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Michelle R. Yarbrough Korb
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Michelle R. Yarbrough Korb

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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) and government sponsored enterprises. 

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 JDSupra and Mondaq.

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

  • Represented a Pennsylvania city economic development agency as subordinate lender’s counsel in CHOICE Neighborhoods 9% LIHTC transaction. Client made a grant and three loans using HOME, CDBG and City sources.
  • Represented a Pennsylvania CHDO on a 9% LIHTC transaction for 43 units of general occupancy using nearly $17M in financing. Involved site acquisition, consolidation, and a condo structure related to the commercial space. Included a PHARE loan from PHFA, a bank construction/bridge loan and loans of CDBG and HOME funds.
  • Represented a regional developer with a new construction transaction to create 52 units (8 market rate and 44 LIHTC) for those over 62 years of age. Involved nearly $15M in financing, including PHFA’s first mortgage permanent loan as well as a construction/bridge loan, a PHARE loan from PHFA, a loan of HOME funds and capital invested due to a reservation of 9% LIHTCs from the PHFA.
  • Represented a Pennsylvania institution of higher education on the disposition of existing apartment buildings to a developer who will renovate them and use most as affordable housing with the balance leased back to those with a connection to the client.
  • Served as counsel to a multi-family residential property developer on the first 9% LIHTC transaction to close in PHFA’s 2019 round; it closed in April 2020 and was the only transaction to close prior to PHFA’s original deadline for doing so (prior to extension due to COVID-19). Involves 39 units of new construction for tenants who are disabled and over 62 using nearly $13M in financing, including capital contributions related to a 9% allocation of LIHTC, a bank construction/bridge loan and a loan from PHFA through its PennHOMES program.
  • Assisted a Florida for-profit affordable housing developer reach financial closing on a 144 unit affordable housing apartment complex with club house and other amenities. Financing totaled approximately $30M and included capital contributions related to a receipt of $2.11M in 9% LIHTCs from Florida Housing, a first mortgage bank construction loan, a second mortgage Florida Housing Viability loan, a third mortgage county housing finance agency loan and a fourth mortgage county SHIP loan. A forward commitment for fixed rate mortgage loan under the Freddie Mac forward commitment product line was also negotiated with a national banking association.
  • Assisted an individual developer with the historic rehabilitation of a building containing 37 apartment units for rent to families with a preference for artists. Financing consists of capital contributions related to a 9% allocation of LIHTC as well as Historic Tax Credits, a construction bank loan, a PHFA RTT loan, and a county HOME loan.
  • Assisted a regional developer on the redevelopment of an existing building into senior housing, including 54 one-bedroom apartments and first floor commercial space. Financing consists of capital contributions related to a 4% allocation of LIHTC, a loan of bond proceeds, a bank construction loan, and moving to work fund loans from an affiliate of a public housing authority. A forward commitment for a permanent loan was also negotiated. Development will also receive the benefit of project based vouchers.
  • Represented a nonprofit serving a 3-county region in Northern West Virginia with respect to the LIHTC, Federal Historic Rehabilitation Credits and West Virginia Historic Rehabilitation Credit syndication and use of AHP funds from the Federal Home Loan Bank on a transaction that involved a historic, adaptive re-use on a building. Included 10 residential units and contained commercial space.
  • Served as counsel to an affiliate of a Pennsylvania county housing authority with repositioning a 24 unit multifamily affordable housing rental facility, following the expiration of the low-income housing tax credit compliance period.