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Is affordable housing from a developer perspective, just from a okay, social perspective. Yeah, is it beneficial in closing the wealth gap?
Oh?
Or does it just keep status quo? You're doing a good thing by providing service for people. Yeah, but I just I don't know if that is something it's exactly It's like welfare, right, Welfare is beneficial, yeah, assistance, yes, but it's you're kind of staying at this level es right.
Yeah, you one hundred percent? Right.
So, affordable housing in the traditional sense most people think it's Section eight, you know all of that stuff. But if y'all notice, like, for the most part, I do mixed income housing, so I have market right units and pretty much all of my deals. It may be sixty percent or seventy percent affordable, it maybe twenty percent market And even affordability is at different levels. It's thirty percent
of the AMI, which is low income. At Section eight, you got it at fifty sixty percent of the AMI, which is typically your workforce, so you're barista at the local coffee shop or your teacher, et cetera.
They live there as well.
But then the market rate folks that may be at six figures plus are also in these buildings, our building areas that are predominantly market rate. So like the Water Street building that I'm putting up right now, it'll be done really at the end of this month, but people start moving in next month. That building right next door is a ton of condos right across the street, a ton of condos. There were fifty people on opposition every single community meeting we have for that deal, because they didn't
want them around. They thought of like this negative stigma of affordable housing. Again, what I'm doing is mixed income housing.
So like the.
People that are living in that condo can actually live here too if they want to sell. Are kind of a move and it's justice quality. So when you have a mixed income in one group, that's where you have the different levels of collaboration. It's kind of like Uel, right, I think about investmentest there are people super low income, there are people meeting income, and there are people extra extremely high end QUO. That's the melting pot of success.
If you just continuously have affordability at this level and below, we never get out of that because you never see, you never learn, you never grow. Y'all are to live an example of really the answer to your question. You got to see something to believe in. And if you just keep that concentration of poverty together, no, that is nothing answer at though.
This is why you text me.
This is why you text me after the segment that we were going back and forth on market. Mondays, that's right, and I was trying to It's kind of like the first thing is like, let's have our basic needs met and then let's be inspired. So both I think both both points are pretty valid. You did the mixed units, but there's also different types of real estate that you're invested in now, So let's talk about what the portfolio is.
Going to be looking like in the next five to ten years.
Yeah, great question. U. Diversification from a geographic perspective a kind of outline. But to your point, I'm looking at other things. I think development and general right now is down. Like real estate is cyclical. There's four cycles. Like we're not in a good one right now. I won't say not in a good one, We're just in one that's historically like bad, right You just have to know what
to do within that cycle. So right now, what I'm really looking at is multi family acquisitions, Like how do I go, Yes, I got a couple thousand units on my pipeline that I'm developing over the next eight to ten I take a long time, but how do I buy five thousand units? In the next five years acquisitions you can buy that. Like literally the formula on the commercial real estate side, again, it's simple, one hundred million dollars. I'm getting seventy a debt. I need thirty million equity.
I need to bring three million to the table. So really, through the various platforms and initiatives, we can start to identify that three million so I could bring and find it twenty seven that can then fund the one hundred million dollar deal.
From an acquisition perspective, if I can.
Scale that up, it it's a level of balance, like not just suffordability, because developers are very like asset rich balance seats crazy, but like cash poor. I just said it takes five hundred thousd to a million dollars a deal, So if you got five of them things, no matter how wealthy you are, at a certain point, it's like my cash is low. But the thing about the value asked stuff. I had a friend Venus, she bought a deal right outside of Atlanta.
I think it was.
Four.
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An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from Al Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy Noman, the United States
Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fined nearly one thousand dollars a day. Imprisoned and deported, you will never return. But if you register using our CBP home app and leave now, you could be allowed to return legally.
Do what's right. Leave now. Under President Trump America's laws, border and families will.
Be protected sponsored by the United States Department of Homeland Security forty million in twenty twenty one, and SODA for one to twenty and like or twenty twenty twenty and TOTA eighteen months later for like one twenty.
So you look at opportunities from a value a perspective if you know how to underwrite them and look for the right things. There's Class C and DP properties that really need the same level care that some of these new developments are getting. You go in, you put in the rehab money, you go fix it up. Now it's to be B plus a minus. Now you're cranking out income equivalent to the new construction stuff that's out there at a fraction of the costs. So the value here
is probably just less than the value there. But your basis for getting in is here, so that spread is yours. So I'm really looking at it from that perspective. From a multi family acquisition play, developing some studios in Atlanta. Hopefully by the time this comes out, I can make a formal announcement, but two really really big you know, partners in conversations with their industrial that was one of the best asset classes in the pandemic across anything. I mean,
didn't matter, stocks, bonds, real estate don't matter. Industrial real estate was toe to toe with anything else you put up there. So when you look at that, it's like, Okay, regardless of anything that's going on in capital markets, this specific thing is booming. And for production in Atlanta, it's the new Hollywood right like literally, it's the new Hollywood. They have a thirty percent tax credit. If you do one hundred million dollar production in Atlanta, you get thirty million back.
That's why they're there.
So from a resident from a development perspective, my partner is an Exbert and those guys they developed third Rail Studios ended up selling it and whatnot. But the Rocks movie Rampage was film there, Ozark was filmed there. Like that's the quality of productions that will be coming out of these studios. So studios, I think is a huge opportunity in Atlanta. It'll get saturated in a little bit, but right now, it's time to strike.
So what about the Choice Neighborhood Implementation grant?
It's that deal.
So that's that's the Birmingham man. That three hundred and seventy million that they put it was from the federal government. So last time we did a deep dive on tax credits, but I think this time we should definitely highlight this fact.
I won a fifty million dollar grand granted.
Was a team but I when I did that interview two and a half years ago, I didn't know I could win a fifty million dollar grant. I had no clue that there was a fifty million dollar grant exists that Brandon Rule could be a part of. But now it's like, oh, I do so the Choice Neighborhood Implementation grant is that fifty out of the three seventy, it was the highest one that got We got the biggest check. Some people have fifty, some got forty, some got less.
But it allows you to redevelop these communities. And when I talked about the capital stack earlier on the community development side, the value is here, but the cost is here. That fifty million plugs in that delta.
Where's the grant from the state federal Yeah, so that's when Secretary of FUDGS came down, brought the check federal government.
Every year they put it out. They just actually announced.
Yesterday that they have I forget the exact number, but they're putting out I think it was two hundred and fifty or so million.
So how can people find grant information? Like how can you even.
Google choice that specific one choice neighborhood implementation grant. They have a planning grant too that cities typically go and like that's such a five hundred thousand where they pay different consultants to put together their plan.
But that fifty million is huge.
Yeah, I mean in relationships again, like you said, the fact that the mayor knew the Secretary of HUD and the fact that the Secretary of HUD looks like us.
Yeah, helps absolutely. In two years that might not be the case. It's time to strike or at least learn because in eight years it might be.
The case again exactly. But you'll be prepared once you put yourself in that position. Like my preparation really is what's manifesting itself into what we are starting to see today. Like I if it wasn't for me doing those tax created deals. I wouldn't be able to do this master plan stuff, but I know how to do each individual deal. So now when I'm putting together seven, it's like I know how to do each individual one. But let me
put together the plan for the seven. Now I got integral and partnerships here, it'll be able to help streamline that process.
Compare yourself for the moment, that's right.
An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from El Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United States
Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fined nearly one thousand dollars a day, imprisoned, and deported. You will never return. But if you register using our CBP home app, and leave now. You could be allowed to return legally.
Do what's right. Leave now. Under President Trump America's laws, border and families will be protected.
Sponsored by the United States Department of Homeland Security,