Housing Legislative Updates
        Affordable Housing Alert | 06.07.22
      • Regulatory and Transactional Trends Affecting Affordable Housing
        Affordable Housing | 05.13.22
      • Amendment to Private Housing Finance Law Codifies HDFC Sales Tax Exemption
        Affordable Housing Alert | 04.26.21
      • New York City Department of Housing Preservation and Development Issues New Article XI Real Property Tax Exemption Term Sheet
        Affordable Housing Alert | 04.12.21
      • IPED's Affordable Housing Industry Update
        Affordable Housing | 11.09.20

      Admitted to practice

      New York

      Education

      New York University School of Law, J.D., Order of the Coif; Environmental Law Journal
      Wesleyan University, B.A.

      Professional activities

      Aaron Yowell is a member of the New York State Bar Association and the New York City Bar Association. He is a member of the advisory board for the New York University Furman Center for Real Estate & Urban Policy and is a graduate of the New York Center for Environmental Law and Leadership Institute.

      In the News

      • New York YIMBY

        $30 million acquisition of the Johanna Apartments preserves affordable housing Harlem, Manhattan

        This article covers Camber Property Group&rsquos latest acquisition of an affordable housing apartment in the New York City neighborhood of Harlem. The deal will extend affordability protections for the maximum 40-year term through a new U.S. Department of Housing and Urban Development contract and an agreement with the City of New York. NP is mentioned for the work by New York City partner Aaron Yowell, strategic policy advisor Deborah VanAmerongen, and associate James Allen, and Boston counsel Alexander Rosso, all in the Affordable Housing & Real Estate group, for advising Camber Property.
        Aug 4, 2021
      • NJBiz

        Joint Venture Buys Jersey City Affordable Apartment Portfolio for $127M

        This article mentions the firm for representing Hudson Valley Property Group LLC in its partnership with Nuveen Investments for the purchase of a 412-unit affordable apartment portfolio in Jersey City. The deal team included New York partner Aaron Yowell and strategic policy advisor Deborah VanAmerongen, Boston partner Chris Froeb, and Washington, D.C. partner Susanna Mitchell, all of the Affordable Housing & Real Estate group.
        Oct 22, 2020
      • Affordable Housing Finance

        Hudson Valley Property Group and Nuveen Acquire New Jersey Portfolio

        This article mentions the firm for representing Hudson Valley Property Group LLC in its partnership with Nuveen Investments for the purchase of a 412-unit affordable apartment portfolio in Jersey City. The deal team included New York partner Aaron Yowell and strategic policy advisor Deborah VanAmerongen, Boston partner Chris Froeb, and Washington, D.C. partner Susanna Mitchell, all of the Affordable Housing & Real Estate group.
        Oct 21, 2020
      • Real Estate Weekly

        Nuveen JV buys 400-unit affordable apartment portfolio

        This article mentions the firm for representing Hudson Valley Property Group LLC in its partnership with Nuveen Investments in the purchase of a 412-unit affordable apartment portfolio in Jersey City. The deal team included New York partner Aaron Yowell and strategic policy advisor Deborah VanAmerongen, Boston partner Chris Froeb, and Washington, D.C. partner Susanna Mitchell, all of the Affordable Housing & Real Estate group.
        Oct 13, 2020
      • Long Island Business News

        Medford nonprofit, Jericho developer open housing for vets

        This story highlights Nixon Peabody’s work on a deal to open a 135-unit supportive and affordable housing development for homeless veterans and low-income families in Brooklyn. Partner Aaron Yowell, partner-elect Dana Roper, and strategic policy advisor Deborah VanAmerongen, all of the Affordable Housing & Real Estate Group in New York City, were part of the deal team. Aaron is quoted in the article.
        Nov 21, 2019
      • Law360

        NYC Real Estate Week in Review

        This roundup of high-profile activity in the real estate market features partner Aaron Yowell and associate Julia Casteleiro, both of the Affordable Housing and Real Estate practice group in New York City, who provided counsel to Camber Property Group LLC in its $76.25 million purchase of a building and air rights in the Bronx.
        July 16, 2019
      • Long Island Business News

        Getting off the ground

        New York Affordable Housing partner and Chief Innovation Officer Aaron Yowell is quoted in this article, discussing the groundbreaking of Concern for Independent Living’s $25 million, 77-unit affordable housing development in Port Jefferson Station.
        March 18, 2019
      • Commercial Observer

        Out of the comfort zone: Newbies take to opportunity zones

        New York City Affordable Housing & Real Estate partner Aaron Yowell is quoted extensively in this story on how potential investors in opportunity zones are navigating this complex new development vehicle.
        Jan 22, 2019
      • Law360

        NYC real estate week in review

        New York City Affordable Housing and Real Estate partner Aaron Yowell and associate Jessica Valentino are mentioned for their representation of Harlem Congregations for Community Improvement in its $29.1 million purchase of two Manhattan apartment buildings.
        Nov 5, 2018
      • TaxCredit Advisor

        Forming opportunity funds: Expecting startups by year-end

        Chief Innovation Officer Aaron Yowell, also a New York City Affordable Housing and Real Estate partner, is quoted in this article discussing the pace of progress on forming opportunity funds. Click here to read the full article: “Forming opportunity funds: Expecting startups by year-end”
        July 1, 2018
      • Law360

        Law360 names attorneys who moved up the firm ranks in Q1

        In this roundup of promotions to partner and firm management positions, 14 attorneys from Nixon Peabody are highlighted. The 11 attorneys promoted to partner are Ellie Altshuler, Mark Beaudoin, Erik Birkeneder, Hannah Bornstein, Chris Browning, Barry Carrigan, Keri McWilliams, Matt Mullen, Steven Richard, Charles Tamuleviz and Alison Torbitt. In addition, Kenneth C. Lind was promoted to leader of the firms’ public finance practice group, Justin Thompson was promoted to office managing partner in LA, and Aaron Yowell was promoted to chief innovation officer.

        May 7, 2018
      • Law360

        Blank Rome, Nixon Peabody steer $53M loan for Bronx apartments

        New York City affordable housing partner Aaron Yowell counseled Park Management Inc. in its $53 million acquisition of a seven-floor apartment building in the Bronx serving lower-income renters.
        Nov 28, 2017
      • Bisnow

        421-a's Gone, So Affordable Housing's Getting Creative

        New York City affordable housing partner Aaron Yowell is quoted in this article that looks at the increasing need for affordable housing in New York City and how it’s becoming harder to get this done—especially in light of the loss of the 421-a tax exemption program.
        Sep 12, 2016
      • HousingOnline Weekly

        Two Nixon Peabody Affordable Housing Attorneys Join Partnership

        This article from the National Housing and Rehabilitation Association highlights Affordable Housing partners Meghan Altidor and Aaron Yowell for their election to the partnership.
        Feb 3, 2016
      • Los Angeles Business Journal

        Tech Savvy

        Aaron Yowell, lead NP organizer for the recently held “Code the Deal” event in Los Angeles, is quoted in this coverage. Aaron’s comments note how these hackathons are about being thoughtful about the practice of law and figuring out ways to improve practices and increase value for clients.
        Nov 2, 2015
      • Affordable Housing Finance

        People on the Move: Attorney Joins Moelis Institute Board

        This column notes that New York City affordable housing associate Aaron Yowell has joined the advisory board of the Moelis Institute for Affordable Housing Policy, which aims to improve the effectiveness of affordable housing policies and programs.
        Nov 10, 2014

      Insights And Happenings

      View All
      • Alert

        New York legislation resolves rent stabilization and rental subsidy long-standing conflict

        Dec 16, 2022
      • Alert

        DOF ruling clarifies homeless shelters qualify for 420-a tax exemption

        Dec 6, 2022
      • Alert

        New York affordable housing legislative updates

        June 7, 2022
      View All

      Professionals in the Practice Area

      View All
      • Deborah VanAmerongen

        Strategic Policy Advisor / Deputy Practice Group Leader, Affordable Housing & Real Estate
        • New York
        • Office:212.940.3054
        • dvanamerongen@nixonpeabody.com
        Deborah VanAmerongen
      • Joseph J. Lynch

        Partner
        • New York
        • Office:212.940.3717
        • jjlynch@nixonpeabody.com
        Joseph J. Lynch
      • Susanna Mitchell

        Partner
        • Washington DC
        • Office:202.585.8150
        • smitchell@nixonpeabody.com
        Susanna Mitchell
      • Meghan C. Altidor

        Partner
        • New York
        • Office:212.940.3021
        • maltidor@nixonpeabody.com
        Meghan C. Altidor
      • Jeffrey W. Sacks

        Senior Counsel
        • Boston
        • Office:617.345.1056
        • jsacks@nixonpeabody.com
        Jeffrey W. Sacks
      View All

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