The first time I was really involved in an affordable housing deal, we had been working on the project for 18 months, steadily moving towards closing, coordinating all the moving pieces. But then, when we got to about two weeks out from closing, suddenly, everything began happening very quickly and all at once, but rather than being overwhelmed, I was able to channel that adrenaline rush to a successful closing. I think I slept for the entire weekend following the closing of that transaction. It was those two weeks of adrenaline and excitement that keep me coming back for more.
I see my role as being the hub of the wheel in affordable housing tax credit projects. There are so many spokes of each deal – government financing, banks, title matters, surveys, the seller, tax credit investors – that communication and industry knowledge are key to getting deals done. I talk my clients all the way through the process, and make sure they know what to expect, from the initial purchase agreement to acquisition and syndication of tax credits, through the construction or rehabilitation process, until the time when the credits are issued.
In my previous life as an accountant at a Fortune 500 corporation, I always felt like I was cleaning up the mess after the party. While working with tax credits, I get the opportunity to work with great real estate developers and investors on the upfront creation projects and providing a unique service for low-income individuals who wouldn’t otherwise have an affordable place to live.