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 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.
So let me ask you this, because but you're still a business man and you're in it to make money, right, So when you're doing these projects and fifty of the housing is going to low or middle income or you just talked about where you can buy and it is based off of your income, So how are you making money off of this? The city gives you subsidies to
subsidize the price. So like if somebody should be paying four thousand but they're only paying one thousand, is the city subsidized three thousand dollars?
Absolutely?
So what will happened is there's two types of substis capital subsidy and there's rental subsidy. So so capital subsidy works like this, like, you know, we're doing the development and it costs ten million to do the development, right, but that development can only support six million of debt or six million of capital because of the depressed costs.
The city's going to put in the additional subsidy. It's a very simplistic way to look at it.
That's kind of how it works and how we get paid is when you create that that budget, our fee is part of the budget. So it's like it's right, it's baked right in.
So it's like a building costs ten million, you have six million. The city will put the other four million in for you. But for them pointing four million in for you, they're gonna say we need thirty percent of the market rate. So then the math it works out. It's kind of like an even exchange all lost. That's right, right, right right.
They subsidized the city has to subsidize.
The building and the operations of affordable housing because otherwise it wouldn't work.
What's the what how much do you need to have an affordable housing building? Like like a percentage?
I mean, we do some.
We have a building that we're bringing to market right now in the Bronx on Union Avenues, to ninety five unit building.
It's one hundred percent affordable.
But that was done from the genesis with the city with the intention of doing an affordable housing building. And by the way, that's also a joint venture with the church, where we did a deal.
With the church.
They owned the land and they had aspirations. I mean, it's a really good, really nice church. They had aspirations to stay there.
They wanted a new church facility.
And you know a lot of their members have passed away or retired, moved away, and the congregation dwindled. So when we were introduced to them, we had an idea, Listen, let's work out an affordable housing deal. We brought them into the partnership where they are thirty percent owner as well, and they get a new church facility. But all that was done under one budget that includes a developer fee.
So we're able to do you know, do good help this church create affordable housing, but we made money by doing it too.
That literally is what's happened to my church in the Michelle.
We're going to be on the bottom floor, there'll be retail space, but they you know, there's going to be a tower above it. You said something about, yeah, we will sleep for a while, but now we need to be woken. Part of it is seeing people like you, but we need to see more people like you. And I know you're on the board for the New York Real Estate direct So can you talk about your role and the importance that that organization plays in that process of developing more developers that look like us?
Yeah, I mean so, NYREK is the New York Real Estate Chamber. It is the leading advocacy group for all the diverse developers in New York State. So if you're you know, anyone doing any project of scale, and note that's a black or brown developer. Female developers is a member of this organization, and you know, thirty years ago you wouldn't see anybody like us doing real estate right. It has just been a very undiverse industry, no diversity. And so I'm on the board. I'm actually chairman of
the board. Cheryl McKissick is a board member with me. Don Peeples is a board member with me. But we have a bunch of other board members and developers that are for profit and not for profits, but we all work towards the same thing, to increase access to economic opportunity and capital for diverse developers. And we've been making a lot.
Erners.
What's up.
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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 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, We've been i think achieving a lot of success. We are looking to recruit and bring as many folks who are interested in real estate development into the fold as possible because of the knowledge that we have has to be shared. It's the only way we're going to grow our ranks, right, and I like to borrow, you know, rubric from our Jewish brothers and sisters. I see so much collaboration in synagogues.
You go to any Synegague unit, see five or ten businessmen who work together. And we try and do the same thing. Don Peebles always says, you know, when he sees another black developer, he doesn't see a competitor, he sees a potential partner. And that's how you know, we
look at it. In Iraq, we are doing a lot of deals that are larger because we collaborate with each other, like Affirmation Tower, you know, the People's Organization, my company, the Bolstero in Atlanta and Third and Urban one an RFP last month to develop a huge site next to Microsoft's ninety acre campus.
Right.
It's just going to be you know, one point two million square feet that will develop, which will consist of four hundred and ninety five units of houses, an office building, and a hotel. That's going to be done right at the bank Head train station. We're going to build a platform over transition in Atlanta and go vertical, and we're getting busy in Atlanta anyway. We love that market. We want to do as much as possible so growing markets flourishing.
The government is super supportive of these types.
Of public private partnerships.
They're aware of developing assets in an economically diverse way, so that we could create some affordable housing in combination with commercial and market rate development just makes a lot of sense. So collaborating together allowed us to win that. And there's we have a lot of instances even amongst other direct members where you know, other members have collaborated or winning There's a there's a you know, group one, a great project up in Boston associated with a train
station not not too long ago. They're winning deals with NISCHE, the New York City Housing Authority, where we have our members taken down you know, five six, seven, eight hundred unit that they're going to renovate and put back into service and help improve the overall physical condition of those buildings that they've been so dilapidated for so long. But again,
this is all being done through collaboration. So we want to work with as many folks who are interested in real estate development and we welcome people into the fold, and we want to grow our ranks.
It sounds like you have almost right if you're talking about Iraq, that's obviously here in New York, but working in Boston, having development in Atlanta, you're working with other municipalities domestically. Is there one or is there thoughts of this creating one that can create on a national level?
We'd love to, man.
I mean, I think when you look at what's happening again, that seven million unit housing opportunity, right, I would like to see a lot of minorities and women take advantage of it, right nationally, So I look at direct as being a model what can happen through collaboration. There's also a lot of advocacy that we do with elected officials, right.
We have to spend a lot of time with not only elected officials, but government agencies on the state, federal, sometimes in city level, trying to make sure economic opportunity is awarded fairly because for a long time, you know, we were persona non grata. There was nothing coming to us. And it's a shame because you have in most urban environments, in most cities around the country, no mayor gets elected
without the black vote. So we're going to put people in office to make sure we get in a piece of economic pie. So we'd love to take Iraq or an organization like Iraq nationally and have the same type of contract and the same type of mechanisms we use here replicated around the country.
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 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,