PRESERVE & PROTECT

First Sterling's Ryan Moorehead, Stempel Bennett Claman & Hochberg's Sharon Ryan, NYC Department of Housing Preservation & Development's Wendell Walters, lawyer Eunice Jackson, North East Brooklyn Housing Development CEO Jeffrey Dunston, and Enterprise Community Investment's Shola Olatoye spoke at a recent Preservation of Affordable Housing event sponsored by African American Real Estate Professionals and the New York County Lawyer's Association. They say the economy and budget restraints have foisted the affordable focus to preservation from new builds. Money is cheap, they say, but due diligence for recaps is stringent, so talks with attorneys and capital providers need to happen early—before portfolios get overleveraged or maintenance is delayed.