Michelle Yarbrough Korb

Previous Professional Experience 

• Shareholder, a national law firm with Pittsburgh headquarters (2020–2024)
• Counsel, a national law firm with Pittsburgh headquarters (2016–2020)
• Special Counsel, a national law firm with Philadelphia headquarters (2013-2016)
• Director, a regional full-service law firm operating in Pennsylvania and Florida (2010-2013)
• Associate, a regional full-service law firm operating in Pennsylvania and Florida (2002-2010)

Representative Matters

• Assisted developer and operator of senior housing with a 4% LIHTC re-development of two elderly buildings as a single project that includes RAD for PRAC; the financing included loans from the state allocating agency, a capital magnet fund recipient, the sellers and a housing development corporation
• Assisted county housing authority with a tax-exempt lease refinancing of energy performance contracts to decrease interest rate, including obtaining the approval of HUD pursuant to Section 30.
• Assisted developer and operator of senior housing with a 47 unit 9% LIHTC senior development that included loans from the state allocating agency, a sponsor, a capital magnet fund recipient and a housing development using land purchased from a land bank; 29 units benefit from a RAD transfer of assistance.
• 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.
• Represented national nonprofit real estate developer with a 69-unit development for senior was developed using 9% LIHTCs, a loan from the state allocating agency, a loan from a CBDO using CDBG funds, a loan from the County using HOME funds, a loan from a housing authority and a loan from an affiliate of the state allocating agency using recovery act funds; it included both public housing units and project-based voucher units. 
• Represented national nonprofit real estate developer and its public housing authority partner with a development financed with 9% LIHTC and historic tax credits to create 43 LIHTC and 8 market-rate units with loans from the state allocating agency, an affiliate of the state allocating agency, a housing authority affiliate and a redevelopment authority; it closed in July and included 20 PBV units. 
• Represented a CHDO on the conversion of an existing church into residential rental units using historic tax credits, among other sources. 
• Represented east coast developer with the refinancing of a first mortgage loan with a new first mortgage loan under the Fannie Mae DUS® Loan Program. 
• Represented multi-family residential property developer on a 9% LIHTC transaction that involved the construction of a 42-unit development for those 62+ using loans from the state allocating agency and the county  as well as 9% LIHTCs. 
• Served as counsel to a B Corp national developer on a 4% LIHTC resyndication transaction that involved three series of tax-exempt bonds, repaying a state allocating agency loan, recasting and assuming 4 loans and 2 new loans; this also involved a forward TEL commitment.
• Represented a CHDO with a LIHTC investor exit.
• Assisted this east coast real estate investment group with a focus on multifamily properties and healthcare facilities with a new construction 9% LIHTC development of 12 residential buildings plus 1 community building that includes PBV units. The financing included loans from the state allocating agency, a housing authority affiliate and a redevelopment authority.
• Representing a city economic development agency as lender’s counsel in numerous 9% LIHTC transactions and 4% LIHTC transactions. Also developed the form loan documents for two unique programs, one that provides financing for naturally occurring affordable housing and one that provides financing for the conversion of existing buildings to residential use that includes affordable housing. 
• Served as general counsel to city housing authority.
• 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.
• Represented a nonprofit serving a three-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. It included 10 residential units and contained commercial space.