Case study : Supportive Housing Lender – Complex Financing
Goldstein Hall served as counsel for a governmental supportive housing lender on a nearly $40 million, 9-story project which will create 107 units of affordable and supportive housing in the New York City. Forty-two units are reserved for homeless single adults and 23 units are reserved for chronically homeless families or families at serious risk of becoming chronically homeless. The remaining units are reserved for families and individuals earning less than 60% of area median income. Additional financing was provided with 4% Low-Income Housing Tax Credits and municipal bonds. The nonprofit sponsor will provide on-site services that promote housing retention and enable residents to attain peak levels of independence and contribute to the community, including case management, mental health care, entitlement assistance, education assistance, job placement and training, money management, substance abuse counseling, and recreation.
Goldstein Hall heavily negotiated the terms of the inter-creditor agreement and the Final Loan Agreement to ensure that the supportive units supported by client debt were maintained while addressing investor concerns over potential losses of Section 8.