WEBVTT - Cliff Notes: Mixed-Income Housing: A Solution for Closing the Wealth Gap?

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Is affordable housing from a developer perspective, just from a okay,

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<v Speaker 3>social perspective. Yeah, is it beneficial in closing the wealth gap?

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<v Speaker 4>Oh?

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<v Speaker 3>Or does it just keep status quo? You're doing a

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<v Speaker 3>good thing by providing service for people. Yeah, but I

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<v Speaker 3>just I don't know if that is something it's exactly

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<v Speaker 3>It's like welfare, right, Welfare is beneficial, yeah, assistance, yes,

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<v Speaker 3>but it's you're kind of staying at this level es right.

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<v Speaker 4>Yeah, you one hundred percent? Right.

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<v Speaker 5>So, affordable housing in the traditional sense most people think

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<v Speaker 5>it's Section eight, you know all of that stuff. But

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<v Speaker 5>if y'all notice, like, for the most part, I do

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<v Speaker 5>mixed income housing, so I have market right units and

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<v Speaker 5>pretty much all of my deals. It may be sixty

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<v Speaker 5>percent or seventy percent affordable, it maybe twenty percent market

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<v Speaker 5>And even affordability is at different levels. It's thirty percent

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<v Speaker 5>of the AMI, which is low income. At Section eight,

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<v Speaker 5>you got it at fifty sixty percent of the AMI,

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<v Speaker 5>which is typically your workforce, so you're barista at the

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<v Speaker 5>local coffee shop or your teacher, et cetera.

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<v Speaker 4>They live there as well.

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<v Speaker 5>But then the market rate folks that may be at

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<v Speaker 5>six figures plus are also in these buildings, our building

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<v Speaker 5>areas that are predominantly market rate. So like the Water

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<v Speaker 5>Street building that I'm putting up right now, it'll be

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<v Speaker 5>done really at the end of this month, but people

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<v Speaker 5>start moving in next month. That building right next door

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<v Speaker 5>is a ton of condos right across the street, a ton

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<v Speaker 5>of condos. There were fifty people on opposition every single

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<v Speaker 5>community meeting we have for that deal, because they didn't

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<v Speaker 5>want them around. They thought of like this negative stigma

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<v Speaker 5>of affordable housing. Again, what I'm doing is mixed income housing.

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<v Speaker 4>So like the.

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<v Speaker 5>People that are living in that condo can actually live

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<v Speaker 5>here too if they want to sell. Are kind of

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<v Speaker 5>a move and it's justice quality. So when you have

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<v Speaker 5>a mixed income in one group, that's where you have

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<v Speaker 5>the different levels of collaboration. It's kind of like Uel, right,

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<v Speaker 5>I think about investmentest there are people super low income,

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<v Speaker 5>there are people meeting income, and there are people extra

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<v Speaker 5>extremely high end QUO. That's the melting pot of success.

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<v Speaker 5>If you just continuously have affordability at this level and below,

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<v Speaker 5>we never get out of that because you never see,

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<v Speaker 5>you never learn, you never grow. Y'all are to live

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<v Speaker 5>an example of really the answer to your question. You

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<v Speaker 5>got to see something to believe in. And if you

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<v Speaker 5>just keep that concentration of poverty together, no, that is

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<v Speaker 5>nothing answer at though.

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<v Speaker 4>This is why you text me.

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<v Speaker 6>This is why you text me after the segment that

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<v Speaker 6>we were going back and forth on market. Mondays, that's right,

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<v Speaker 6>and I was trying to It's kind of like the

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<v Speaker 6>first thing is like, let's have our basic needs met

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<v Speaker 6>and then let's be inspired. So both I think both

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<v Speaker 6>both points are pretty valid. You did the mixed units,

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<v Speaker 6>but there's also different types of real estate that you're

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<v Speaker 6>invested in now, So let's talk about what the portfolio is.

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<v Speaker 4>Going to be looking like in the next five to

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<v Speaker 4>ten years.

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<v Speaker 5>Yeah, great question. U. Diversification from a geographic perspective a

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<v Speaker 5>kind of outline. But to your point, I'm looking at

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<v Speaker 5>other things. I think development and general right now is down.

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<v Speaker 5>Like real estate is cyclical. There's four cycles. Like we're

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<v Speaker 5>not in a good one right now. I won't say

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<v Speaker 5>not in a good one, We're just in one that's

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<v Speaker 5>historically like bad, right You just have to know what

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<v Speaker 5>to do within that cycle. So right now, what I'm

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<v Speaker 5>really looking at is multi family acquisitions, Like how do

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<v Speaker 5>I go, Yes, I got a couple thousand units on

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<v Speaker 5>my pipeline that I'm developing over the next eight to

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<v Speaker 5>ten I take a long time, but how do I

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<v Speaker 5>buy five thousand units? In the next five years acquisitions

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<v Speaker 5>you can buy that. Like literally the formula on the

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<v Speaker 5>commercial real estate side, again, it's simple, one hundred million dollars.

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<v Speaker 5>I'm getting seventy a debt. I need thirty million equity.

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<v Speaker 5>I need to bring three million to the table. So really,

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<v Speaker 5>through the various platforms and initiatives, we can start to

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<v Speaker 5>identify that three million so I could bring and find

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<v Speaker 5>it twenty seven that can then fund the one hundred

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<v Speaker 5>million dollar deal.

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<v Speaker 4>From an acquisition perspective, if I can.

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<v Speaker 5>Scale that up, it it's a level of balance, like

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<v Speaker 5>not just suffordability, because developers are very like asset rich

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<v Speaker 5>balance seats crazy, but like cash poor. I just said

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<v Speaker 5>it takes five hundred thousd to a million dollars a deal,

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<v Speaker 5>So if you got five of them things, no matter

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<v Speaker 5>how wealthy you are, at a certain point, it's like

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<v Speaker 5>my cash is low. But the thing about the value

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<v Speaker 5>asked stuff. I had a friend Venus, she bought a

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<v Speaker 5>deal right outside of Atlanta.

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<v Speaker 4>I think it was.

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<v Speaker 3>Four.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy Noman, the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day. Imprisoned and deported, you will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump America's laws,

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<v Speaker 1>border and families will.

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<v Speaker 2>Be protected sponsored by the United States Department of Homeland

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<v Speaker 2>Security forty million in twenty twenty one, and SODA for

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<v Speaker 2>one to twenty and like or twenty twenty twenty and

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<v Speaker 2>TOTA eighteen months later for like one twenty.

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<v Speaker 5>So you look at opportunities from a value a perspective

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<v Speaker 5>if you know how to underwrite them and look for

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<v Speaker 5>the right things. There's Class C and DP properties that

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<v Speaker 5>really need the same level care that some of these

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<v Speaker 5>new developments are getting. You go in, you put in

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<v Speaker 5>the rehab money, you go fix it up. Now it's

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<v Speaker 5>to be B plus a minus. Now you're cranking out

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<v Speaker 5>income equivalent to the new construction stuff that's out there

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<v Speaker 5>at a fraction of the costs. So the value here

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<v Speaker 5>is probably just less than the value there. But your

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<v Speaker 5>basis for getting in is here, so that spread is yours.

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<v Speaker 5>So I'm really looking at it from that perspective. From

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<v Speaker 5>a multi family acquisition play, developing some studios in Atlanta.

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<v Speaker 5>Hopefully by the time this comes out, I can make

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<v Speaker 5>a formal announcement, but two really really big you know,

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<v Speaker 5>partners in conversations with their industrial that was one of

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<v Speaker 5>the best asset classes in the pandemic across anything. I mean,

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<v Speaker 5>didn't matter, stocks, bonds, real estate don't matter. Industrial real

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<v Speaker 5>estate was toe to toe with anything else you put

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<v Speaker 5>up there. So when you look at that, it's like, Okay,

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<v Speaker 5>regardless of anything that's going on in capital markets, this

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<v Speaker 5>specific thing is booming. And for production in Atlanta, it's

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<v Speaker 5>the new Hollywood right like literally, it's the new Hollywood.

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<v Speaker 5>They have a thirty percent tax credit. If you do

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<v Speaker 5>one hundred million dollar production in Atlanta, you get thirty

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<v Speaker 5>million back.

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<v Speaker 4>That's why they're there.

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<v Speaker 5>So from a resident from a development perspective, my partner

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<v Speaker 5>is an Exbert and those guys they developed third Rail

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<v Speaker 5>Studios ended up selling it and whatnot. But the Rocks

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<v Speaker 5>movie Rampage was film there, Ozark was filmed there. Like

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<v Speaker 5>that's the quality of productions that will be coming out

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<v Speaker 5>of these studios. So studios, I think is a huge

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<v Speaker 5>opportunity in Atlanta. It'll get saturated in a little bit,

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<v Speaker 5>but right now, it's time to strike.

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<v Speaker 3>So what about the Choice Neighborhood Implementation grant?

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<v Speaker 4>It's that deal.

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<v Speaker 5>So that's that's the Birmingham man. That three hundred and

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<v Speaker 5>seventy million that they put it was from the federal government.

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<v Speaker 5>So last time we did a deep dive on tax credits,

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<v Speaker 5>but I think this time we should definitely highlight this fact.

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<v Speaker 4>I won a fifty million dollar grand granted.

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<v Speaker 5>Was a team but I when I did that interview

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<v Speaker 5>two and a half years ago, I didn't know I

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<v Speaker 5>could win a fifty million dollar grant. I had no

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<v Speaker 5>clue that there was a fifty million dollar grant exists

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<v Speaker 5>that Brandon Rule could be a part of. But now

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<v Speaker 5>it's like, oh, I do so the Choice Neighborhood Implementation

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<v Speaker 5>grant is that fifty out of the three seventy, it

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<v Speaker 5>was the highest one that got We got the biggest check.

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<v Speaker 5>Some people have fifty, some got forty, some got less.

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<v Speaker 5>But it allows you to redevelop these communities. And when

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<v Speaker 5>I talked about the capital stack earlier on the community

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<v Speaker 5>development side, the value is here, but the cost is here.

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<v Speaker 5>That fifty million plugs in that delta.

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<v Speaker 3>Where's the grant from the state federal Yeah, so that's

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<v Speaker 3>when Secretary of FUDGS came down, brought the check federal government.

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<v Speaker 4>Every year they put it out. They just actually announced.

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<v Speaker 5>Yesterday that they have I forget the exact number, but

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<v Speaker 5>they're putting out I think it was two hundred and

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<v Speaker 5>fifty or so million.

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<v Speaker 4>So how can people find grant information? Like how can

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<v Speaker 4>you even.

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<v Speaker 5>Google choice that specific one choice neighborhood implementation grant. They

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<v Speaker 5>have a planning grant too that cities typically go and

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<v Speaker 5>like that's such a five hundred thousand where they pay

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<v Speaker 5>different consultants to put together their plan.

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<v Speaker 4>But that fifty million is huge.

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<v Speaker 6>Yeah, I mean in relationships again, like you said, the

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<v Speaker 6>fact that the mayor knew the Secretary of HUD and

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<v Speaker 6>the fact that the Secretary of HUD looks like us.

0:12:13.840 --> 0:12:17.160
<v Speaker 4>Yeah, helps absolutely. In two years that might not be

0:12:17.240 --> 0:12:20.360
<v Speaker 4>the case. It's time to strike or at least learn

0:12:20.440 --> 0:12:21.640
<v Speaker 4>because in eight years it might be.

0:12:21.640 --> 0:12:24.319
<v Speaker 5>The case again exactly. But you'll be prepared once you

0:12:24.640 --> 0:12:27.360
<v Speaker 5>put yourself in that position. Like my preparation really is

0:12:27.360 --> 0:12:30.720
<v Speaker 5>what's manifesting itself into what we are starting to see today.

0:12:30.880 --> 0:12:32.959
<v Speaker 5>Like I if it wasn't for me doing those tax

0:12:33.040 --> 0:12:34.920
<v Speaker 5>created deals. I wouldn't be able to do this master

0:12:34.960 --> 0:12:37.680
<v Speaker 5>plan stuff, but I know how to do each individual deal.

0:12:38.120 --> 0:12:39.880
<v Speaker 5>So now when I'm putting together seven, it's like I

0:12:39.920 --> 0:12:41.679
<v Speaker 5>know how to do each individual one. But let me

0:12:41.720 --> 0:12:43.640
<v Speaker 5>put together the plan for the seven. Now I got

0:12:43.679 --> 0:12:45.960
<v Speaker 5>integral and partnerships here, it'll be able to help streamline

0:12:46.000 --> 0:12:46.440
<v Speaker 5>that process.

0:12:46.440 --> 0:12:48.400
<v Speaker 4>Compare yourself for the moment, that's right.

0:12:48.520 --> 0:12:52.120
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:12:52.200 --> 0:12:56.000
<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

0:12:56.240 --> 0:13:00.440
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:13:00.480 --> 0:13:04.360
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:13:04.440 --> 0:13:08.199
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:13:08.240 --> 0:13:11.840
<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:13:11.840 --> 0:13:16.640
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:13:16.679 --> 0:13:20.199
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:13:20.280 --> 0:13:23.480
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:13:23.559 --> 0:13:27.440
<v Speaker 1>are here illegally, your next you will be fined nearly

0:13:27.520 --> 0:13:31.520
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:13:31.559 --> 0:13:35.520
<v Speaker 1>never return. But if you register using our CBP home app,

0:13:35.559 --> 0:13:38.640
<v Speaker 1>and leave now. You could be allowed to return legally.

0:13:39.000 --> 0:13:43.760
<v Speaker 1>Do what's right. Leave now. Under President Trump America's laws,

0:13:43.920 --> 0:13:46.360
<v Speaker 1>border and families will be protected.

0:13:46.440 --> 0:13:48.600
<v Speaker 2>Sponsored by the United States Department of Homeland Security,