Karl Phares Details Cooperative Ownership as an Alternative to Affordable Housing in Law360 Article
Stinson Partner Karl Phares authored an article for Law360 that explores the possibility of cooperative ownership as a solution to the nation's housing crisis, which is escalating in the United States.
Many factors magnify the lack of affordable housing across the country. In the article, Phares provides insight on cooperative ownership real estate and how it can be used as an effective tool during the housing crisis.
“Cooperative ownership of real estate is currently experiencing a renaissance in the affordable housing sector,” writes Phares. “Despite a lack of uniformity in laws and permissible entity types from state to state, new cooperatives are joining many longstanding cooperatives across the country, primarily due to heightened affordable housing concerns and available financing for affordable housing purposes.”
The article goes on to detail the historical context of cooperative ownership, the organizational structure, real estate impact, documentation considerations, barriers to growth and the positive impact it can have on the housing market.
Phares represents institutional real estate investors, including real estate investment trusts, private equity investors and developers, in complex regional and national commercial real estate acquisition, disposition, leasing and financing transactions. He also helps match local, state and federal economic development incentives with the financing of commercial real estate development projects, and represents institutional lenders in commercial real estate loan transactions, including construction financing.
Read the full article.
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