FOR HEALTHY HOMES
Real Estate Development
Real Estate Development
The combined pipelines of partnering CDCs support bringing expert real estate capacity in-house. By hiring a Senior VP of Real Estate Development, OppCo members will have in-house expertise working to diversify pipelines and to expand the range and scale of real estate deals. OppCo will build expertise for acquisition and rehab, homeownership, and commercial development.
Bring Construction Management in house to reduce costs and increase capacity. Currently each CDC hires a consultant for construction management. In-house construction expertise is particularly useful in the deal origination stage.
Evaluate vertically integrated homeownership programs (e.g., NeighborWorks’ SHOP program) that could leverage first-time homebuyer training, create brokerage services, and develop homeownership housing across the region. OppCo provides opportunity to develop scattered site homeownership units with sufficient scale to support a viable enterprise. Expanded homeownership production responds to high demand and low supply in our region. OppCo-supported homeownership programming could include a variety of homeownership options, including fee simple, condo, and land trust.
Expand scattered site rehab capacity: An OppCo Rehab Specialist could focus on 1-4 family acquisition and rehab, possibly managing subs rather than employing a general contractor.
OppCo will explore providing real estate services to communities that are not served by CDCs.
Through OppCo, Nuestra has an opportunity to expand the reach of their innovative Asset Management services to future OppCo partners and other third-party contracts.
Other Opportunities to Address over Time
Expand our financial opportunities models, noting interesting synergy between our current respective programs and also some very interesting further opportunities from some of the early prospective partners
Create a vertically organized homeownership program that could link financial education, first time homebuyer training, and for-sale development.
Expand Small Business/ Entrepreneurship supports: Both organizations have identified as growth area. Services and supports are not well coordinated within Boston, and weak outside Boston. LISC has proposed working with OppCo to evaluate approaches to integrated services.
Under OppCo, Resident Services is delivered as an integrated department with one manager overseeing activity across the two founding CDCs.
Both CDC’s service significant number of seniors in age-restricted buildings and within our general populations. OppCo will explore creation of senior specialist/ MSW to support successful aging in community.
A MSW could craft a more effective set of supportive services to stabilize households with mental health needs, some of whom become problem tenants without adequate supports.
Programs/ Services to connect tenants to financial opportunities programs.
Programs/services to support children’s development and educational success.