Jaclyn N. Kelly

Jaclyn Kelly is an associate in Nixon Peabody’s Affordable Housing and Real Estate group. She focuses her practice on representing owners in the development, production, and preservation of affordable housing with an emphasis on the low-income housing tax credit program.

My focus

I assist developers, nonprofits, and housing authorities with acquisition, including sale-leaseback transactions, development, and redevelopment of projects involving low-income housing tax credits, tax-exempt bond financing, public housing funding, Section 8 assistance, and other funding sources. I assist clients in the acquisition and disposition of both age - and income- restricted properties. When it comes time, I also assist those clients in refinancing existing debt, including FHA HUD refinances; and I work with clients on year-15 exits, including dispositions of real property and limited partnership interest transfers.

Looking ahead

As the need for affordable housing continues to grow across the country and more government incentive programs are created to help promote the creation of these housing projects, I anticipate a greater need for clarification on the application of certain provisions of Section 42 of the IRS Tax Code, as well as an influx of aggregator-related issues. We have seen some of these “Year 15 Exit” disputes play out in our court system over the last few years. Language that has long been enumerated in the Tax Code will continue to be reevaluated in the new and modern landscape of affordable and seniors housing developments.