Certilman Balin Adler & Hyman, LLP’s Co-Op, Condo, and HOA Department is proud to serve as trusted counsel for developers and housing corporations, in the creation of affordable residential ownership communities. With decades of experience drafting and filing Offering Plans with the New York State Attorney General’s Office, our attorneys have long been at the forefront of affordable housing initiatives, helping sponsors, developers, and various housing agencies transform vision into reality. With the recent creation of New York State’s Affordable Homeownership Opportunity Program under New York States Housing Plan, we can anticipate the burgeoning in development of varied affordable housing initiatives throughout the state.
Our practice emphasizes the development of Affordable Units that affirmatively further fair housing while ensuring long-term compliance with regulatory mandates. Equally important, our attorneys manage the complex legal mechanics that underpin affordable housing developments providing the legal foundation on which vibrant communities are built. By structuring affordability requirements consistent with federal, state, county and/or local municipal programs, we assist developers in the delivery of homeownership opportunities that remain accessible to qualifying individuals and working families for generations. The result yields projects that are legally sound, financially viable, and socially impactful.
Behind every project is a web of complexity. Our team has worked extensively with the New York State Housing Finance Agency (HFA), the New York State Affordable Housing Corporation (AHC), county agencies, cities, local governments and non-profits to structure Affordable Homeownership Opportunity Program (AHOP) regulatory agreements, AHC grant agreements, inter-municipal agreements, and restrictive covenants that preserve affordability for decades. We are adept at negotiating and drafting the instruments that govern affordability terms, recapture obligations, resale restrictions, and compliance with the many applicable laws and regulations. This affordable housing realm presents new and exciting opportunities for developers to move forward with construction projects which may be eligible for potential funding from various governmental sources, while expanding the supply of much-needed affordable housing in New York.
As we look to the future, Certilman Balin Adler & Hyman, LLP remains dedicated to advancing affordable housing across New York. We are honored to partner with those who share this commitment, and proud to continue building pathways to ownership that strengthen neighborhoods and transform lives.
Authors are the team in our Condominium, Cooperative & HOA Practice Group and can be reached at:
Richard Herzbach: rherzbach@certilmanbalin.com, Donna-Marie Korth: dkorth@certilmanbalin.com, Darren Stakey: dstakey@certilmanbalin.com and department’s intern Joseph Gherardi.
