{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Affordable Housing & Real Estate Investing","title":"What does the 'perfect deal' look like for affordable housing? Hear from Jamboree's experience with 11K+ Units","html":"","width":"100%","height":180,"duration":4847,"description":"On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Michael Massie, Executive Vice President and Chief Development Officer at Jamboree Housing, walks through every stage of a perfect affordable housing deal and explains why the housing supply crisis is, at its core, a market efficiency problem.Michael has spent more than 25 years in affordable housing. He joined Jamboree as employee #15 when the organization had ~4,000 units. Today, Jamboree has 160 employees, 11,000 units of affordable housing, and 28,000 Californians call a Jamboree development home. In this episode, Michael shares his three-pronged test for evaluating any opportunity: land, resources, and political will. He explains why the Low Income Housing Tax Credit (LIHTC) is a true public-private partnership, how utilities became the biggest wildcard in construction timelines, and why you have to manage risk and understand the story behind each line item on your pro-formas.Common Questions This Podcast Episode Answers:What is the Low Income Housing Tax Credit (LIHTC) and how does it fund affordable housing development?The Low Income Housing Tax Credit is a federal credit allocated to states, which run competitive processes to award credits to qualifying developers. A nonprofit developer sells those credits to financial institutions with large tax obligations. The credits typically cover 35% to 70% of the total capital stack with upfront equity. The 9% program is oversubscribed 4 to 1 in CA, meaning one in four applications gets funded.What does Jamboree Housing look for when evaluating a new development opportunity?Jamboree uses a three-pronged test: does the city have land available, does it have resources to bring to the table, and is there genuine political will to approve and support affordable housing? Political will matters most because a city that treats affordable housing as a sound bite instead of a policy priority...","thumbnail_url":"https://img.transistorcdn.com/xDB8QhkLtarSR6cPw7Foe38b-OmGTS01-PZeGTtWOaw/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ2NDA2LzE2OTg0/NTU1NDQtYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}