Mixed-use developments are often the most ambitious and challenging deals our clients pursue, and they draw upon the full range of Klein Hornig’s depth of experience and knowledge related to affordable housing and community development. These efforts defy traditional funding categories by combining housing with commercial uses and often add further layers when they mix multiple types of housing (rental and for-sale, affordable and market rate) with a variety of commercial uses (from retail to health centers to educational institutions).
We “slice and dice” the real estate to separate ownership and control. We work through complex intercreditor issues arising from different funders and funding sources participating in different components of what is, from a design and construction perspective, a single project.
- Multiple types of tax credits – such as low income housing tax credits, rehabilitation (historic) tax credits, and new markets tax credits;
- Multiple federal and local programs – such as Community Development Block Grants (CDBG), Section 108 loans, and Tax Increment Financing (TIFs); and
- Complex real estate and corporate ownership structures – such as condominiums, ground leases, air rights, and easement agreements relating to common areas, parking, and public and private infrastructure.
Our attorneys structure multi-phased transactions and joint venture arrangements as needed and help to ensure that projects are not just financially feasible, but return wide-ranging social and economic dividends to our clients and the surrounding community.
These deals are hard to do. Klein Hornig does them well and we are proud of the results.
– Daniel Rosen
