Twenty something building hundreds of aff units. How?
Recently watched a podcast with a mid twenties developer who worked for someone for 3 years and now has hundreds of units in construction in LA (LIHTC) after only a couple years. I've been in development for a long time and know a bit about affordable, but had always thought the barriers to entry were extremely high in affordable tax credit deals. Not just dealing with the tax credits, but all the gap funding sources and bonds, guarantees on loans, tying up the land and then being able to start asap after you get the credits.
This kid is definitely smart and driven but has almost no experience and is building some 100-200 unit projects. I also thought the aff LIHTC game in LA was nearly impossible to do. I know tons of large developers who would kill to do these projects but somehow this kid has figured it out? Am I missing something?
