Paul Casey, co-chair of Ballard Spahr's housing practice, was named a 2011 "Dealmaker of the Year" by The American Lawyer today for his role in helping to structure a landmark public-private partnership that raised hundreds of millions of dollars to improve and maintain low-income housing developments in New York City that had gone nearly a decade without direct subsidies.
Mr. Casey and his team worked alongside the General Counsel’s Office for the New York City Housing Authority (NYCHA), which had been trying for years to find a way to subsidize the twenty-one developments, home to more than 45,000 people. The joint legal team determined that NYCHA could merit federal funding under provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) if they structured a deal using public and private funds under HUD mixed-finance rules. The resulting transaction, one of the largest tax-credit bond deals in U.S. history, was completed in just six months to meet a federal deadline.
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