Aaron Yowell represents private, public and nonprofit developers and real estate owners, with a particular focus on affordable housing developers. He advises these clients in all aspects of project development, rehabilitation, and operation, including acquisitions, dispositions, regulator matters, public and private financings, joint ventures and investments.
Constructing new affordable housing properties and repositioning existing ones is complicated and requires a marshaling diverse sets of government agencies and debt and equity partners. I guide developers and owners through these complexities, moving all parties toward a common goal. For example, I recently helped a joint venture between two private, for-profit developers acquire and finance a large New York City property developed on a long-term ground lease from a governmental agency. The project was financed with the taxable bond proceeds and conventional private equity. Getting this deal closed required reconciling the interests of the bond issuer, a private equity investor new to the investment class, as well as two joint venture partners.
Up to the minute deal awareness is essential to my work and I rely on strong project management to deliver results. Affordable housing transactions, which often involve upwards of five or six different sources of debt financing, tax credit equity, state and local tax exemptions, present a unique opportunity for efficiency. I am constantly focused on ways we can reduce friction for our clients, creating more and better opportunities to leverage existing assets and unlock new lines of business. A big piece of this is the Code the Deal transactional law hackathon, which I spearheaded on behalf of the firm, along with our other innovation initiatives.
I am a member of the Advisory Board of the Moelis Institute for Affordable Housing at NYU and a non-resident fellow at the Furman Center for Real Estate & Urban Policy, each of which conduct 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 offers resources for small- and medium-sized buildings in New York City.
Both New York City and State government are currently focused on accelerating affordable housing production. The New York City Mandatory Inclusionary Housing program is just one example of how the opportunities for both traditional affordable housing developers, market rate developers and players new to the affordable market are expanding in both size and scope.
Bisnow | September 12, 2016
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.
HousingOnline Weekly | February 03, 2016
This article from the National Housing and Rehabilitation Association highlights Affordable Housing partners Meghan Altidor and Aaron Yowell for their election to the partnership.
Los Angeles Business Journal | November 02, 2015
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.
Affordable Housing Finance | November 10, 2014
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.
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New York University School of Law, J.D., Order of the Coif; Environmental Law Journal
Wesleyan University, B.A.
Aaron Yowell is a member of the New York State Bar Association and the New York City Bar Association and serves as board president of GreenHomeNYC, Inc. He is a non-resident fellow 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.