Richard Koenig is HODC’s Executive Director and has led the development of over 600 units of affordable housing!
Richard starts with how he found his “Why” and discovering that he wanted to dedicate his career to helping solve the lack of affordable housing. He gets granular on the financing and approval process on these types of developments. Richard compares market rate housing to affordable housing including cost to build and tenant screening. He shares advice on how smaller investors can help contribute to the affordable housing issue and make a positive impact in their community!
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01:48 Housing Provider Tip - The legal way around HOA rules about lease terms!
03:47 Intro to our guest, Richard Koenig!
08:15 Financing and tax credits for affordable housing development.
14:32 Guidelines for affordable housing designation.
19:08 Dealing with affordable housing critics.
25:31 The economics of building affordable housing.
31:05 Tenant screening process!
38:53 Contributing to affordable housing as a smaller investor.
44:58 Top challenges for developers.
48:27 Opportunities for improvements to bring more development.
51:39 What is your competitive advantage?
51:55 One piece of advice for new investors.
52:18 What do you do for fun?
52:40 Good book, podcast, or self development activity that you would recommend?
53:09 Local Network Recommendation?
54:07 How can the listeners learn more about you and provide value to you?
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Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: Richard Koenig
Guest Company: Housing Opportunity Development Corporation (HODC)
Guest Link: https://hodc.org/
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