Acquiring and Developing Multifamily Apartments
The Client
A 100+-year-old faith-based not-for-profit corporation and 501(c)(3) organization that provides a comprehensive range of human services designed to help families coping with issues of abuse, neglect, homelessness, mental illness, and other challenges.
The Problem
There is a lack of decent, safe, and affordable housing in the City of Albany. Our client received funding under the Homeless Housing and Assistance Program from the New York State Homeless Housing and Assistance Corporation (“HHAC”) to construct an apartment building containing 20 affordable housing units in Albany, New York. The units are to be rented to individuals and families who are homeless or at risk of becoming homeless. Once completed, the project will provide tenants with a safe and affordable place to live, as well as supportive services provided by the organization’s staff.
Action Taken
We assisted the client in the acquisition of the land from the County of Albany, the navigation of the closing process with HHAC including, but without limitation, reviewing all financing documents, preparing all necessary consents on behalf of the organization, and providing all required opinion letters.
The Result
The client acquired the land from the County of Albany and proceeded with the project.
Attorneys Who Served the Client: