Where is the Money?: Investing and Financing Affordable Housing in a Volatile Market

Discussing creative ways to access debt and equity, investment strategies & incentive programs to encourage development

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  Jeffrey Jaeger

  Jeffrey E. Jaeger is Co-Founder and Principal of Standard Communities. Mr. Jaeger is responsible for all facets of investments, asset management, construction, financial structuring, and the strategic direction of Standard Communities. Since co-founding Standard Communities in 2008, Mr. Jaeger has led Standard to become a California Benefit Corporation and one of the 50 largest affordable housing owners in the country, with more than $3.6 billion in AUM and over 14,500 units. Active in the Los Angeles philanthropic community, Mr. Jaeger is a current Board Member and Co-Founder of Housing on Merit, a California-based non-profit focused on creating a bridge to permanent affordable housing for vulnerable populations. Mr. Jaeger is also a current Board Member of Inner-City Arts, one of the nation’s most effective arts-education providers located in the heart of Skid Row, Los Angeles. He earned a Bachelor of Arts degree from the University of California, Berkeley.

  Standard Communities

  Co-Founder & Principal

  Jeffrey Jaeger

  Co-Founder & Principal

  Standard Communities

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  Keith Harris

  As President of Avanath Investment & Development (AVID), a subsidiary of Avanath Capital Management, Keith Harris is responsible for the firm’s development activities across the U.S., including its venture with Vessel Technologies, Inc. Vessel is a mission-driven housing product company that provides key components of a building already completed through an industrial manufacturing process, which delivers full development of an apartment community swiftly and efficiently at scale. AVID focuses on the expansion of Avanath’s affordable housing portfolio, utilizing relationships with Housing Agencies and Cities throughout the country. Prior to the formation of AVID, Mr. Harris was Executive Vice President of Avanath’s Investment Group, responsible for the firm’s national acquisitions, financing, asset management, and capital renovation activities. He has more than 40 years of experience in real estate including work in acquisitions, dispositions, asset management, lending, and investment structuring. Before joining Avanath, Mr. Harris was Senior Vice President of the Bozzuto Group, an experience-focused real estate company founded in 1988 that acquired, developed, and built more than 50,000 homes and apartments. His responsibilities included institutional capital raising and client relations. Prior to Bozzuto, he spent 14 years at The Laramar Group, most recently serving as Chief Investment Officer. In this role, he led the firm’s acquisitions and dispositions as well as client capital management. Over the course of his tenure with The Laramar Group, he oversaw investment transactions for more than 30,000 apartment units valued at approximately $3 billion. Mr. Harris also spent 12 years with Heitman Capital Management and JMB Realty Corporation.

  Avanath Capital

  President of AVID

  Keith Harris

  President of AVID

  Avanath Capital

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  Juan Aguilar

  Juan Aguilar is the Chief Investment Officer of Alliant Strategic Development. In his role, he oversees the investment process related to urban multifamily residential developments. Juan’s previous background includes being an Acquisition Officer at Bentall Kennedy where he identified a broad array of acquisitions and developments while investing capital on behalf of Bentall Kennedy and its separate accounts including CalPERS. Juan holds two B.A. degrees from Stanford University and a M.B.A. degree with emphasis on Finance and Real Estate from the Haas School of Business at U.C. Berkeley. Additionally, Juan earned a LEED Accredited Professional designation in Building Design and Construction from the U.S. Green Building Council.

  Alliant Strategic Development

  Chief Investment Officer

  Juan Aguilar

  Chief Investment Officer

  Alliant Strategic Development

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  Hector Zuniga

  Hector Zuniga is a 20+ year real estate professional whose work experience includes capital origination, asset & fund management, project & construction management, land development, acquisitions/dispositions, and other areas real estate finance in all commercial real estate asset classes. He has been directly involved in more than $2.5 Billion in real estate asset capital transactions in both the U.S. and Mexico. Since 2011 Hector has been involved in the Affordable Housing industry originally managing a $350 Million Portfolio of Federal Housing Tax Credit Equity investments comprising nearly 10,000 affordable housing units while at Wentwood Capital Advisors. Hector joined KeyBank in early 2018 as a Community Development Lending Balance Sheet Loan Originator and currently serves as a Senior Banker on Key’s Commercial Mortgage Banking Group, specifically arranging permanent debt capital for Targeted Affordable Housing projects. Hector has originated more than $750MM in debt capital for affordable housing communities across the country consisting of both LIHTC and non-LIHTC transactions.

  KeyBank Real Estate Capital

  VP, Community Development Lending

  Hector Zuniga

  VP, Community Development Lending

  KeyBank Real Estate Capital

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  Mark Dean

  Mark Dean is Head of Affordable Production at NewPoint Real Estate Capital. He is responsible for expanding the reach of NewPoint’s rapidly growing Affordable Housing Platform and leading the team offering affordable housing developers and providers access to NewPoint’s unrivaled suite of Agency, HUD/FHA and Proprietary lending solutions for the creation and preservation of affordable housing nationwide. Dean has nearly 40 years of experience providing investment and mortgage banking services to real estate firms. He spent much of his career at affordable specialist Citi Community Capital (formerly Newman & Associates), where he retired in 2020 after 22 years of serving as Managing Director and Head of Production. During his tenure, Citi Community Capital grew to become the largest affordable housing lender in the nation, closing $7 billion in lending volume in 2020. Prior to Citi, Dean served in various positions at U.S. Bank, including running the Western Region Public Finance group. Dean holds a Bachelor of Arts in Finance from Washington State University.

  NewPoint Real Estate Capital

  Head of Affordable Production

  Mark Dean

  Head of Affordable Production

  NewPoint Real Estate Capital

• Moderator

  Tom Noble

  COO & SVP

  Archway Capital

Getting Affordable Projects off the Ground

Executive outlook on the state of the market

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  Kenneth Lombard

  Kenneth T. Lombard, President & CEO, is responsible for the overall direction of BRIDGE Housing, a leading nonprofit developer, owner and manager of affordable housing. He joined BRIDGE in November 2021. Over a career that spans three decades, Mr. Lombard has garnered extensive experience in business development, management, investment banking, economic development, corporate expansion and real estate investment. Mr. Lombard joins BRIDGE from Seritage Growth Properties (NYSE: SRG), where he served most recently as Special Advisor; he was an original Board member when Seritage went public in 2015 and subsequently served as Seritage’s EVP and COO. Seritage is a self-administered and self-managed REIT with properties totaling approximately 39 million square feet of space across 49 states and Puerto Rico. Earlier, Mr. Lombard was President of MacFarlane Partners, an investment management firm that acquires, develops and manages real estate assets on behalf of pensions and institutional investors. Prior to joining MacFarlane Partners, Mr. Lombard served as Vice Chairman, Partner and head of investments for Capri Capital Partners, and President of the Capri Urban Fund, which invested in more than $1 billion in commercial, residential and mixed-use development, redevelopment and repositioning projects in densely populated urban markets of the U.S. From 2004 to 2008, Mr. Lombard was President of Starbucks Entertainment, where he managed the collaboration with Concord Music to form a new Starbucks music label. In 1992, Mr. Lombard co-founded Johnson Development Corporation and spent 12 years as the President and Partner of the firm, creating a legacy of economic improvement in underserved communities of color in 65 cities and 17 states. He holds a Bachelor of Arts in Communication from the University of Washington.

  BRIDGE Housing

  President & CEO

  Kenneth Lombard

  President & CEO

  BRIDGE Housing

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  Geoffrey Moen

  Geoffrey Moen is a leader in the affordable housing industry who has been involved in the acquisition, development and financing of more than 4,000 housing units across the country with a value of more than $1 billion. Since 2021, Geoffrey has served as the Director of Development for the Housing Authority of the City of Los Angeles (HACLA), the nation’s second largest housing authority. In his role, he manages a diverse team of real estate development, acquisitions, construction, and finance professionals who are tasked with the transformational redevelopment of large public housing communities using a build first model, acquiring properties directly and through public-private partnerships to create long-term affordable housing for lower-income and unhoused families, and issuing governmental and conduit bonds to finance affordable housing development. Prior to joining HACLA, Geoffrey was the Director of West Coast Production for Standard Communities, one of the nation’s largest owners and developers of affordable housing, where he managed the acquisition and rehabilitation of affordable housing developments across Southern California. Geoffrey also served as the Senior Acquisitions Manager for POAH, a national nonprofit owner and developer of affordable housing, where he sourced and managed acquisitions across the East Coast, Southeastern, and Midwestern United States. Earlier in his career, Geoffrey served as a city planner in New Orleans, Louisiana, where he managed entitlements for major development projects, oversaw the city’s capital improvement plan, and assisted in the development of its first ever Master Plan and a rewrite of the citywide zoning code. Geoffrey holds a bachelor’s degree from the University of Minnesota, a master’s degree in urban planning from the University of Illinois at Chicago, and a master’s degree in public policy, with a focus on public finance and real estate, from Harvard University.

  Housing Authority of the City of Los Angeles

  Director of Development

  Geoffrey Moen

  Director of Development

  Housing Authority of the City of Los Angeles

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  Jim Stanley

  James Stanley serves as Chief Operating Officer for Suffolk Construction Company. He is responsible for leading operations in Los Angeles for Suffolk, a national real estate enterprise building some of the most iconic developments across Los Angeles. As COO, Stanley’s 22 years of expertise allows him to provide valuable direction in both the preconstruction and construction phases of a project – ensuring Suffolk delivers on all project goals. His industry experience also includes business development, operational efficiencies, jobsite safety and client satisfaction. Jim is currently overseeing multiple notable projects, including 8920 Sunset Boulevard - a new 10-story mixed-used building on the iconic Sunset Strip; Evermont - a seven-story mixed-use complex with affordable housing and commercial anchor space; and Fig + Pico - a mixed-use development featuring two separate select service hotels and conference center space adjacent to the Los Angeles Convention Center, to name a few. Stanley’s leadership and operational skills are critical to providing effective guidance for the project team. He started his career as a project and field engineer and quickly moved up the ranks as a project manager, a project executive, and VP of operations. In 2020, he was named chief operations officer, running all the operations for Los Angeles. His client relationships speak for themselves and are at the core of his success. Jim holds a Bachelor of Science degree in Civil Engineering from San Diego State University.

  Suffolk Construction

  COO

  Jim Stanley

  COO

  Suffolk Construction

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  Jon Hall

  Jon Hall’s background in multi-family, mixed-use, and retail developments is extensive. Jon is very focused on the quality and durability of a project even from early design studies and carries his sensibility about entitlements, detailing, budget constraint, constructability, and schedule through the process, bringing the project along in a creative yet pragmatic way. He has well-established relationships with project consultants, contractors, and clients alike. In addition, he is the Quality Management Director for GGLO, providing guidance to interoffice initiatives for document quality, sustainability and design excellence. Thanks to Jon’s thoroughness, he has been highly successful during jurisdictional review for a number of the firm’s more visible urban projects such as Broadway Crossing, University Village, Mark24, and AMLI South Lake Union. In his personal life, he can often be found running the roads and trails of the Pacific Northwest or at the next Mariners, Seahawks, Huskies, or Seattle Hockey team event.

  GGLO

  Principal

  Jon Hall

  Principal

  GGLO

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  Dale Brown

  Dale Brown is an award-winning architect with over four decades of experience. As a founding partner of ONYX Architects, he has built an impressive portfolio that showcase creative problem-solving in architectural and urban design, entitlements, project management and financing. Dale, as Managing Principal is an integral member of the firm's management team, guiding and coordinating strategic growth. Dale's passion for architecture extends beyond his work at ONYX Architects. He is an active member of the community, keeping up to date on the latest developments in local government and development. His diverse portfolio of projects ranges from civic buildings to unique preservation plans, affordable housing, and large mixed-use projects. Dale's clients include public entities, private and not-for-profit entities, all of whom benefit from his critical thinking and strong entrepreneurial mindset.

  Onyx Architects

  Founding Partner

  Dale Brown

  Founding Partner

  Onyx Architects

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  Ioanna Magiati

  With more than a decade of experience, Ioanna leads multidisciplinary teams within AO’s Multifamily and Mixed-Use studios, specializing in market-rate, affordable, senior, and modular developments. She is a charismatic problem-solver with a passion for elevating the design vision of her clients and nurturing the success of her team. Ioanna is an avid researcher and lifelong learner valued for her strong project management and people skills, as well as her ability to foster trust and collaboration amongst developers, cities, designers, architects, and consultants. Ioanna is a member of the Urban Land Institute (ULI) and sits on the ARC Alumni Advisory Board for Cal Poly Pomona, and the Design Professional Council for the Modular Building Institute (MBI).

  AO

  Partner

  Moderator

  Ioanna Magiati

  Partner

  AO

Innovative Strategies & Solutions Prioritizing the Demand

Discussing ways to build faster and more products, implementing prefabrication, modular construction, and creative solutions

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  Tish Kelly

  As Senior Vice President of Housing Development, Tish Kelly oversees Jamboree’s housing development – staffing, structure, and processes – and ensures implementation of business and strategic plan goals. She is instrumental in cultivating and managing key internal and external partnerships. Tish rejoined Jamboree as Vice President, having previously served as Senior Director of Finance, where she notably oversaw the development of our award-winning Compass Rose community in Fullerton. Most importantly, she helped to lay a foundation for Jamboree’s existing housing development team, including hiring, training, and mentoring many of our current Project Managers. In her role as Senior Vice President, she oversees the entire housing development team and helps to implement business and strategic goals as part of the Executive Management Team. Throughout her distinguished career, Tish has worked in nearly every aspect of the real estate business – market-rate and affordable, development and finance, for-profits and nonprofits – bringing a depth of experience in land acquisition, entitlement, funding sources, and financial structures. Most recently, she served as the Senior Director of Development for Excelerate Housing Group, managing all facets of the development process of affordable housing. Before that, she held positions with Alliant Capital, a national real estate finance and investment firm, and real estate developers Meta Housing Corporation and MacFarlane Costa Housing Partners. Tish believes a key part of her success is a strong commitment to the mission of our work and a focus on the end-result – housing more residents. Tish returned to Jamboree not only because she supports the company’s community-enriching mission, but also because she believes that work needs to balance with her family values. She appreciates that “Jamboree is a place that values the person as much as it values the employee.” Outside work, Tish spends most of her time with her family. She loves to bike, ski, and travel with her husband, and she enjoys family camping trips, hikes, and weekend barbecues with the kids and Miso, the family’s rescue dog. Tish received a bachelor’s degree in English and criminal justice at the University of Indiana, Bloomington, and holds a master’s degree in real estate development from the University of Southern California.

  Jamboree Housing Corporation

  Senior Vice President, Housing Development

  Tish Kelly

  Senior Vice President, Housing Development

  Jamboree Housing Corporation

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  Rochelle Mills

  President and CEO, Rochelle Mills is responsible for IHO’s housing development, new project and program initiatives, business development relations, and oversees legislative, advocacy and policy interests as well as stakeholder relations. Ms. Mills brings a diverse background in architecture, design, construction administration, community planning, writing, and cultural tourism. She is immediate past President of the Southern California Association of NonProfit Housing (SCANPH), and serves on several public and nonprofit boards, services committees, and leader groups.

  Innovative Housing Opportunities

  President & CEO

  Rochelle Mills

  President & CEO

  Innovative Housing Opportunities

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  Tima Bell

  Founded in a bungalow on the back lot of the Siren Studios campus in Hollywood, Relativity Architects’ first major project was Siren’s “Cube,” a 40-foot-tall space regarded as the tallest "poured-in-place" concrete walled building on the West coast. During the ensuing decade, RA Founder and Principal, Tima Bell, Assoc. AIA, has led Relativity’s studio design and development division. With a show-business family background, Tima understands studios’ physical needs as well as the refined amenities facility managers need to maximize bookings. Relativity’s Los Angeles portfolio includes Dancing With the Stars’ rehearsal/B-roll space, Buzzfeed’s production campus, East End Studios, and the Output recording studio. Relativity has also designed production studios and campuses in Atlanta, New York, Canada, and Europe. Further, Tima has provided expert insights into studio design to The Hollywood Reporter, among other media outlets. In addition to its success with studio construction, RA has a viable hand in Affordable and Multi-Family Housing typologies. The firm has received multiple awards for their Affordable Housing designs. Most recently, 7th + Witmer Apartments won the Los Angeles Business Council's Outstanding Affordable Multifamily Project Award in 2022.

  Relativity Architects

  Founding Partner

  Tima Bell

  Founding Partner

  Relativity Architects

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  Michael Mathews

  Michael Mathews is the Founder and CEO of Assemblage Works, Inc. (AWI), a multi-disciplinary, vertically integrated architecture, construction management and development company that operates throughout the nation. We specialize in the creation, management and execution of sustainable urban infill multi-family, hospitality and commercial projects across the western United States. Mathews’ expertise as a senior development, design and construction executive spans all facets of complex and large-scale ($500MM+) real estate projects for a variety of prominent design, development and construction organizations nationwide, including executive roles with KB Urban, Forest City and Davis Reed Construction, among others. In these roles, he has delivered over 6,000 units to the markets in Los Angeles, San Diego, San Francisco, Southern California, Texas, Seattle and Denver metropolitan areas. Mathews, a licensed Architect, is also an expert in off-site construction methodologies, including prefab, volumetric, panelized and mass timber construction. He has national experience in project due diligence, entitlement, design, finance, construction and construction management. Through the formation of AWI, Mathews has created a collective of experienced and dedicated design, construction and development professionals that believe in the use of modern methods of construction and progressive delivery techniques to provide clear and predictable outcomes to their clients and investors. AWI was created to understand the needs of development, investigate emerging technologies and collaborate with our construction partners, pushing the practice of architecture and development into the future. We eliminate unnecessary time designing systems that can be repeated, leaving more time to solve the unique design challenges of our clients, the environment and the places we design for.

  Assemblage-Works

  Founder & CEO

  Michael Mathews

  Founder & CEO

  Assemblage-Works

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  Konstantin Daskalov

  Konstantin Daskalov is an accomplished Senior Executive of Development & Construction with 16 years of diverse experience in all phases of the development process, leading professional teams through entitlements, design development, GC selection, budgeting, scheduling and construction execution of large ground-up, multifamily, affordable, mixed-use, hospitality and healthcare projects with full P&L responsibility. As the Vice President, US Operations, Konstantin is spearheading all the firm's Operations in the US, and Directing: Marketing; Sales; Business Development; Architecture / Developer / Construction Partners & Lenders; Project Entitlements & Approvals; Project Delivery; Product Erection & Assembly and Business Plan Execution. Previously, as Founder & President of Daskoney Properties, Konstantin led all operations for the firm, overseeing acquisitions, development and construction management staff with full P&L responsibility for multi-family projects, while he was also an Executive Consultant for SOLA Impact on their large multifamily and affordable housing efforts. Prior to that, as VP of Development & Construction with a major real estate investment & development company, Konstantin has directed all development and construction operations for a large portfolio of hotels and office assets across the US with annual development budget of over $75M. Previously, as VP of Development for a national condominium developer, Konstantin has directed and successfully completed several ground-up multifamily, high-rise projects in Los Angeles, Las Vegas and Chicago with average construction cost of $200M each and delivered great investment returns expediting construction and unit sales. Konstantin started his career as a Project Manager for a General Contractor and later as Director of Construction successfully completed the construction of large multifamily projects in Chicago directing PMs, and Contractors. Konstantin Daskalov holds a M.S./MBA degree from Northwestern University, as well as, a BS in Civil Engineering and a BA in Business Management degrees from Calvin University. He is a proud member of Urban Land Institute (ULI), Construction Management Association of America (CMAA) and variety of other professional organizations in Real Estate and Construction Management, and is a speaker and participant for numerous professional panels.

  STACK Modular

  VP, US Operations

  Konstantin Daskalov

  VP, US Operations

  STACK Modular

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  Diane De Felice

  Diane offers her clients—developers, investors, cities and other private sector clients—land use and environmental law counsel, as well as proven litigation skills. With a deep understanding of public agency administrative processes, she streamlines complex environmental issues entwined with land use and planning matters so clients’ projects are able to break ground. Diane possesses industry-leading experience with the California Environmental Quality Act (CEQA), National Environmental Policy Act (NEPA) and Subdivision Map Act as well as the Coastal Act. Large, complex and fast-moving matters with tight timelines are her passion. Clients seek out Diane for her strategic approach that balances development economics and legal issues to expedite projects and quell opposition. Whether consulting with public entities to help get a project built or defending one when challenged in court, she gets results. Her ongoing role as lead counsel for Cadiz Valley Conservation, Recovery and Storage Project, where she was responsible for obtaining and successfully defending six lawsuit challenges to the project’s entitlements, is a testament to her ability to deliver successful outcomes in long-ranging high profile infrastructure development work. Diane’s commitment to excellence extends into the community. She provides pro bono land use counsel to Wolf Connection and also acts as a pro bono liaison for the firm’s California offices.

  Brownstein Hyatt Farber Schreck

  Shareholder

  Moderator

  Diane De Felice

  Shareholder

  Brownstein Hyatt Farber Schreck