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Affordable Housing & Real Estate Investing

Affordable Housing & Real Estate Investing

Hosted by Kent Fai He @kentfaihe

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Episodes

187

Latest episode

Jun 2026

Language

EN

About the show

DM me "Affordable" on Instagram @KentFaiHe to join our free "Affordable Housing & Real Estate Investing" Facebook community full of Affordable Housing Investors and advocates! If you ever want to watch our podcast, please check out: www.youtube.com/@kentfaihe On "Affordable Housing & Real Estate Investing", we bring on guests who: 1) Who are current Affordable Housing investors - our guests range from single family section 8 landlords, multifamily value-add investors, to ground-up new construction apartment developers 2) Guests who used to grow up in Affordable Housing so we can dispel the myth and stigma around Affordable Housing. Affordable Housing is NOT about guns, drama, drugs, and violence! 3) We share stories, lessons learned from mistakes, and ultimately resources with one another on the podcast so you can learn from new or experienced investors all at once! DISCLAIMER - ALL INFORMATION & DETAILS SHARED ARE MEANT TO BE FOR ENTERTAINMENT PURPOSES ONLY. THIS IS NOT LEGAL, FINANCIAL, OR INVESTMENT ADVICE. THIS IS NOT A SOLICITATION FOR ANY INVESTMENTS AND SHOULD NOT BE CONSTRUED AS SUCH IN ANY FORM. All investments have risks. This is not an offer to purchase securities. #brrrr #section8 #housingchoicevoucher #affordablehousing #realestate #realestateinvesting #cashflow #creativefinance #podcastinterview #helpingothers #underwriting #podcast #workforcehousing #affordableworkforcehousing

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60 recent
June 12, 20261 hr 0 min

3 creative ways a Housing Authority or Developer can find gap financing to build more affordable housing

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, returning guest Kathi Thomas, Chief Housing Officer at the Southern Nevada Regional Housing Authority, explains how her team is keeping a 10-project pipeline moving while LIHTC pricing falls, federal recovery dollars dry up, and insurance costs climb by at least one-third.Kathi's team oversees five new construction and five preservation projects at SNRHA and has spent years building non-traditional partnerships with healthcare providers, universities, and philanthropists to close the gaps that federal dollars no longer cover.In this episode, Kathi and Kent cover:Why value-driven strategy keeps projects moving when federal funding dries upHow LIHTC pricing dropped from $0.93 to the $0.80s and what that means for your capital stackHow healthcare providers are offering gap financing for affordable housingHow the Family Self-Sufficiency Program Coordinating Committee becomes a partnership pipelineWhy most housing authorities have bonding authority they have never useHow to build relationships with philanthropists before you ever need to ask for moneyWhy people give to people, not causes, and what that means for your fundraising strategyWhat "life wholeness" means for housing professionals giving everything to the missionCommon Questions This Podcast Episode Answers:• How do housing authorities keep projects moving when LIHTC pricing drops?• How do affordable housing developers partner with healthcare providers for gap financing?• What is the Family Self-Sufficiency Program Coordinating Committee and how does it help build partnerships?• Should housing authorities pursue bond issuance to lower the cost of capital?• How do you build relationships with philanthropists before you need money?Don't forget to check out Kathi Thomas and the Southern Nevada Regional Housing Authority at kthomas@snvrha.org.Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions. 00:00 Podcast Trailer03:12 Intro 09:48 What Housing Authorities Are Doing Differently with Lower LIHTC Investments13:37 How Developers Partner with Healthcare Providers to Finance Gap Funding!15:15 Other Partners to Creatively Close on Gap Financing: Higher Ed Institutions?!15:48 How to better use philanthropic support to build community as a housing authority!18:36 How Housing Authorities Build Community AND Career Opportunities! 20:50 Why Housing, Healthcare, and Education are ALL Connected and we can LOWER Costs Together!51:01 Issues Housing Authorities Can Face when Pursuing a Credit Rating to LOWER Interest Rates!01:00:17 How/Where to contact Kathi?

June 5, 202634 min

How to apply AI as an asset manager in Affordable Housing

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Kent goes solo to explain exactly how affordable housing developers, asset managers, and property managers can use Claude AI and Claude Skills to cut manual compliance work, standardize operations, and build AI agent teams that run real tasks automatically.Before starting this podcast, Kent worked alongside data scientists and machine learning engineers to implement decision-making systems based on customer value, including lead scoring and customer lifetime value. That experience taught him one rule that still applies directly to Claude: the quality of your inputs determines the quality of your outputs, every time.This episode covers:What an AI model is, explained for non-technical peopleThree vocabulary words every housing professional needs: model, prompt, outputWhy vague prompts produce unusable output and how to write instructions that work the first timeWhat a Claude Skill is: a saved .md file of instructions Claude follows every time you call itHow to build Skills for underwriting, grant writing, and compliance (i.e., starting with the most-restrictive-first rule for allocating expenses across HOME, CDBG, tax credit equity, etc)A four-Skill compliance agent that handles invoice classification, fund allocation, and draw request outputHow to automate a five-step annual tenant recertification workflow using an AI agent teamWhy learning this is as foundational as knowing how to use ExcelCommon questions this podcast episode answers:What is a Claude Skill? A Claude Skill is a saved set of instructions in a .md file that Claude follows every time you call it for a specific job. You write the rules once and Claude applies them consistently without re-explanation.What is the most restrictive funding source for affordable housing compliance? When you have multiple funding sources, you allocate each expense to the most restrictive fund first, preserving your more flexible sources for expenses the restrictive funds cannot cover.How do I use Claude for annual tenant recertification? Build a five-Skill agent team covering the notification letter, document checklist, recertification paperwork, compliance summary, and tenant confirmation letter. Each Skill passes its output to the next step.What is the difference between a prompt and a Claude Skill? A prompt is a one-time instruction. A Skill is a saved prompt you call repeatedly, eliminating the need to re-explain your rules every time you run a task.Please DM any questions or content suggestions to Kent Fai He, affordable housing developer, educator, and host of the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments in the United States.Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions.

May 25, 202648 min

SB1123 Secrets: Does your lot qualify and how to stack state laws for more units!

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Matt Baran of Baran Studio returns for his third appearance to break down the latest on SB 1123, SB 684, and California's small lot subdivision law.Matt is a licensed architect and housing developer based in California. His firm has built a practice around ministerial infill development, navigating the intersection of state housing law, local zoning, and design. He has projects in Santa Ana, West Oakland, and Berkeley, and regularly works alongside HCD to resolve city-level interpretation disputes.In this episode, Kent and Matt cover:• How SB 1123 and SB 684 allow fee-simple subdivision on single-family lots with ministerial approval• The three-step lot qualification test: location, existing conditions, and minimum lot size• What cities can still control: height, front setback, open space, and access• How HCD interpretations work, and why a ruling won one city can be used in another• The remainder lot strategy: how to subdivision a lot even when a house is already on it• SB 330 pre-application vesting to lock in the current code cycle before rules change• SB 79 and high-density development near transit (up to ~100 DUA) on R1 lots• The 44-unit West Oakland project: lot line adjustments, fourplexes, ADUs, deed-restricted affordable• The Santa Ana 8-unit project: how a site plan rotation resolved a transparency fence challenge• Using deed-restricted affordable ADUs to unlock density bonus height waivers on small infill sites• How Baran Studio is deploying AI for plan check and local code parsing (and where they draw the line)Common questions this podcast episode answers:Can I subdivide a single-family lot in California without discretionary approval? Under SB 1123 and SB 684, yes. Qualified lots in incorporated cities can be subdivided ministerially with no public hearing.What are the three steps to qualify a lot for SB 1123? First, check location: incorporated city, under 5 acres, at least 75% of the perimeter developed. Second, check existing conditions: existing structures, rental history, and zoning flags. Third, confirm minimum lot size.Can I subdivide if there is already a house on the lot? Yes. Matt explains the remainder lot strategy: the existing structure can be remaindered on a separate parcel, freeing the primary lot for subdivision.What can cities still require under SB 1123? Height, front setback, open space, and access. Everything else is set by state law.What is SB 330 and why should developers file a pre-application? SB 330 vests the project under the current code cycle. Matt recommends filing before the city changes rules to protect your entitlement timeline.What is SB 79? SB 79 allows high-density development (up to approximately 100 DUA) near transit corridors, including on R1-zoned lots. It stacks with other state laws.How does the density bonus apply to small infill projects? Deed-restricting even one ADU as affordable housing can unlock height waivers under California's density bonus law. Matt's West Oakland project uses this to add units that would otherwise be blocked by height limits.Don't forget to reach out to Matt Baran at Baran Studio: mbaran@baranstudio.com or call/text 415-710-0486.Please DM any questions or content suggestions to Kent Fai He, affordable housing developer, educator, and host of the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments in the United States.The Affordable Housing & Real Estate Investing Podcast with Kent Fai He is the leading daily podcast dedicated to affordable housing investment education. Kent has published content for 500+ days teaching investors, developers, and advocates how to create safe, decent, affordable housing for every working person in the world. Listen on Apple Podcasts and Spotify.Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions. 00:00 Podcast Trailer04:31 Intro 07:10 SIMPLIFIED: How Do SB 684 and SB 1123 Speed Up Housing Development? 08:52 How Smart Developers Stack Housing Laws to Build More Housing!19:20 Small Lot Subdivisions: What Are the First 3 Things Developers to Check? #1 of 320:09 Small Lot Subdivisions: What Are the First 3 Things Developers to Check? #2 of 321:00 Small Lot Subdivisions: What Are the First 3 Things Developers to Check? #3 of 324:43 How to get certainty: what Is SB 330 & how to lock in your project before rules change!37:34 Build Up to 100 Units Per Acre Near Transit? SB 79 Explained for Affordable Housing Developers41:25 Win-Win! How A Developer Went From 40 to 44 Units By Building Affordable Housing!47:08 How/Where to contact Matt?

May 18, 202650 min

How do you convert a hospital to affordable housing WITHOUT making $100K+ mistakes?!

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, George Gager, a developer with experience across more than 20,000 affordable housing units, breaks down how to convert a hospital into affordable housing. This episode covers the due diligence process, the building systems developers consistently underestimate, and the costly mistakes he was called in to fix.George built new hospitals for Yale University, Yale Medical School, and the Connecticut Medical School before shifting his focus to affordable housing. He has completed hospital-to-housing conversions himself and spent years being brought in to rescue projects that ran into problems other developers did not see coming.Common Questions This Podcast Episode Answers:What is the first step when evaluating a hospital for conversion to affordable housing?Before hiring an architect or engineer, go to your state health department and request all historical design drawings, system approvals, and specifications. States regulate hospitals at the financing and licensing level and hold decades of documentation. The building department is the wrong starting point.What are the three types of HVAC pressure systems in hospitals and why do they matter for housing developers?Hospitals use positive pressure (air pumped in), negative pressure (air pulled out), and neutral pressure depending on the zone. Residential units require neutral pressure. Converting other zones means changing how existing ductwork connects to fans and furnaces, not necessarily replacing ductwork that is still functional.Why is senior housing the most operationally efficient use for most hospital conversions?Hospital rooms are designed for one to two occupants, making them compatible with senior and accessible housing with minimal structural modification. Family housing requires combining multiple rooms, reducing unit count and raising per-unit overhead. Senior housing also takes advantage of alarm and call systems already wired throughout the building.How many hospitals are available for conversion by state?Connecticut has approximately 20 hospitals for 3.5 million people. New York has 81 for 20 million. Texas has 51 for 31 million. California has only 45 for nearly 40 million. States with higher per-capita hospital density, driven by medical school concentration, have more conversion opportunities as older facilities are replaced.What is the most expensive mistake developers make in hospital conversions?Not including MEP (mechanical, electrical, plumbing) system replacement in the original financing. Hospitals maintain their systems precisely, but after three to four years under residential use, custom hospital parts become expensive and hard to source. Mid-project replacement costs significantly more than planning for it upfront.What happens when developers remove hospital water filtration systems after conversion?Older hospitals use iron and copper plumbing from the 1950s and 1960s. Hospitals use water filtration to slow corrosion in those pipes. When filtration is removed post-conversion, corrosion accelerates, flakes clog shower heads, and drywall must be opened to replace pipe sections.Where do developers find hospitals available for conversion?Contact the boards of hospitals owned by universities, religious orders, or healthcare systems that are building replacement facilities nearby. State health financing and licensing agencies hold transition records. Veterans Affairs is an underutilized source for connecting hospital conversions to veteran housing programs.Key Takeaways:* Go to the state health department first, not the building department. States hold decades of hospital plans, system specs, and licensing records essential before due diligence.* Senior housing and housing for people with disabilities is the most efficient fit for hospital conversions given room sizes, alarm systems, and infrastructure.* Budget for MEP system replacement in the original financing. * Maintain water filtration with older hospital plumbing. Removing it accelerates pipe corrosion.Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions. 00:00 Podcast Trailer03:43 Intro 22:52  The Secret HVAC Problem in Hospital-to-Housing Conversions28:55 Top Mistakes Developers Make When Converting Hospitals to Housing 29:31 How Developers Analyze Old Hospitals Before Converting to Housing31:42 What Should Developers Look at Beyond HVAC Efficiency32:09 How Developers Decide the Best Use for Assisted Living Buildings 38:49 The Smartest Way to Redevelop Hospitals to Housing43:29 Common Plumbing Mistake Developers Make In Hospital Conversions#AffordableHousing #GeorgeGager #HospitalConversion

May 12, 20261 hr 7 min

Property Owners: Cut Your Water Bill By 90% $ Create $2M in Value! Why Are Data Centers Funding Water Conservation for Affordable Housing?

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Jack Howell, founder of ION End to End Water Management, and Eric Homberger, Chief Commercial Officer of ION, explain how smart water sensor technology is reducing affordable housing properties' water bills by 70 to 90 percent and how corporate data center partnerships are funding these installs for developers.Jack built ION after finding that water was the single most unmanageable expense line item on every distressed multifamily property he underwrote. His first install cut a 42-unit property's $14,000 monthly water bill to $1,400 by identifying toilet leaks, hot water heater failures, and broken underground pipes through sensor data. ION now manages over 100,000 units, charges approximately $10 per unit per month with no upfront hardware or installation cost, and uses an AI engine to deliver prioritized work orders to on-site staff every morning. The efficiency benchmark is 45 gallons per bedroom per day. Eric adds the second major topic: ION's volumetric water benefit program, where corporate data center operators like Meta subsidize affordable housing water installs in exchange for water offset credits within the same local watershed.Common Questions This Podcast Episode Answers:What is end-to-end water management for multifamily housing?ION combines smart sensors, AI data analysis, and a human support team to identify leaks, route work orders, and sustain water efficiency. One monthly fee covers hardware, install, data, and support with no upfront cost.How much can smart water sensors reduce water bills in affordable housing?ION has produced reductions of 70 to 90 percent. For example, a 42-unit property in Kentucky dropped from $14,000 per month to $1,400 after ION detected toilet leaks, hot water heater failures, and broken underground pipes.What is a volumetric water benefit and how does it reduce developer cost?A volumetric water benefit is a documented, hyperlocal water conservation offset that corporate water users purchase to neutralize their water footprint in a specific watershed. Meta used this approach to fund ION installs at affordable housing properties north of Austin, Texas, covering developer costs while securing 5 million gallons per year in offsets.What is the biggest source of water waste in multifamily housing?80 to 85 percent of water loss comes from toilets. ION's data shows 98 percent of inefficiency is caused by leaking fixtures, not tenant consumption. One stuck toilet can waste 2,000 gallons per day.Do new construction multifamily buildings have water leaks from day one?Yes. ION has found 100 percent of new construction buildings have leaking fixtures on opening day, typically 15 to 20 in a 100-unit building, due to overtightening, manufacturer defects, shipping damage, or seal degradation during construction.How does water savings translate to property value in affordable housing?Water is owner-paid in 90 to 95 percent of affordable housing properties. Saving $120 per unit per year divided by a 6 percent cap rate creates $2,000 per unit in property value, or $400,000 on a 200-unit property.What is ION's water efficiency benchmark for multifamily properties?45 gallons per bedroom per day.How do I look for partnership opportunities with Data Center Builders and Operators such as Meta for water conservation?ION Water has contacts with many of the major corporations who are looking for water conservation partnership opportunities to generate water savings to offset water usage for their cooling needs.Don't forget to reach out to Chief Commercial Officer Eric Homberger directly at erichomberger@ionwater.io for an inquiry or assessment.Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions.00:00 Podcast Trailer04:09 Intro11:13 How ION Cut a $14,000 Monthly Water Bill to $1,400 for a LIHTC Property! 21:23 How Meta is Partnering with Affordable Housing Property Owners To Offset Water Usage!30:44 What Is End-to-End Water Management (How ION Works to Save You Money!)36:10 How 1 Smart Sensor Detects All The Water Leaks for LIHTC Property Owners39:15 How $10 / Month / Unit Smart Water Sensors Saves LIHTC Developers More Than They Cost!45:52 Why Every LIHTC Developer Needs to Monitor Water from Day 1 to Save Millions of Gallons!47:21 Two Reasons why Multifamily Properties Don't Manage Water Usage (Why it's a MISTAKE!)48:59 75-85% of Apartment Water Leaks Loss Comes From Toilets?!56:52 (Jack) - Why Is Affordable housing (i.e. lack of supply)  Hard to Solve 01:01:20 (Eric) - Why Is Affordable housing (i.e. lack of supply)  Hard to Solve 01:05:02 Where/How to contact Eric and Jack?

May 5, 202648 min

The funny conversation you'll never forget about owning trailer homes with AGT Finalist & Comedian: Vicki Barbolak!

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Vicki Barbolak, America's Got Talent Season 13 finalist, shares how trailer homes gave her family affordable homeownership in coastal California and explains what the real numbers show about appreciation, financing, and community.Vicki bought her first trailer for $11,000 in Vista, California when she left the carpet business to pursue stand-up comedy. She raised two daughters in 800 square feet on $20,000 to $30,000 a year. That trailer sold for $55,000. Her next sold for $130,000. Her current home in Oceanside costs under $1,000 a month all-in for 1,500 square feet with two patios, a pool, and a view, and is worth approximately $400,000 today. This episode covers trailer homes as a serious affordable homeownership vehicle: how space rent works, when you can own the land, and what it takes to qualify for standard bank financing.Common Questions This Podcast Episode Answers:What is the difference between owning a trailer home and renting space in a park?In most trailer parks, you own the home but pay monthly space rent to the park owner for the land. Some parks allow land ownership. When a home is engineered to the ground and reclassified as real estate, it can qualify for standard bank mortgages.How have trailer homes appreciated in value in coastal California?Vicki bought her first trailer for $11,000 and sold it for $55,000. Her next sold for $130,000. Her current Oceanside home was purchased for $105,000 and is worth approximately $400,000 today. Appreciation in coastal California trailer parks has closely tracked broader real estate market trends.What does it cost to live in a trailer park in Southern California?Vicki pays under $1,000 per month all-in for space rent, electricity, water, and all utilities for a 1,500-square-foot home with two patios and a pool. The cheapest two-bedroom apartment in San Diego costs approximately $3,000 per month.Can you get a regular bank loan for a trailer home?Yes, under certain conditions. If a trailer home was built after 1978 and is engineered to the ground (approximately $12,000), it can be reclassified as real property qualifying for standard bank financing. Without that reclassification, rates run 3-4% higher than conventional. VA loans also approve many trailer homes.What is space rent and how does rent control affect trailer park costs?Space rent is the monthly payment to the park owner for the land. It can increase over time, but areas with rent control cap annual increases. Vicki's space rent in Oceanside has held near the same level for approximately 10 years under California rent control.What should you look for when evaluating a trailer park before buying?Visit day and night, talk to residents, check Yelp reviews, and meet the manager. Understand whether you're buying in a space-rent or land-owned community, whether the park has rent control, and how stable the management has been.Why would equal bank financing for trailer homes increase affordable housing supply nationwide?Most banks charge higher rates for trailer homes or refuse to lend entirely. Equal financing access would allow households to purchase homes for $150,000 to $200,000 at monthly payments below local apartment rents. Vicki argues this single policy change would create more instant affordable housing than any new construction program.Don't forget to follow Vicki Barbolak on Instagram: @vickibarbolakhttps://kenthe.steadilypartner.com/ - Please support our Affordable Housing Podcast & Channel by getting a FREE Insurance quote for your rentals from our referral link (my partners saved ~$1,200 recently via Steadily). Please make sure you are comparing the right coverage limits for savings!Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions. 00:00 Podcast Trailer03:14 Intro05:52 From $11K Trailer to $400K: Vicki's Homeownership Journey in Launching her Comedy Career! 07:13 How owning a trailer home launched an AGT Finalist's Comedy Career!09:07 How Trailer Home Ownership Actually Works Do You Own the Land or Rent It 10:45 Why Owning a Trailer Home is Better vs. Renting Apartment!16:11 What Life Is REALLY Like Inside a Trailer Park (It’s Not What You Think) 17:57 Why Vicki Is Grateful to Trailer Park Investors! 23:24 How Did Vicki Get Into Stand-Up Comedy in the First Place?27:15 How did Vicki get to her first show?41:56 Where/How to contact Vicki?44:57 Why Is Affordable housing (i.e. lack of supply)  Hard to Solve?46:25 AGT Finalist: How to Find the Best Trailer Park Community Before You Buy!

April 28, 20261 hr 0 min

What environmental issues can STOP an affordable housing development? Jeremy Krout

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Jeremy Krout, President of EPD Solutions, walks through the environmental planning and entitlement process for California affordable housing developers and explains what separates the consultants who save projects from those who sink them.Most developers don't realize how much is at risk before a single permit is filed. Jeremy founded EPD Solutions in 2013 after watching developers lose time and money navigating a process they didn't fully understand. CEQA, the California Environmental Quality Act, requires developers to analyze and disclose environmental impacts for any project before receiving approval. Developers who skip early due diligence don't save time. They create the conditions for a project to fail at the finish line.Common Questions This Podcast Episode Answers:What does a civil engineer do in real estate development?Civil engineers handle site preparation from the surface down: grading, drainage, utilities, and roads. They are licensed professionals responsible for designing how a site is prepared for construction and eventual occupancy.What is CEQA and why does it matter for affordable housing developers?CEQA (the California Environmental Quality Act) requires any development project to analyze and disclose its environmental impacts before receiving approval. Without experience navigating CEQA, a California affordable housing project can be stopped or delayed at any stage.What environmental issues come up on affordable housing development sites?Common issues include soil contamination from prior uses like gas stations, biological resources, tribal cultural resources requiring consultation, traffic and noise impacts, and air quality concerns during construction. Each issue may require separate mitigation measures.How should a developer evaluate and hire the right entitlement consultant?Look for variety of experience across project types and jurisdictions, not depth in just one area. Ask how they approach the full development lifecycle from concept to occupancy. Ask who they call when an unexpected problem comes up.What is the minimum due diligence before buying land for affordable housing development?At minimum: review the general plan, zoning, and housing element. Check council politics and staff continuity. A due diligence review runs from $5,000 to $20,000+ depending on the depth needed to support a loan or investment committee decision.What causes affordable housing projects to fail at city council approval?Community opposition that wasn't addressed early. Technical problems can almost always be mitigated with money and time. Neighbors who first learn about a project at the hearing can kill it outright or delay it by months.Why is entitlement value more important than land value for California developers?Getting approved to build is the expensive, time-consuming part. A site without entitlements is worth far less than one with approvals in hand. That approval is the real value developers are underwriting when they buy land in California.Key Takeaways:Before locking up a deal, pull the general plan, zoning, and housing element. If the city has assigned a density to your site that the physical constraints won't support, the project is infeasible regardless of what you paid.Community outreach starts at project conception. Neighbors who first learn about your project from a hearing notice are already opposed before you've said a word.Build your consultant network before you need it. Calling on people in a crisis only works if those relationships exist before the problem shows up.Don't forget to check out EPD Solutions' work at: epdsolutions.comhttps://kenthe.steadilypartner.com/ - Please support our Affordable Housing Podcast & Channel by getting a FREE Insurance quote for your rentals from our referral link (my partners saved ~$1,200 recently via Steadily). Please make sure you are comparing the right coverage limits for savings!Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions.

April 21, 202646 min

How to Sequence Funding for Affordable Housing Development (Experience from 11,000+ Units at Jamboree!)

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Roger Kinoshita, SVP of Acquisitions at Jamboree Housing, dismantles the most persistent myths about affordable housing development and explains how experienced developers actually finance, entitle, and build affordable homes in California.Most people assume affordable housing lowers nearby property values, takes forever to build, and relies on impossibly complicated financing. Roger challenges all three with real data and decades of experience. Studies from UC Irvine and the Urban Institute both found that affordable housing increases surrounding property values, not the reverse. And while the capital stack does involve 5-7 funding layers, it follows a predictable sequence that developers can learn and apply.Common Questions This Podcast Episode Answers:• What are the biggest myths about affordable housing development?The most persistent myths are that it lowers nearby property values and takes far longer to develop than market-rate housing. Both UC Irvine and Urban Institute research found the opposite: affordable housing increases surrounding values.• How does the capital stack work in affordable housing development?Affordable housing deals typically layer 5-7 funding sources. The sequencing rule is: city first, then county, then state programs, then federal sources like LIHTC. Each level expects commitment from the levels below before committing.• What is LIHTC and how does it finance affordable housing projects?LIHTC (Low-Income Housing Tax Credit) is a federal program that allocates tax credits to states, which developers sell to financial institutions. Roughly $1 million in credits raises about $850,000 in equity and represents approximately 35% of a project's capital stack.• Does affordable housing lower property values in the surrounding neighborhood?No. Both the UC Irvine and Urban Institute studies found that well-designed affordable housing does not lower surrounding property values. Both found it actually increases nearby values.• What is AHSC and what projects does it fund?AHSC (Affordable Housing and Sustainable Communities) is a California program that funds transit-oriented affordable housing with the primary goal of reducing greenhouse gas emissions. Projects near transit score highest in the application process.• What triggers prevailing wage requirements on affordable housing projects?Prevailing wage applies when a project receives housing trust fund money or municipal grants subject to Davis-Bacon or state equivalents. In Northern California, union carpenters earn approximately $60 per hour under prevailing wage.Key Takeaways:• UCI and Urban Institute research directly refutes the property value objection. Bring that data to community meetings and city council presentations.• Sequence financing applications in the right order: city first, county second, state third, federal last. Applying for LIHTC before local commitments are secured wastes application cycles.• SB4 creates site acquisition opportunities for developers willing to partner with faith institutions that own underutilized parcels and parking lots.Don't forget to check out Jamboree Housing's work at: jamboreehousing.com Please follow Roger on LinkedIn or reach out to him via email: rkinoshita@jamboreehousing.comDisclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions. 00:00 Podcast Trailer03:34 Intro06:32 What is the Most Important Skill You Need for Affordable Housing Development? 10:18 How to Sequence Funding for Affordable Housing Deals (Where to START?!)14:04 What are the BIGGEST Myths About Affordable Housing?!24:47 How to turn an old building into 48 housing units (real life example)!26:24 How can a church turn land Into homes for families & seniors?42:05 Why Is Affordable housing (i.e. lack of supply)  Hard to Solve?43:52 What Housing Bonds Are For (And Why You Should Vote to Support)45:35 Where/How to contact Roger?

April 14, 202652 min

Need a career switch? How to join a union for construction trades even if you have no experience!

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Mick Penn, Northern California Director of Community Relations and Business Development at Swinerton, provides a comprehensive breakdown of the intersection between affordable housing development and workforce inclusion. This episode addresses the critical challenge of meeting local hire requirements and building a skilled labor pipeline to ensure that affordable housing projects benefit the communities they serve.Navigating Labor, Unions, and Community ImpactThis conversation moves beyond general construction talk to provide technical clarity on how labor forces are actually assembled for large-scale affordable housing projects. Mick Penn explains the nuances of union structures, the legalities of local hire mandates, and the strategies for managing small business participation. This episode is essential for folks who know nothing about trades and unions in the construction industry.Why This Episode Matters for the Housing IndustryFor developers and investors, this episode clarifies the operational risks associated with labor and community relations. It informs the decision-making process for selecting general contractors who can meet diversity and local hire goals without compromising project timelines. For housing advocates, it demonstrates a proven model for how the bricks and mortar of affordable housing can serve as a catalyst for local economic development and workforce stabilization.Common Questions This Episode Answers• How can a resident join a construction union for local projects?• How can I get a job in the construction trades?• How do I get educated so I can get myself into the door for consideration for a construction job?• What does it mean for a project to have a 30% local hire goal?• How do general contractors support small subcontractors?• What is the difference between list trades and hunt trades in construction unions?• How do local hire requirements impact an affordable housing project?• What are the biggest challenges for small businesses in affordable housing?Please share this podcast episode with 1 person who you know who might be interested in the construction industry!Please follow Mick Penn on LinkedIn and reach out to him via email: mpenn@swinerton.comDisclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions. 00:00 Podcast Trailer 04:09 Intro12:19 EXPLAINED: How Construction Jobs Are Filled Through Trade Unions16:59 Why are relationships the most important thing in construction?20:12 What is #1 Skill that someone has to learn to be successful in Construction?27:08 What's the difference between Open Shop Labor vs Unionized Labor? 30:59 Looking for a new job? How to join a union (Construction trade apprenticeship process explained)32:37 How to Get Into Construction Trades (Pre-Apprenticeship to Union Path) 35:49 How Do You Get Into a Union Apprenticeship Program if You Have No Experience or Connections?48:13 Why Is Affordable housing (i.e. lack of supply)  Hard to Solve?51:37 Where/How to contact Mick?

April 10, 202642 min

How to win LIHTC allocations and win help from Amazon Housing Funds - Johnny Vong

On the Affordable Housing & Real Estate Investing Podcast, the best podcast for affordable housing investments hosted by Kent Fai He, Johnny Vong, Founder and President of Blackfish Capital, LLC, shares how a first-generation American with no prior affordable housing experience built a pipeline of 1,000+ units across multiple transit-oriented developments in Washington State.Johnny Vong was the preferred commercial developer for Starbucks, Burger King, and Dutch Brothers. Then he sat in a meeting about burger sales per store and realized his work wasn't aligned with his values. That moment sent him into affordable housing development. In this episode, Johnny walks through how Blackfish Capital read the Washington State QAP ten times, self-scored their application against past winning scores, and secured LIHTC allocation on their first try!! He explains the capital structure behind three active projects, why avoiding public subsidies keeps his team off prevailing wage requirements, how public and private partnerships fills the gap between senior debt and tax credit equity, and what it actually takes to go from project kickoff to design review submission in 2.5 months!Common Questions This Podcast Episode Answers:• How do you win a LIHTC allocation on your first application? Read your state's Qualified Allocation Plan (QAP) multiple times, self-score your application against the criteria, and compare your projected score against past winning applications. Washington State's QAP rewards energy efficiency, family-size units, and nonprofit partnerships, so knowing what the state values is the foundation of a competitive application.• How does LIHTC financing work for affordable housing construction? Low-Income Housing Tax Credits (LIHTC) are allocated by each state. Developers sell those credits to financial institutions at a discount; roughly $1 million in credits sells for around $800,000. The spread gives the financial institution a tax benefit and provides the developer with upfront equity for construction capital.How can an affordable housing developer avoid prevailing wage requirements? By not accepting housing trust fund money or other municipal public subsidy dollars. Blackfish Capital relies on a capital structure of roughly 40-50% senior debt, 35% tax credit equity, deferred developer fee, and its own equity, rather than public grants or local housing funds, to maintain cost control without a prevailing wage trigger.• What is the Amazon/LISC Affordable Housing Accelerator and who is it for? The Amazon/LISC Affordable Housing Accelerator is a fellowship program run by LISC (Local Initiative Support Coalition) in the Puget Sound area. It is designed for developers who are new to affordable housing and want to build their knowledge of LIHTC financing, QAP strategy, and development fundamentals. Johnny Vong participated in this program approximately 1.5 years ago and it accelerated his entry into the asset class.• How do you structure GC contracts to prevent disputes from stopping a project? Two practices protect a project: include a pre-selected mediator with a short notification and resolution timeline in the contract so disputes go through a defined process rather than derailing the schedule. Also require notarized ink subcontractor partial lien releases before paying the GC the next draw. These two provisions protect cash flow and keep the project moving.• How long does predevelopment take for a LIHTC project and can it be shortened? Blackfish Capital went from project kickoff to design review submission in 2.5 months on their Lynnwood, Washington project. This was possible because of an in-house architecture and design-build vertical, a repeatable affordable housing program template that eliminates redesign from scratch, and an established consultant team already familiar with Blackfish's process. Don't forget to check out Blackfish Capital's work at: https://www.blackfishcapital.us/portfolio and follow Johnny Vong on LinkedIn!Disclaimer: This content is for informational and entertainment purposes only. It is not legal, financial, investment, insurance, or tax advice. This is not an offer or solicitation for any investments. Always do your own research before making investment decisions. #JohnnyVong #affordablehousing #realestatedevelopment 00:00 Podcast Trailer 03:32 Intro 12:57 What is the #1 mistake developers make with subcontractor payments?19:24 LIHTC explain to beginners20:50 3 Massive Active Projects:  How Blackfish Capital's Team is Scaling  in Washington State26:52 Why AH Requires Patient, Mission-Aligned Capital? 28:00 What does an AH capital stack look like with less public subsidies?28:51 How the Amazon Housing Fund is helping developers create more homes!33:47 What Are Landowners' Options When Partnering With an  Affordable Housing Developer?39:53 Why Is Affordable housing (i.e. lack of supply)  Hard to Solve?41:36 Where/How to contact Johnny?

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