Debby Klosko

Principal

Overview

About Debby Klosko

I represent for-profit and nonprofit developers, owners and investors in connection with a range of multifamily affordable housing programs and transactions, including:

  • Section 8 renewals and modifications
  • Transfer of physical assets
  • Section 8 HAP contract bifurcations
  • Moving Section 8 HAP contracts
  • Rental Assistance Demonstration (RAD) program conversions for new subsidy contracts
  • HUD 202 and 236 loan programs

In addition to assisting clients with this work, I also represent buyers and sellers in structuring transactions and obtaining the required federal regulatory approvals to transfer subsidized and use-restricted properties in connection with the acquisition, development, financing and rehabilitation of affordable properties throughout the U.S.

Credentials

Bar Admissions

  • District of Columbia
  • Maryland

Education

  • JD, Georgetown University Law Center
  • BA, The College of William and Mary

Representative Matters

  • Represented a client in a portfolio acquisition of more than 40 properties located throughout the country in obtaining various HUD approvals including approvals for HAP assignments, HAP renewals with post-rehabilitation rent increases, Transfers of Physical Assets, Waiver of the Due on Sale Clause of Mark-to-Market Debt, and approval for a creation of a new management company.
  • Represented a client in obtaining HUD approvals for an 8bb Moving Section 8 transaction in Pittsburgh to a newly created apartment building after the transferring project’s HAP contract had been terminated as a result of a HUD enforcement action.
  • Represented a client in obtaining HUD approvals for a new construction project in Connecticut that involved the demolition and reconstruction of the project, including approvals for a HAP assignment, renewal of the HAP contract with a post-rehabilitation rent increase, pass-through leases, and a utility conversion in connection with a new 221(d)(4) and low income housing tax credit financing.
  • Represented a client in connection with converting the Capital Advance and PRAC of a project in Florida to Project Based Rental Assistance through a RAD for PRAC conversion.
  • Represented a client in obtaining HUD approval to bifurcate a HAP contract in Arkansas so that its rehabilitation could be financed with two separate 9% LIHTC allocations.
  • Represented a client in obtaining HUD approvals for various 8bb Moving Section 8 transactions in South Florida in connection with the decision of the owners of the transferring projects to opt out of the Section 8 program.
  • Represented numerous clients throughout the country in obtaining Enhanced Vouchers or Project Based Vouchers following the expiration of HUD use agreements.

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