Kramer Levin Blazes Trail for Affordable Housing Finance

Kramer Levin represented HomeOwnership Lending LLC, through its parent company Urban Homesteading Assistance Board (UHAB), on a pro bono basis in connection with an innovative $3,740,000 revolving credit facility that closed on Sept. 20, 2018 in partnership with National Cooperative Bank, Local Initiatives Support Corporation (LISC) and generous support from the Robert and Jane Toll Foundation. HomeOwnership Lending has a not-for-profit purpose that offers loans to low-income households purchasing in limited-equity cooperatives. This is in furtherance of UHAB’s mission to empower low income residents to take control of their housing and enhance communities by creating strong tenant associations and affordable co-op apartments in New York City. The credit facility will significantly increase HomeOwnership Lending’s capacity, enabling many more low-income individuals to become homeowners. The Kramer Levin team included Real Estate associate Randall E. Allen and Corporate associate Sara Hung. Banking and Securitization partner Laurence Pettit supervised the matter with the assistance of Corporate partner Christopher S. Auguste.