Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership.
Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
Speaker 1: Under President Trump, attempted illegal border crossings are at the
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
Speaker 1: aliens have been arrested. If you are here illegally, your
Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
Speaker 1: and deported.
Speaker 2: You will never return.
Speaker 1: But if you register using our CBP home app and
Speaker 1: leave now, you could be allowed to return legally.
Speaker 2: Do what's right. Leave now.
Speaker 1: Under President Trump, America's laws, border and families will.
Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
Speaker 4: So let me ask you this, because but you're still
Speaker 4: a business man and you're in it to make money, right,
Speaker 4: So when you're doing these projects and fifty of the
Speaker 4: housing is going to low or middle income or you
Speaker 4: just talked about where you can buy and it is
Speaker 4: based off of your income, So how are you making
Speaker 4: money off of this? The city gives you subsidies to
Speaker 4: subsidize the price. So like if somebody should be paying
Speaker 4: four thousand but they're only paying one thousand, is the
Speaker 4: city subsidized three thousand dollars?
Speaker 5: Absolutely?
Speaker 3: So what will happened is there's two types of substis
Speaker 3: capital subsidy and there's rental subsidy. So so capital subsidy
Speaker 3: works like this, like, you know, we're doing the development
Speaker 3: and it costs ten million to do the development, right,
Speaker 3: but that development can only support six million of debt
Speaker 3: or six million of capital because of the depressed costs.
Speaker 5: The city's going to put in the additional subsidy. It's
Speaker 5: a very simplistic way to look at it.
Speaker 3: That's kind of how it works and how we get
Speaker 3: paid is when you create that that budget, our fee
Speaker 3: is part of the budget. So it's like it's right,
Speaker 3: it's baked right in.
Speaker 4: So it's like a building costs ten million, you have
Speaker 4: six million. The city will put the other four million
Speaker 4: in for you. But for them pointing four million in
Speaker 4: for you, they're gonna say we need thirty percent of
Speaker 4: the market rate. So then the math it works out.
Speaker 4: It's kind of like an even exchange all lost. That's right, right,
Speaker 4: right right.
Speaker 5: They subsidized the city has to subsidize.
Speaker 3: The building and the operations of affordable housing because otherwise
Speaker 3: it wouldn't work.
Speaker 4: What's the what how much do you need to have
Speaker 4: an affordable housing building? Like like a percentage?
Speaker 5: I mean, we do some.
Speaker 3: We have a building that we're bringing to market right
Speaker 3: now in the Bronx on Union Avenues, to ninety five
Speaker 3: unit building.
Speaker 5: It's one hundred percent affordable.
Speaker 3: But that was done from the genesis with the city
Speaker 3: with the intention of doing an affordable housing building. And
Speaker 3: by the way, that's also a joint venture with the church,
Speaker 3: where we did a deal.
Speaker 5: With the church.
Speaker 3: They owned the land and they had aspirations. I mean,
Speaker 3: it's a really good, really nice church. They had aspirations
Speaker 3: to stay there.
Speaker 5: They wanted a new church facility.
Speaker 3: And you know a lot of their members have passed
Speaker 3: away or retired, moved away, and the congregation dwindled. So
Speaker 3: when we were introduced to them, we had an idea, Listen,
Speaker 3: let's work out an affordable housing deal. We brought them
Speaker 3: into the partnership where they are thirty percent owner as well,
Speaker 3: and they get a new church facility. But all that
Speaker 3: was done under one budget that includes a developer fee.
Speaker 3: So we're able to do you know, do good help
Speaker 3: this church create affordable housing, but we made money by
Speaker 3: doing it too.
Speaker 5: That literally is what's happened to my church in the Michelle.
Speaker 6: We're going to be on the bottom floor, there'll be
Speaker 6: retail space, but they you know, there's going to be
Speaker 6: a tower above it. You said something about, yeah, we
Speaker 6: will sleep for a while, but now we need to
Speaker 6: be woken. Part of it is seeing people like you,
Speaker 6: but we need to see more people like you. And
Speaker 6: I know you're on the board for the New York
Speaker 6: Real Estate direct So can you talk about your role
Speaker 6: and the importance that that organization plays in that process
Speaker 6: of developing more developers that look like us?
Speaker 3: Yeah, I mean so, NYREK is the New York Real
Speaker 3: Estate Chamber. It is the leading advocacy group for all
Speaker 3: the diverse developers in New York State. So if you're
Speaker 3: you know, anyone doing any project of scale, and note
Speaker 3: that's a black or brown developer. Female developers is a
Speaker 3: member of this organization, and you know, thirty years ago
Speaker 3: you wouldn't see anybody like us doing real estate right.
Speaker 3: It has just been a very undiverse industry, no diversity.
Speaker 3: And so I'm on the board. I'm actually chairman of
Speaker 3: the board. Cheryl McKissick is a board member with me.
Speaker 3: Don Peeples is a board member with me. But we
Speaker 3: have a bunch of other board members and developers that
Speaker 3: are for profit and not for profits, but we all
Speaker 3: work towards the same thing, to increase access to economic
Speaker 3: opportunity and capital for diverse developers. And we've been making
Speaker 3: a lot.
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Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership.
Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.
Speaker 1: Under President Trump, attempted illegal border crossings are at the
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal aliens.
Speaker 2: Have been arrested.
Speaker 1: If you are here illegally, your next you will be
Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.
Speaker 2: You will never return.
Speaker 1: But if you register using our CBP home app and
Speaker 1: leave now, you could be allowed to return legally.
Speaker 2: Do what's right. Leave now.
Speaker 1: Under President Trump, America's laws, border and families will be protected.
Speaker 3: Sponsored by the United States Department of Homeland Security, We've
Speaker 3: been i think achieving a lot of success. We are
Speaker 3: looking to recruit and bring as many folks who are
Speaker 3: interested in real estate development into the fold as possible
Speaker 3: because of the knowledge that we have has to be shared.
Speaker 3: It's the only way we're going to grow our ranks, right,
Speaker 3: and I like to borrow, you know, rubric from our
Speaker 3: Jewish brothers and sisters. I see so much collaboration in synagogues.
Speaker 3: You go to any Synegague unit, see five or ten
Speaker 3: businessmen who work together. And we try and do the
Speaker 3: same thing. Don Peebles always says, you know, when he
Speaker 3: sees another black developer, he doesn't see a competitor, he
Speaker 3: sees a potential partner. And that's how you know, we
Speaker 3: look at it. In Iraq, we are doing a lot
Speaker 3: of deals that are larger because we collaborate with each other,
Speaker 3: like Affirmation Tower, you know, the People's Organization, my company,
Speaker 3: the Bolstero in Atlanta and Third and Urban one an
Speaker 3: RFP last month to develop a huge site next to
Speaker 3: Microsoft's ninety acre campus.
Speaker 5: Right.
Speaker 3: It's just going to be you know, one point two
Speaker 3: million square feet that will develop, which will consist of
Speaker 3: four hundred and ninety five units of houses, an office building,
Speaker 3: and a hotel. That's going to be done right at
Speaker 3: the bank Head train station. We're going to build a
Speaker 3: platform over transition in Atlanta and go vertical, and we're
Speaker 3: getting busy in Atlanta anyway. We love that market. We
Speaker 3: want to do as much as possible so growing markets flourishing.
Speaker 3: The government is super supportive of these types.
Speaker 5: Of public private partnerships.
Speaker 3: They're aware of developing assets in an economically diverse way,
Speaker 3: so that we could create some affordable housing in combination
Speaker 3: with commercial and market rate development just makes a lot
Speaker 3: of sense. So collaborating together allowed us to win that.
Speaker 3: And there's we have a lot of instances even amongst
Speaker 3: other direct members where you know, other members have collaborated
Speaker 3: or winning There's a there's a you know, group one,
Speaker 3: a great project up in Boston associated with a train
Speaker 3: station not not too long ago. They're winning deals with NISCHE,
Speaker 3: the New York City Housing Authority, where we have our
Speaker 3: members taken down you know, five six, seven, eight hundred
Speaker 3: unit that they're going to renovate and put back into
Speaker 3: service and help improve the overall physical condition of those
Speaker 3: buildings that they've been so dilapidated for so long. But again,
Speaker 3: this is all being done through collaboration. So we want
Speaker 3: to work with as many folks who are interested in
Speaker 3: real estate development and we welcome people into the fold,
Speaker 3: and we want to grow our ranks.
Speaker 6: It sounds like you have almost right if you're talking
Speaker 6: about Iraq, that's obviously here in New York, but working
Speaker 6: in Boston, having development in Atlanta, you're working with other
Speaker 6: municipalities domestically. Is there one or is there thoughts of
Speaker 6: this creating one that can create on a national level?
Speaker 5: We'd love to, man.
Speaker 3: I mean, I think when you look at what's happening again,
Speaker 3: that seven million unit housing opportunity, right, I would like
Speaker 3: to see a lot of minorities and women take advantage
Speaker 3: of it, right nationally, So I look at direct as
Speaker 3: being a model what can happen through collaboration. There's also
Speaker 3: a lot of advocacy that we do with elected officials, right.
Speaker 3: We have to spend a lot of time with not
Speaker 3: only elected officials, but government agencies on the state, federal,
Speaker 3: sometimes in city level, trying to make sure economic opportunity
Speaker 3: is awarded fairly because for a long time, you know,
Speaker 3: we were persona non grata. There was nothing coming to us.
Speaker 3: And it's a shame because you have in most urban environments,
Speaker 3: in most cities around the country, no mayor gets elected
Speaker 3: without the black vote. So we're going to put people
Speaker 3: in office to make sure we get in a piece
Speaker 3: of economic pie. So we'd love to take Iraq or
Speaker 3: an organization like Iraq nationally and have the same type
Speaker 3: of contract and the same type of mechanisms we use
Speaker 3: here replicated around the country.
Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership.
Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.
Speaker 1: Under President Trump, attempted illegal border crossings are at the
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal aliens.
Speaker 2: Have been arrested.
Speaker 1: If you are here illegally, your next you will be
Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.
Speaker 2: You will never return.
Speaker 1: But if you register using our CBP home app and
Speaker 1: leave now, you could be allowed to return legally.
Speaker 2: Do what's right. Leave now.
Speaker 1: Under President Trump, America's laws, border and families will be protected.
Speaker 5: Sponsored by the United States Department of Homeland Security,