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Metropolitan DC Local Politics
Reply to "Several Affordable Housing Developers Are on the Verge of Collapse"
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[quote=Anonymous]I've been a commercial real estate lender for over 40 years, 25 in the multifamily affordable space. Many of these DC developers weren't around in this space 10 years ago. That's why they're failing. The process of financing and building affordable housing is long, bureaucratic and not for the faint of heart. Most projects take several years to complete. I had a $90 milluon mixed use affordable deal at a major metro site in NE that I first started working on in 2010 and opened its doors in 2019. Tax credits and donations were 90% of the capital stack and the debt was 10% The Affordable Housing Indilustrual Complex is real, adds about 40% to the development costs and is detrimental to the market.[/quote]
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