Michelle R. Yarbrough Korb
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Michelle R. Yarbrough Korb

Counsel

Pittsburgh, PA
 
 
 

How Michelle Helps Clients

Michelle R. Yarbrough Korb focuses her practice in the affordable housing industry. She represents developers, public housing agencies and their related entities on development, utilization of low-income housing tax credits (LIHTCs) and federal programs, including those offered by the Department of Housing and Urban Development (HUD).

Michelle regularly advises developers from concept to closing on multimillion-dollar development projects, including the formation and use of new entities, working with state and federal governmental agencies, addressing compliance issues and leveraging private and public financing and partnerships.

Michelle is a frequent speaker at national and state conferences related to affordable housing. She has published articles in The Legal Intelligencer, Units - the magazine of the National Apartment Association, and the Pennsylvania Association of Housing & Redevelopment Agencies Monitor.

What Clients Can Expect

Michelle understands the urgency of client issues and is highly responsive, providing necessary guidance. She is engaged in the work of her clients and their transactions while being practical and efficient. Michelle staffs assignments with the best person for the job and avoids duplication of efforts or unnecessary review. She is resourceful and finds ways to keep transaction costs down while her practical approach carries over to deal negotiation.

Michelle has been commended for her ability to distill highly complex concepts and issues to be readily understood. She tailors her approach to her audience from the most sophisticated developer to the nonprofit undertaking affordable housing development for the first time. Clients know that she is always looking out for their best interest, trying to help them meet their goals, inform them of new possibilities and help them be prepared to react to market changes.

Outside the Office

Michelle was raised in Hempfield Township, Westmoreland County, Pa. and currently resides south of Pittsburgh with her husband and daughter. She enjoys spending time with her family and staying active to stay sharp and keep stress at bay.

Michelle is a graduate of the Leadership Pittsburgh, Inc.’s Leadership Development Initiative (Class XVI) and Leadership On Board (Class XI with the Allegheny County Bar Foundation).

The affordable housing industry is constantly evolving and changing. Looking out for the client’s best interest goes beyond building on the success of a long history of closed development transactions. An affordable housing attorney must also focus on what’s ahead to achieve the client’s goals, meet unexpected challenges and solve (or avoid) problems.

Proof Points

  • Served as developer’s counsel with joint clients, a for-profit developer and a nonprofit developer organized by a housing authority, with a mixed-finance 9% low-income housing tax credit development transaction. The financing of the $16 million newly constructed 60-unit senior development that includes public housing units included a bank construction loan, a CDBG loan by a Community Based Development Organization conduit, a related party loan, and a state allocating agency loan that included National Housing Trust Fund funds.
  • Served as developer’s counsel for the purchase of real property for the conversion of a vacant city block, which includes converting a former elementary school and constructing a new 3-story addition, into a 55-unit affordable plus market rate senior housing community. The over $15 million development was financed using a bank construction loan, a county loan, a state allocating agency loan, and capital invested due to a reservation of 9% low income housing tax credits.
  • Served as developer’s counsel for the adaptive reuse of an original 1890s schoolhouse, plus a new addition, into 46 units of mixed-income senior housing and a new community center that will double as a community room for the residents. The development cost over $13 million and was financed using a loan from the local redevelopment authority, capital invested due to a reservation of 9% low-income housing tax credits and a bank construction loan.
  • Served as developer’s counsel for the acquisition, rehabilitation and new construction of more than 100 dwelling units in multiple buildings. The sources totaled just under $30 million and included 9% low-income housing tax credit equity, a 221(d)(4) loan (for which Michelle successfully demonstrated the need for modification of a form opinion), an equity bridge loan, a HOME loan and Affordable Housing Program financing from the Federal Home Loan Bank.
  • Served as local counsel to a national for-profit developer, manager and asset manager for an 80+ unit rental project with sources that totaled just under $36 million and included 9% low-income housing tax credit equity, a bank construction loan, a redevelopment agency construction/permanent loan, and other loans, including a loan made using the proceeds of Choice Neighborhoods Implementation Grant funds.
  • Served as counsel to an affiliate of a housing authority that served as developer in a mixed-finance 9% low-income housing tax credit development transaction. The sources totaled over $13 million and created nearly 60 public housing units.
  • Negotiated a consolidated Cooperation Agreement with the local jurisdiction regarding payments in lieu of taxes (PILOT).
  • Served as counsel to an instrumentality of a housing authority that served as developer in a mixed-finance 9% low-income housing tax credit development transaction that involved the challenge of developing only 17 rental units with financing just shy of $4 million.
  • Reviewed the first drafts of a state allocating agency’s documents using grants in lieu of the low-income housing tax credit program (funded by the U.S. Department of Treasury under Section 1602 of ARRA (Public Law 111-5)) in a bifurcated transaction to meet the needs of both HUD and the state housing finance/allocating agency.