Come together to discuss what solutions should be created to unlock more capital and impact in impact investing. What is missing that exists in the traditional capital markets that should exist in impact investing? What are the new financial structures that should be created to better deploy capital in impact? How do we best do […]
According to the National Low-Income Housing Coalition, the current national shortage of seven million affordable and available homes for renters with extremely low incomes means that only 37 such homes exist for every 100 extremely low-income renter households. There is a direct correlation between homelessness and housing affordability. Low wages, wage inequality, racial inequities and a severe shortage of affordable rental homes leave too many vulnerable people unable to afford their housing. The topic of this panel addresses many of this years’ conference themes because access to safe, decent housing in high opportunity areas, improves the conditions of the social determinants of health. Public subsidies are inadequate to meet the need across the nation. The purpose of this panel Q and A is to help investors understand the unique challenges in financing affordable housing and introduce various opportunities to invest in this low-risk asset class. Experts and respected industry innovators will share their knowledge and experience.
Three primary focus areas of this panel are:
- Affordable Housing Financing Tools: Evaluate and understand current financing strategies and challenges.
- Moving beyond traditional LIHTC model: Discuss new innovative models that are working across the country.
- Direct investing vs. Fund investing: Investment Funds and Tax-Exempt Bond Structures: Discussion on currently available housing investment funds and tax-exempt bond structures.
Sean Spear: Panelist ASSISTANT GENERAL MANAGER, HOUSING DEVELOPMENT Housing and Community Investment Dept. City of Los Angeles
Sean Spear’s distinguished public service career includes more than ten years as a top local and state government leader, serving successively in community development roles in the cities of New York, San Francisco, Los Angeles, and in Sacramento for the State of California. At the Los Angeles Housing + Community Investment Department, Sean is responsible for managing and directing the operations of its Housing Development Bureau. The Bureau facilitates the financing of housing development projects with its business and community partners, leveraging its resources to the maximum benefit of the City’s residents and neighborhoods.
Prior to joining HCIDLA, Sean was a Managing Director with Hunt Mortgage Group where he consulted on the acquisition, development, financing and execution of affordable housing development transactions, and originated new debt and equity executions. He also most notably served as the Executive Director of the California Debt Limit Allocation Committee (CDLAC) from 2009-2015, administering the $3.8 billion private activity bond program for California. Sean brings additional private sector experience from his time with Fannie Mae; then providing housing development and public financing resources across the Western United States. Throughout his career he has developed both new project financing structures (especially for affordable housing preservation), as well as designed and implemented billion dollar governmental programs with the goal of building better communities for those in greatest need. Sean holds undergraduate and master’s degrees in regional planning from Cornell University.
Bill Witte, CEO of Related CA Mr. Witte is Chairman and Chief Executive Officer of Related California. For the past 30 years, and since the founding of Related California, he has been responsible for the strategic direction of the company, overall management of the firm, pursuit of new development opportunities, and oversight of planning, financing and construction of a development portfolio of 16,000 residential units, completed or under construction, totaling more than $6 billion in assets. Prior to founding Related California in 1989, Mr. Witte served as Deputy Mayor for Housing and Neighborhoods under Mayor Art Agnos where he oversaw all housing, development and redevelopment activities for the City of San Francisco. He was Director of Housing and Economic Development under Mayor Dianne Feinstein and served as an appointed Commissioner of the San Francisco Housing Authority. Mr. Witte previously served as Executive Assistant to Assistant Secretary for Housing/Federal Housing Commissioner Lawrence B. Simons at HUD in Washington, as Legislative Director for the National Association of Housing and Redevelopment Officials and with the Philadelphia Office of Housing and Community Development.
Joseph Reilly, President and CEO Community Development Trust Mr. Reilly has spent 38 years in community development and affordable housing finance. Currently, Mr. Reilly is the President and CEO of Community Development Trust (CDT), a real estate investment trust with a public purpose to provide long-term capital for the preservation and development of affordable housing. CDT has invested $1.5 billion in debt and equity capital during its 19 years of operations, helping to preserve or add more than 45,000 units of affordable housing stock in 44 states. In 2015, CDT developed a charter school finance program to provide flexible, long-term capital to charter schools in low-income communities that serve low-income children and have a track record of achieving excellent results.Prior to working at CDT, Mr. Reilly was the national manager for community development real estate at JPMorgan Chase, where he was responsible for deploying more than $4 billion in financing for affordable housing and community development projects. Mr. Reilly completed the General Management Program at Harvard Business School and earned his B.S. in business administration from Iona College. Mr. Reilly also serves on the Board of Directors of the Leviticus Fund. He previously served on the Advisory Boards of Enterprise Community Investments, Low Income Investment Fund, and Neighborhood Housing Services of New York City. Mr. Reilly also was an Adjunct Professor for real estate finance at NYU from 2007 – 2014.
Sean Spear; Information above
Daryl J. Carter, Founder and CEO, Avanath Daryl J. Carter is the Founder, Chairman and CEO of Avanath Capital Management, LLC, a California-based investment firm that acquires, renovates, and operates apartment properties, with an emphasis on affordable and workforce communities. Mr. Carter directs the overall strategy and operations of the Company. Since its formation in 2008, Avanath has acquired $1.5 billion of properties in 12 states in the U.S., comprising 8,000 apartment units. Avanath is vertically integrated and is an SEC registered investment advisor and an institutional fund manager, with capabilities that include acquisition sourcing and underwriting, construction, asset management, and on-site property management.Mr. Carter has 37 years of experience in the commercial real estate industry. Previously, he was an Executive Managing Director of Centerline Capital Group. Mr. Carter became part of the Centerline team when his company, Capri Capital Finance, was acquired by Centerline in 2005. Mr. Carter co-founded and served as Co-Chairman of the Capri Capital family of companies. He was instrumental in building Capri to a diversified real estate investment firm with $8 billion in real estate equity and debt investments under management. Prior to Capri, Mr. Carter was Regional Vice President at Westinghouse Credit Corporation and a Second Vice President at Continental Bank.Mr. Carter holds a Master’s in Architecture and a Master’s in Business Administration, both from the Massachusetts Institute of Technology. He received a Bachelor of Science degree in Architecture from the University of Michigan. Mr. Carter serves on the Visiting Committee of the MIT Sloan School of Management. In 2015, Mr. Carter received the MIT Sloan School Distinguished Alumni Award and served as the 2015 commencement speaker for the Sloan School MBA graduation.
Moderator TBD: Note: Sean is the organizer/panelist and knows many knowledgeable and skilled people in the industry.