Affordable Housing Real Estate Development Case Study
9:00am
Duration:
6 hours 30 minutes
Description
This full-day session provides an abbreviated and simplified example of the concepts and hands-on process of developing a financing plan for a new construction tax credit property. It’s a fast-paced class, focusing on financing concepts and calculations using a case study format. The class is useful for novice real estate development managers, asset managers, property managers and other non-development staff and board members as well.
- Morning Session – Review of Gap Financing Sources: We start with the fundamental financing differences between market rate and affordable development financing, reviewing the ins and outs of various development funding sources including Low Income Housing Tax Credits, hard and soft debt, tax-exempt bonds and insured loan. We also look at the relationship between rents, debt and equity.
- Afternoon Session – The Case Study: a multistep case study where we underwrite the financing of a mixed-finance property. The case study uses a linked multi-tab spreadsheet and (optional) participants can use their own laptops to be more connected to the case. We will work through various financing calculations – using rent limits to determine how much debt a project can support, how to estimate and calculate the potential tax credit equity to the project and create sources/uses budgets and a multiyear proforma, working through the various trade-offs that occur in such a project
About the instructor:
Jack Geary has over 42 years of not-for-profit affordable housing experience in the areas of asset management and supporting real estate development as well as extensive experience as a trainer.
Jack is a former public housing resident and is the retired Director of Operations for the Cambridge Housing Authority. Jack has served as Assistant Director of the San Francisco Housing Authority and held several management positions with the Boston Housing Authority. Jack was Director of Urban Edge Property Management and Senior Financial Advisor for (Washington) DC Housing Enterprises.
Jack’s current and recent consulting clients include not for profit housing providers in Boston and San Francisco, including Lena Park CDC, Allston Brighton CDC, Inquilinos Boriquas en Accion (IBA), Alameda (CA) Housing Authority, Tenant and Owners Development Corporation (TODCO) and Chinatown Community Development Corp.
Jack is a regular instructor for NeighborWorks America, LISC and CHAM. Jack completed a Fannie Mae Fellowship at the Harvard University Kennedy School of Government (Senior Executives in State and Local Government) and holds MS and BS degrees from the University of Massachusetts.
Registration deadline
Registration fee
MACDC member: $125, Regular: $175