Ballard Spahr is delighted to announce Paul Casey, co-chair of the firm’s housing practice, has been named a 2011 “Dealmaker of the Year” by the American Lawyer.
Casey and his team worked closely with the General Counsel’s Office of the New York City Housing Authority (NYCHA) and its financial advisors, CSG Advisors, to structure and close a landmark public-private partnership that provided hundreds of millions of dollars to improve and maintain low-income housing developments that had gone nearly a decade without direct subsidies.
The complex arrangement tapped provisions in the American Recovery and Reinvestment Act (ARRA) to raise more than $400 million in initial public and private funding for the modernization of the complexes and an additional $65 million to $75 million for ongoing operations. For years, NYCHA had been seeking a way to subsidize the developments, which are home to 45,000 people.
The transaction, a unique collaboration among federal, state, and local government agencies and Citibank, was completed in just six months to meet a federal deadline. It is one of the largest tax-credit bond deals in U.S. history and the biggest public-private partnership of its kind.