John D.Kelley


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John Kelley has extensive experience in real estate financing transactions involving low income housing tax credits, new markets tax credits, historic tax credits, energy tax credits, state tax credits, and opportunity zone benefits. For more than 20 years, he has represented investors, syndicators, funds, and community development entities in investing in a diverse range of projects, including multifamily affordable housing, mixed-use real estate developments, hotels, commercial real estate projects, and renewable energy facilities. He has significant experience in a wide array of other financing available for community development projects, including tax-exempt bonds, state and local grants and loans, HUD-supported loans, opportunity zone benefits, and financing through government-sponsored enterprises (GSEs). John also handles transactions in general corporate, real estate, and partnership law.

John has closed investments in hundreds of affordable housing transactions as well as dozens of syndicated tax credit funds. His experience includes acting as the lead syndicator attorney on the largest (at the time) solar PV project in North America as well as the biggest (in terms of the number of units) single affordable housing project. John has closed projects across the country and in several U.S. territories, including Guam and Puerto Rico. He also closed one of the first projects located in an opportunity zone that utilized the benefits affordable by the opportunity zone tax legislation.

John speaks frequently on issues related to the low income housing tax credit program and community development. John currently serves as an associate editor of the ABA Journal of Affordable Housing and Community Development Law.


  • A large national bank forms joint venture to acquire Spring Creek Gardens Condominiums in Brooklyn, New YorkJones Day advised a large national bank in its joint venture with a local operating partner for the acquisition and related financing of the property known as Spring Creek Gardens Condominiums in Brooklyn, New York.
  • Mill Creek sells Modera Davis in Portland's Pearl DistrictJones Day advised Mill Creek Residential Trust LLC in its sale of Modera Davis, a 204-unit, luxury high-end residential community located in Portland's Pearl District to Larkspur, CA-based Virtú Investments.
  • Investment banking and securities firm makes equity investment in novel opportunity zone projectJones Day advised an investment banking and securities firm in connection with an equity investment in a multifamily housing development.
  • Global financial services firm finances construction of temporary housing for families of hospital patients, generating new markets tax creditsJones Day represented a global financial services firm in connection with its financing of the construction of additional temporary housing for families of hospital patients.