The Impact Real Estate Podcast: The Summer Series with Darnell Williams

On this episode of the Impact Real Estate Podcast, we kick off our Summer Series by revisiting our conversation with Darnell Williams, the Senior Vice President of Property Operations at Eden Housing. We talk about his indirect path to real estate and how he rose up from the projects of south side Chicago to managing one of the largest affordable housing portfolios in California.

Apple Podcasts: https://apple.co/3I3nkG9

Spotify: https://spoti.fi/35ZJGLT

Web: https://www.jacksonlucas.com/podcast/summer-darnell-williams

Episode Notes

03:30 - Wearing a lot of hats

04:45 - What is Eden Housing?

09:11 - Robust service platform

12:59 - One-night stands

14:14 - Cap and interest rates

15:58 - Onboarding rocess

20:18 - Child of Chicago

24:42 - Choosing nonprofit

26:58 - FP vs NP

29:53 - "I don't want to get in trouble here..."

34:13 - The Hot Seat

Takeaways

• Eden Housing is a nonprofit organization focused on providing affordable housing in California.

• Asset management at Eden Housing involves portfolio management, reporting, and building performance.

• Resident services are an important aspect of affordable housing, including financial literacy, senior services, and after-school programs.

• Partnerships with other service providers are crucial to provide comprehensive services to residents.

• Acquiring and managing properties in the affordable housing market can be challenging, and asset managers must consider long-term sustainability.

• Competition from for-profit investors in the affordable housing market is a concern.

• Darnell Williams shares his personal journey from growing up in affordable housing in Chicago to working in the affordable housing industry. • Decision-making in the nonprofit world tends to be more cautious and risk-averse, with a focus on vetting ideas thoroughly before moving forward.

• Doing business in California presents specific challenges, such as the need to apply to multiple agencies for financing and deal approval.

• The process of building new properties in California can be lengthy, taking up to two years or more, and there is a need to focus on densifying housing to address the housing crisis.

• Interpersonal skills, financial literacy, and problem-solving abilities are crucial for success in asset management.

• Diversity and inclusion efforts are important in the real estate industry, and organizations like ARAP provide support and opportunities for professionals of color.

• Asset management has a significant impact on organizations and communities by influencing decisions related to building, operating, and financially sustaining affordable housing.