2023 Spring Issue - 27
ments
income [AMI], which means low- to
moderate-income families. The
reason I'm so excited to participate
in today's conversation is that
it takes our collective expertise
to fully solve the housing affordability
challenges. It can't just be
one person, one group, and one
approach. It's important to appreciate
how we're collectively addressing
housing issues from various
sectors and perspectives.
Hill: Catherine, is affordable
housing or workforce housing
associated with the markets
where Amazon has a presence,
or is it more of an altruistic
approach across markets
all together?
Buell: Many people ask if the
Amazon Housing Equity Fund is
focused on creating housing for
Amazon employees only. The
answer is no. We are focused on
the community at large. We used
a data-informed approach that is
informed by community need. One
of the things that we benefited
from is that there are a lot of
studies put out there by housing
experts about what is happening in
the housing market that identifies
where housing is most needed and
the resources that are needed to
help people alleviate housing cost
burden. We intentionally worked to
deepen our cost savings for low- to
moderate-income families by focusing
on transit-oriented solutions.
Our work was well informed by
experts who shared their knowledge
years before Amazon Housing
Equity Fund came along, allowing
us to build on the groundwork laid
by thought leaders, local transit
agencies, and others.
Hill: TJ, what is Dominium's
focus? What markets and
asset types drive your business?
TJ
McElroy: We're focused on
LIHTC [Low-Income Housing Tax
Credit] development in the Sun
Belt states, and that's driven by
the population growth and AMI
growth in those markets. Dominium
was founded in Minneapolis and
still has a presence there, but we
recently opened offices in Phoenix,
Atlanta, and Dallas. I recently relocated
to Dallas, and a lot of that
is driven by where we're doing
business. We want to be in the
markets that we're developing new
projects in.
In LIHTC development, rents by
definition are capped. So, if we're
going to make a long-term investment
today that we're going to hold
for 15 to 20 years, we want to make
sure 10, 15, 20-plus years from
now, we're putting the stake down
in an area we believe in long term.
And the other side of it is we want
to be somewhere that supports
that housing politically.
There's a lot going on right now
around the country, where people
are talking about rent caps and
other restrictions that make it difficult
to develop housing in those
markets. We think of the affordability
crisis as a supply issue and
want to build in markets that support
that view.
Hill: Michael and Lionel, as
lenders, can you talk about
where you focus your activities
from a capital perspective?
Lionel
Lynch: Within JPMorgan
Chase in our Capital Solutions
group, we recognize that the need
and the growth of market opportunities-as
well as the need for new
options for individuals-require
new sources of capital in the housing
ecosystem.
We really are committed to bringing
not just one tool and tweaking
it; we're approaching it from
the perspective of leveraging and
utilizing our deep expertise and
understanding of how to put capital
together, to bring new partners
into the ecosystem like [the $2 billion
Amazon Housing Equity Fund]
and also institutions that have
historically not been able to be
part of this housing finance ecosystem.
In
general, what we are financing
is what you would define
as " attainable, " but it could be
workforce, new types of affordable,
as well as a broader range
of housing options that could be
mixed income using new types of
capital-for instance, higher education
or health care systems that
absolutely have a need but
have not historically been in the
housing finance ecosystem.
There's this enormous market
opportunity.
SPRING 2023
URBAN LAND
27
" Many people ask if the
Amazon Housing Equity Fund
is focused on creating housing
for Amazon employees only.
The answer is no. We are
focused on the community
at large. "
-CATHERINE BUELL, FORMER
DIRECTOR, AMAZON HOUSING
EQUITY FUND
2023 Spring Issue
Table of Contents for the Digital Edition of 2023 Spring Issue
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