Karen W. Kramer

Principal

Overview

About Karen W. Kramer

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

  • Section 8 HAP contract renewals and assignments
  • Full and modified transfers of physical assets (TPAs) for Projects with FHA-insured loans
  • Assumption of HUD Mark-to-Market debt and assignment of Mark-to-Market debt to a Qualified Nonprofit
  • Moving Section 8 HAP contracts
  • Tenant Protection Vouchers and Project-Based Vouchers (PBV)
  • Rental Assistance Demonstration (RAD) program conversions for new subsidy contracts
  • HUD 202 loan prepayments and use restrictions

In addition to assisting clients with this work, I also advise clients on structuring transactions involving multiple subsidy and funding sources, represent buyers and sellers in obtaining the required federal regulatory approvals to transfer subsidized and use-restricted properties, and counsel clients on compliance with HUD regulations and program obligations. Prior to joining the firm, I was an associate at Covington & Burling and focused on real estate matters.

Credentials

Bar Admissions

  • District of Columbia

Education

  • JD, The George Washington University Law School, with Highest Honors, Order of the Coif, The George Washington Law Review
  • AB, Princeton University, School of Public and International Affairs

Representative Matters

  • Represented a client in obtaining HUD approvals for an 8bb Moving Section 8 transaction in Utah, moving Section 8 budget authority from one project to combine the transferred subsidy with existing Section 8 HAP Contracts at two receiving projects and combining the two projects into one fully subsidized project with a low-income housing tax credit preservation.
  • Represented a client in obtaining HUD approvals to assign Mark-to-Market debt to a Qualified Nonprofit to complete a low-income housing tax credit transaction and renovate a historic hotel previously converted to multifamily Section 8.
  • Represented a client in obtaining HUD approvals to acquire two properties, assume and combine the Mark-to-Market debt on the two properties, and re-subordinate the Mark-to-Market debt to new FHA insured first position financing as part of a low-income housing tax credit transaction.
  • Represented a client in obtaining HUD approval to recognize a Mark-to-Market project as a high risk and high priority project to pave the way to move the Mark-to-Market Use Agreement to another property to facilitate recapitalization of the project.
  • Represented a client in obtaining HUD approvals to acquire a Low Income Housing Preservation and Resident Homeownership Act (LIHPRHA) project in California, amend the LIHPRHA Use Agreement to remove limitations on distributions, and obtain a Section 8 budget-based rent increase in connection with a low-income housing tax credit transaction.
  • Represented numerous clients on preservation transactions throughout the country in obtaining HUD approvals to increase Section 8 rents to post-rehabilitation rents under Chapter 15 of the Section 8 Renewal Guide.
  • Represented client on obtaining HUD modified TPA approval to acquire the general partner interest in four FHA projects in Pennsylvania, North Carolina, and Alabama and bring in an affiliated management agent.
  • Represented clients in obtaining Project-Based Vouchers following the expiration of HUD use agreements.

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