- $118 million, 174-unit residential building and community facility for developed by a joint venture with for profit and not for profit corporation to provide homes for 173 formerly homeless adults with serious mental illness, seniors, and veterans and members of the community. Financed low income housing tax credits (LIHTC) and institutional, state and city loans.
- HUD Rental Assistance Demonstration program (RAD) City and state loans financed renovation of a not for profits affordable supportive housing project for formerly homeless person
- New York State Office of Mental Health (OMH) and the Dormitory of the State of New York (DASNY) loans financed several for profit licensed community residences
- New Market Tax Credit (NMTC) and institutional loans financed projects to develop a 36,000 new health center, a food kitchen/drop in center for the homeless and renovated a shopping plaza, all located in a highly distressed neighborhoods.
Karen Sherman
Karen Sherman is a Member of Reno & Cavanaugh who represents private and community based organizations in all aspects of affordable housing and community facility development for underserved communities, including advice about operations and management. She has specialized knowledge of government housing programs, mixed financing using low-income housing tax credits, new market tax credits and tax exempt bonds, as well as tax law, real estate law, not-for-profit and business law. Her legal counseling and representation draw on extensive experience as a transactional and tax attorney, litigator, legislative lobbyist and legal educator. In addition to her expertise in practice, Ms. Sherman often speaks on topics related to her specialized knowledge, both in the U.S. and abroad. She has also served in numerous other roles, including, among others, as Chair of the American Bar Association Forum (ABA) on Affordable Housing and Community Development Law, as Chair of the NYC Bar Association, Housing and Urban Development Committee, and on the board of directors of Women in Housing and Finance.
Selected Recent Transactions
Selected Speaking Engagements
- Moderator, “Remixing Financing Sources: How to restructure, retime and use alternative financing sources in today’s market,” New York State Association for Affordable Housing (NYSAFAH) annual conference, 2010.
- Moderator/Panelist, “Affordable Housing Development Mixed-Financing, Tax Credits, Bonds, Joint Ventures,” Lorman Institute, 2008 and 2010.
- Panelist, “Tax Credits Year 15, How to Position for Exit of Investor,” sponsored by Enterprise and Supportive Housing Network, 2008-2009.
- Panelist, “Refinancing HUD 202 Housing for Senior Citizens”, sponsored NYSAFAH, 2004.
- Lecturer, "Tax Issues for Eastern European NGOs", Eastern European NGO Conference, sponsored by Ford Foundation and others, Warsaw, Poland, 2000.
- Panelist, “Navigating the Closing Process for Housing Trust Fund Awards/Low Income Housing Tax Credits”, sponsored by NYS Division of Housing and Community Renewal, 1998.
- Panelist, “Economic Development Loan Funds”, American University, Washington Law School, 1998.
- Panelist, “Financing and Managing a Successful Business”, sponsored by Fleet Bank, 1998.
- Panelist, United Nations Habitat II Economic Development Conference, Istanbul, Turkey, 1996.
Selected Publications
- NY Not-for-Profits: Charitable Compliance and Tax Exemption Requirements, 1997 (editor). Challenging Real Property Tax Assessments in New York City, 1996 (editor).
- Creating Low Income Housing: HDFC Purchase of City-Owned Buildings, CDLAC, co-author,1991.
- Mutual Housing Associations, CDLAC, 1993 (co-author).
Selected Awards, Honors, and Professional Associations
- Supportive Housing Network of New York, Private Sector Partner of the Year, 2012.
- Past Chair (2004-05) and Governing Committee Member, American Bar Association (ABA) Forum on Affordable Housing and Community Development Law, 1998-2006.
- Co-Chair, Opportunities for Community Economic Development Using New and Traditional Tools, sponsored ABA Forum Affordable Housing and Community Development, and Sections on Business Law and State and Local Government, 2004.
- Member of the Board of the Directors, Women in Housing and Finance, 1998-2002.
- Co-Chair, Affordable Housing and Community Development Conference, sponsored by ABA, Bar Association of the City of New York and State of New York Bar Association, 1998 and 2000.
- Member, Real Estate Committee, Association of the Bar of the City of New York, 1999-2001.
- Member, NY State Bar Association, Real Property Commercial Leasing Subcommittee, 1998 to present.
- Chair, Association of Bar City of NY, Housing & Urban Development Committee, 1995-1998.
Education
- Georgetown University Law School, J.D
- New York University School of Law, LL.M., Tax
- Temple University, B.A.
Bar Admission
New York
District of Columbia
Colorado
Florida
Pennsylvania