Karen Sherman
Karen Sherman of ShermanLaw and Fred Shack of Urban Pathways.
As partnerships grow more complex, the number of funding streams multiply and the race for buildable sites becomes more competitive, an undeniable truth has emerged in the supportive housing world: to get your project built, you’re going to need a very good lawyer. For more than 25 years, Karen Sherman of ShermanLaw has been that lawyer. With an expert understanding of the ever more byzantine development process, Ms. Sherman has helped more than 25 Network members bring their residences to life.
A native of Philadelphia, Karen Sherman began her career representing farm laborers across the United States. Her early work, she says, sparked a natural evolution that led her to supportive housing.
“When I started out, I was representing people who worked very hard and were not able to gain access to the resources in their community,” Ms. Sherman says. “Supportive housing allows people to become part of their community again.”
Ms. Sherman shifted gears to represent affordable and supportive housing providers following her move to New York in 1985. Operating out of a Times Square office, she guides providers through every stage of the process, working with the myriad players -- banks, investors, contractors, architects, government funders -- until a residence is finally up and running. Beyond negotiating contracts and establishing the necessary legal entities, she helps providers strategically assess the risks and rewards of a supportive housing project.
The provider community, in turn, has benefitted enormously from Ms. Sherman’s expertise and dedication to the cause.
“When we bought The Castle, it was an abandoned shell of a building,” says Fortune Society Executive Director JoAnne Page. “We didn’t know anything about developing housing. Karen walked us through everything. There are three things I most admire about Karen: Her commitment to the mission of housing homeless people, her really deep knowledge and her willingness to teach.”
“Karen’s knowledge and expertise has enabled us to increase our supportive housing portfolio by 237 units with an additional 132 in predevelopment,” says Urban Pathways Executive Director Fred Shack. “She has been a pleasure to work with, a key member of our development team and she’s been integral to the growth of our agency.”
For her invaluable guidance to the supportive housing provider community, the Network is honored to bestow its 2012 Private Sector Partner of the Year award to Karen Sherman.