CONTEMPORARY CHALLENGES IN AFFORDABLE HOUSING: Addressing current issues with innovative solutions
Affordable housing isn’t just a buzzword; it’s a fundamental human right, and the need for dignified, affordable housing is one of the most pressing issues facing our population today. On April 25-26, 2024, the Center for Real Estate and Finance (CREF) brought together leaders in development, preservation, financing, and policy within affordable housing in a dynamic exchange of ideas about modern-day challenges and solutions.
A truly multi-school event, students and faculty from Cornell SC Johnson College of Business, Cornell AAP, and Cornell ILR were present as attendees and speakers. Student members from the Associate Real Estate Council, Association of Cornell Women in Real Estate, Cornell Real Estate Club, Diversity and Inclusion in Real Estate, and the Philip Payton Society for Minority Professionals in Real Estate made a strong showing as well.
The Fountains
CREF kicked off the event with a tour of the The Fountains development in Brooklyn, NY on April 25, 2024. The site visit was hosted by CREF Advisory Board Member Daniel Moritz ’03 (CALS), principal, The Arker Companies with Steven Weiss, managing partner, Cannon Heyman & Weiss, LLP and Daniel Moran, MRP ’15, assistant commissioner for new construction finance, NYC Dept Housing Preservation and Development in attendance. Included in the tour were retail spaces humming with life, senior living cocooned in comfort, community areas buzzing with connection, and outdoor spaces inviting exploration; and at the heart of it all was affordable housing. Graduate and undergraduate students from across Cornell University soaked in the vision of a community where everyone thrives.
“When touring the affordable housing plaza alongside Daniel Moritz of the Arker Companies, I enjoyed learning about the zoning and development requirements that the city demands of affordable housing and how they can potentially add value to the residents but the impediments developers face.” – Mamadou Barry ’26 (ILR)
Symposium
On Friday, April 26, 2024, the symposium opened with a welcome to all from CREF Academic Director and Finance Department Head, Professor Steven A. Carvell. Professor Carvell thanked all in attendance and introduced our lead speaker and CREF Advisory Board Member, Daniel Moritz ’03 (CALS).
Session 1: Policy and Practice: The Intersection of Policy, Finance, and Development
The first session of the day dissected how competing demands can birth thriving communities. The session was moderated by Daniel Moritz and featured speakers Rafael Cestero ’90 (CHE), CEO, Community Preservation Corporation; Tricia Dietz, assistant commissioner, Housing Incentives, NYC Department of Housing Preservation & Development; Jonathan Gouveia, executive vice president for real estate development, NYCHA; Eric Enderlin, president, NYC Housing Dev. Corp.
The speakers covered the recently passed New York State budget and its focus on affordable housing. Developers and policymakers grappled with the budget’s implications, segueing into spirited discussions about the City of Yes and NYCHA’s Capital Plan.
“At CREF’s Affordable Housing Symposium in New York City, we were fortunate to hear and see insightful strategies and real-world solutions from speakers at the forefront of the industry. Daniel Moritz’s proactive measure in Session 1 of bussing pro-development supporters to neighborhood council meetings showcased an effective tactic to counteract NIMBYism, emphasizing the importance of vocal advocacy in community engagement.” – Fati Mixha ’25
Session 2A: Public/Private Partnerships: The Double Bottom Line of Affordable Housing
Two concurrent sessions were held in the second half of the morning. Focusing on new development and management, this session was moderated by Daniel Moran, MRP ’15, assistant commissioner for new construction finance | visiting lecturer, NYC Dept Housing Preservation and Development | Cornell AAP and featured speakers Scott Alter ’01 (ILR), principal, Standard Communities; Erin Galligan, senior vice president/senior client manager, Bank of America; Grant Jaber, managing director, Hines; Ama Romaine, general counsel, Progress Residential; Matthew Schatz ’90 (CHE), commercial real estate loan officer, TD Bank.
New development and management practitioners shared their experience with tax credit financing for fresh construction, mixed-income, and mixed-use developments, and how to best promote development in underserved neighborhoods. Speakers focused on specific case studies to help provide real-world context to the attendees.
“I found the case study on how REITs can contribute to affordable housing, particularly in Atlanta, Georgia, to be quite interesting. It demonstrated how REITs can play a significant role in quickly deploying capital for projects that address housing needs. The session highlighted various strategies for balancing profitability with the need for affordability, including tenant relocation, engaging with local governments, and exploring mixed-use developments.” – Alice Hu, MPS-RE ‘24
Session 2B: Building Communities: The Vital Role of Affordable Housing Preservation
Alongside new development, preservation and renewal of existing buildings is a vital part of creating affordable housing opportunities. This session was moderated by Nicholas Lundgren, general counsel | visiting lecturer, New Destiny Housing Corporation | Cornell AAP and featured speakers Simon Kawitzky, vice president, portfolio planning, NYCHA; Michael Milazzo, SVP | originations, Merchants Capital; Daniel Moritz ’03 (CALS), principal, The Arker Companies; Steven Weiss, managing partner, Cannon Heyman & Weiss, LLP.
Discussion was anchored in the Brooklyn Megabundle, a joint venture including The Arker Companies. This preservation project was the largest of its kind at the time with nearly 3,000 apartments and common areas in Far Rockaway, Queens, and East New York, Brooklyn.
Daniel Moritz’s before-and-after images painted a vivid picture of the transformation. Preservation isn’t just about bricks and mortar; it is about revitalizing communities.
Decent, affordable housing isn’t a luxury; it’s oxygen for thriving communities. Middle-income households shouldn’t be left behind, and lower-income housing deserves dignity. The speakers that gave generously of their time for this event are dedicated to ensuring that both pressing issues are addressed in long-term sustainable ways. CREF would like to extend an enthusiastic thank you to our participants and attendees for their invaluable contributions to this event.
“Overall, I immensely enjoyed the breakdown of the unique asset that is affordable housing, the challenges that all industry constituents face, and most importantly the social responsibility all members of the real estate industry have to contribute to this sector.” – Mamadou Barry ’25 (ILR)
“The conference was a valuable opportunity to explore new perspectives on the role of real estate in tackling housing challenges.” – Alice Hu, MPS-RE ‘24
“The symposium was an enlightening and thoroughly engaging experience, leaving us inspired and equipped with actionable insights to tackle the challenges in the affordable housing sector.” – Fati Mixha ’25
Photos credited to Jesse Winter Photography
