We are a recognized leader in guiding commercial real estate owners, developers and lenders through the Affordable New York Housing Program, as well its predecessor program, 421-a.
For clients contemplating financing and acquisition transactions, we counsel on the feasibility of such transactions, and provide formal eligibility opinions. We also guide clients through the application process, and subsequently help them stay in compliance, working closely with associate commissioners at the Department of Housing Preservation and Development (HPD).
Additionally, the members of our government relations group are a valuable resource to clients facing non-compliance investigations by the New York State Attorney General’s Office and the New York City Comptroller’s Office.
Our institutional knowledge is held in such esteem, that we are regularly called on to educate financial institutions, brokerage firms, title insurance companies and major industry groups on the nuances of both programs.
Video of Herrick's April 27 Affordable New York presentation with REBNY's Michael Slattery.