Event

Private Capital Investment in Multifamily Affordable Housing

March 27, 2023

On Monday, March 27, 2023, the Federal Reserve Bank of New York hosted an in-person-only event focused on private capital investment in affordable multifamily rentals. The event covered policy issues related to tenants and affordability restrictions; strategies used by investment managers in deploying capital; and investor motivations in exploring this asset class.

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Event Details

Date & Time
March 27, 2023
2:00 pm – 5:15 pm EDT (Reception to follow)

Location
Federal Reserve Bank of New York
Auditorium
33 Liberty Street
New York, NY
(In-person event only.)


Audience

This in-person event was open to the public. Registration closesd on Wednesday, March 22, 2023.

Media

This event was open to the media. All remarks were on the record and the event was recorded, with the recording to be made available afterward. For media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.



Agenda
Agenda
2:00pm-2:20pm Welcome Remarks

David Erickson, Head of Outreach & Education, Federal Reserve Bank of New York
2:20pm-2:40pm Research Presentation

Andrew Aurand, Senior Vice President for Research, National Low Income Housing Coalition
2:40pm-3:25pm Investment Manager Perspectives

Moderator: Jonathan Kivell, Director of Community Investments, Federal Reserve Bank of New York

Summer Haltli, Principal, FCP

Brian Allen (AJ) Jackson, Executive Vice President, Social Impact Investing, JBG SMITH

Antonio Marquez, Principal and Managing Partner, Comunidad Partners
3:25pm-3:40pm Break

3:40pm-4:25pm Investor Perspectives

Moderator: Carl Jenkins, Managing Director and Group Head of Community Capital Solutions, BMO

Christine Looney, Deputy Director, Mission Investments, Ford Foundation

Noelle St.Clair Lentz, CEO and Managing Director, Allivate Impact Capital

Adam Galowitz, Managing Director, Tax Advantaged Investments, State Street Bank & Trust Co.
4:25pm-5:10pm Policy Perspectives

Moderator: Rasheedah Phillips, Director of Housing, PolicyLink

Barika Williams, Executive Director, Association for Neighborhood Housing & Development

Mark Calabria, Senior Advisor, Cato Institute

Bob Simpson, President, Multifamily Impact Council
5:10pm-5:15pm Closing Remarks

Maria Carmelita Recto, Community Development Associate, Federal Reserve Bank of New York

Speakers

Andrew Aurand
Senior Vice President for Research
National Low Income Housing Coalition


Mark Calabria
Senior Advisor
Cato Institute


David Erickson
Head of Community Development
Federal Reserve Bank of New York


Adam Galowitz
Managing Director, Tax Advantaged Investments
State Street Bank & Trust Co.


Summer Haltli
Principal
FCP


Brian Allen (AJ) Jackson
Executive Vice President, Social Impact Investing
JBG SMITH


Carl Jenkins
Managing Director and Group Head of Community Capital Solutions
BMO


Jonathan Kivell
Director of Community Investments
Federal Reserve Bank of New York


Christine Looney
Deputy Director, Mission Investments
Ford Foundation


Antonio Marquez
Principal and Managing Partner
Comunidad Partners


Rasheedah Phillips
Director of Housing
PolicyLink


Maria Carmelita Recto
Community Development Associate
Federal Reserve Bank of New York


Bob Simpson
President
Multifamily Impact Council


Noelle St.Clair Lentz
CEO and Managing Director
Allivate Impact Capital


Barika Williams
Executive Director
Association for Neighborhood Housing & Development


The contents on this page-including third-party resources, hyperlinks and documents-are provided for informational purposes only and do not necessarily represent the views of the New York Fed or the Federal Reserve System.




A Case Study of Managers of Multifamily Affordable Housing Private Investment Vehicles

The case study focuses on survey responses from managers of private investment vehicles in multifamily affordable housing. The majority of respondents say they anticipate raising more equity in the next 12 to 24 months than they did in a roughly five-year period ending in August 2022. Additionally, respondents plan to more than quintuple their investment in new construction projects in the next 12 to 24 months.

Learn more.

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