Klein Hornig has extensive experience with the creation and ongoing operation of affordable and mixed-income housing cooperatives, condominiums, cohousing developments, and other common interest communities. We counsel our clients, which include tenant organizations and other groups seeking resident ownership, on the best organizational model to meet their objectives. Once decisions are made, we draft articles of incorporation, bylaws, offering documents, master deeds and declarations, and oversee the formation process.
For co-ops or condos designed to achieve long term affordability, we often advise clients on the most appropriate limited equity model for their needs. In the District of Columbia, we assist both developer clients and tenant groups navigate their way through the complexities of the District’s condominium and co-op conversion statute.
Klein Hornig attorneys were early innovators setting up structures allowing cooperatives to be financed with Low-Income Housing Tax Credits and Historic Tax Credits, and we have now helped some of our early clients successfully unwind those structures to achieve direct co-op or other form of resident ownership. We have also worked with HUD 236 and 221(d)(3) co-ops approaching the end of their 40-year mortgage and use restrictions on options for reorganizing.