Preliminary Agenda

When it comes to discussions on affordable housing, the first thing to establish is whether the discussion is about capital “A” or lowercase “a” affordable – meaning, government subsidized (“Capital A”) or more attainable housing geared towards workforce/middle income (but without the tax credits and red tape). During this session, we will delve deep into what investors and developers need to understand about “Capital A” affordable housing.

Traditional affordable housing addresses low-income needs, but there is a wide swath of people who don’t qualify for government subsidized housing yet also can’t afford market rate housing. This “lowercase a” affordable housing – call it attainable, workforce, middle income, missing middle, lower-price entry-level, or naturally occurring affordable housing – is particularly attractive to investors and developers because it serves a huge population of renters and would-be homebuyers. During this session, we will discuss how we are meeting the needs of the middle.

The ability to access Fannie & Freddie and HUD financing makes all the difference in whether an affordable project deal can be done. What are all the financing options available for financing traditional affordable housing – the big ones like Fannie and Freddie, but also other lesser-known programs that are available? How are debt funds leading development? What are some different ways people are trying to free up capital for affordable projects?

What are the challenges in developing new housing stock, particularly housing that’s affordable or lower cost? Will the Fed’s recent lowering of interest rates help spur on new development? What about rehabilitating existing properties? For traditional affordable housing, what are some of the changes in regulations with respect to property conditions and reporting to HUD? How are you navigating zoning issues and NIMBYism? Where is new construction for affordable housing happening, and how are developers looking at financing and returns for new construction deals?

The term “missing middle” specifically refers to types of housing products that haven’t been popular in nearly a century – those that fall somewhere between single-family homes and mid- to high-rise multifamily units that offer a range of affordability options and a greater variety of housing choices. Duplexes, triplexes, townhomes, bungalows, courtyard clusters, and live-work spaces are some of the more traditional housing products that comprise this “missing middle,” but other categories that are also growing in popularity with investors like ADUs, economy extended stay hotels, and manufactured housing can also uniquely address the crisis in attainable housing. What do investors need to understand about these different types of products?

To develop traditional affordable housing, the Low-Income Housing Tax Credit (LIHTC) program is essential. This federal program has created the most affordable housing to date and is the most important and effective way of increasing affordable housing stock. And while LIHTC is a federal program, state agencies are responsible for allocating these tax credits, which means the rules vary from state to state. During this session, we will dive deep into the nuances and challenges of navigating LIHTC.

Having the right technology is integral in any kind of property management, but when it comes to affordable/attainable housing it can be a make-or-break difference. How are you selecting the right tech stack for your portfolio? How are you developing your tech stack to create more efficiencies? How is automation being used to create more efficiencies, reduce errors, and free up staff for more human-centered tasks? What tech tools can be added to improve ROI and make properties more profitable?

Operating low- and middle-income housing comes with its own unique set of challenges. For LIHTC-funded housing in particular, there is the increased regulatory burden and compliance standards in order to maintain tax credits. But even in non-government subsidized middle-income/workforce housing, property managers are under constant pressure to drive costs down while simultaneously maintaining a positive customer experience – without allowing properties to fall into disrepair. This session will take a closer look at how property managers navigate various challenges associated with affordable and workforce housing and how they work to keep costs down without sacrificing quality.

What new technologies are developers using that make housing cheaper to build and allow it to be more affordable – modular, prefab, 3D printing? What about design strategies that bring down the cost of new construction? What can we learn from building designs popular in other parts of the world, like single stairway “point access block” buildings? How can we work with local municipalities and state governments on changing building codes to allow such buildings?

Affordable housing operators can provide a wide range of resident services to support the well-being and stability of their tenants, which may include financial literacy programs, job training, childcare, health and wellness services, after-school programs, and access to mental health support. These types of services not only help improve residents' quality of life and foster a stronger sense of community, but they also help to reduce turnover and prevent evictions, which is a valuable cost savings and good for investors’ overall portfolios. What sort of supportive resident services are you offering at your properties?

When it comes to affordable housing (or any kind of housing development), New York City is its own animal. During this small group session, we’ll discuss all the things unique to New York that investors, developers, and landlords are grappling with, including regulations on development, rent control, rent-stabilized assets, rent destabilization, tax abatements, and other requirements for affordable/attainable development.