The HAND network is hard at work to address the growing housing affordability challenge across the Capital Region. Five Minutes With is a series highlighting these members and other stakeholders. This informal conversation delves into their recent projects, the affordable housing industry, and more. In this edition, we had the pleasure to chat with Emi Reyes, CEO of the Latino Economic Development Center and HAND Board Member. Take a look at our dialogue below to discover Emi’s commitment to community development, diverse experiences, and insights on cultivating more equitable communities in the area.

HAND: The HAND Team is excited to have you on the Board of Directors! Can you tell us a bit about yourself and your past work experience?
ER: I am honored and thrilled to be a part of the HAND Team as a board member! My journey began in Washington DC, where I was born to Salvadoran immigrants. Their hard work and determination instilled in me a deep passion for entrepreneurship and community support. This drive has guided my career, culminating in my current role as the CEO of the Latino Economic Development Center (LEDC).

During my time at Bennington College in Vermont, I co-founded our college’s inaugural student farm, an experience that sparked my interest in working with agricultural entrepreneurs, particularly in Central America. Following my studies, I spent five years with Chipotle Mexican Grill, where I gained valuable insights and experience while managing locations across the DMV area and Albany, NY.

In 2018, I embarked on a new chapter by joining LEDC as an intern in the small business lending department. This led me to the role of loan officer which provided me with invaluable experiences, shaping my understanding of the unique challenges and opportunities faced by small businesses. It’s been an incredible journey, and I’m eager to bring this rich blend of personal and professional experiences to the Board of Directors at HAND. I am committed to leveraging my background and passion to contribute to the growth and success of the organization and its mission.

HAND: Tell us about how you plan to use your experience to inform HAND’s Board of Directors and staff.
ER: Over the years, I have cultivated strategic leadership skills from my work at LEDC where we constantly navigate challenges, identify opportunities, and execute strategic initiatives to drive growth and impact in our community. Also, working with diverse stakeholders, including government entities, nonprofit organizations, and community members, has allowed me to understand how to effectively engage with various groups. I plan to employ this experience in order to create meaningful dialogue and collaboration among HAND’s stakeholders, ensuring that our initiatives align with the needs and aspirations of the communities we serve.

HAND: What are you most looking forward to over the coming months at HAND? Are there any projects that you are particularly excited about?
ER: I am very excited about the GenerationHAND program. I believe that we have such an amazing opportunity to help bring up the next generation of community development professionals and leaders. Being able to offer our GenerationHAND Braintrust Committee’s experience to the industry’s emerging leaders is something that I am excited and proud to be able to offer.

HAND: One of the initiatives you’ll play a key role in is our GenerationHAND Braintrust Committee. What is one piece of advice you would give to professionals who are just starting out in this industry?
ER: One big piece of advice I’d give to up-and-coming professionals would be to build a diverse network that offers an array of perspectives and knowledge in a specific industry. In my experience working in the non-profit and CDFI industry, one of the most important things is that collaboration is key. Whether that is with government agencies, local organizations, community leaders, small business owners, or community residents— it is important to be connected to different areas of your field. It doesn’t only help on a personal and professional level, but it also enhances the work of the organization you are working at.

HAND: What is your “why” for working in this industry?
ER: My “why” for being a part of this industry is connected to my strong ties with my neighborhood and my commitment to ensuring that all residents benefit from community development. Growing up in DC, I’ve witnessed the progress and growth, but I’ve also seen that it hasn’t reached everyone. Many long-time residents are struggling with rising costs and limited opportunities.

I believe that true community development involves fostering an environment where all individuals can prosper. By working in this industry, we assume a pivotal role in closing these disparities by offering accessible financial resources and services to marginalized communities, enabling them to actively engage in the positive transformation and development occurring within their surroundings.

Being a part of this sector allows me to collaborate with other local organizations, community leaders, and residents to identify their specific needs and offer financial assistance or counseling to ensure they get exactly what they need. This work not only supports individual success stories but also contributes to the overall resilience and vitality of the community.

HAND: What might you be doing if you weren’t working in this space?
ER: If I weren’t working in this space, I believe my passion for the food industry would still guide my path. Growing up in a family of restaurant owners profoundly influenced my appreciation for the intricacies of the food lifecycle, from cultivation to cooking. During my time in Vermont, I worked in a restaurant and immersed myself in the kitchen environment, which I found exhilarating due to its intensity and demand for quick thinking.

I envision myself exploring opportunities that align with my love for food and the challenges of the kitchen. Whether it’s venturing into culinary entrepreneurship, sustainable agriculture, or culinary arts education, I am drawn to spaces that allow me to channel my full brainpower towards finding innovative solutions and contributing to the food industry in meaningful ways.

  David Bowers                      Paul Stanford 

To wrap up this year’s GenerationHAND mentorship program we interviewed one of our mentor-mentee pairings, David Bowers (Enterprise’s Vice President of the Mid-Atlantic Market and Senior Advisor of the Faith-Based Development Initiative) and Paul Stanford (Director of Grants Administration at the City of Baltimore Department of Housing & Community Development). During our conversation, Paul attributed a large part in obtaining his current role to David’s mentorship. David also highlighted the value of the insights he received from Paul, which led to interesting perspectives about approaches to life and work.

HAND: Paul, congratulations on your current role as Director of Grants Administration at the City of Baltimore DHCD! Can you tell us about your journey to this point and how your mentor, David Bowers, played a role in helping you to secure your current position?
PS: Thank you. My journey in the housing field started as an AmeriCorps Member with Habitat for Humanity of Michigan during college. The exposure I received seeing the positive impact Habitat for Humanity had on the community and families they helped become first-time homeowners gave me clear direction on the career field I wanted to pursue: housing. Specifically, affordable housing.

From there, I continued to expand my career and gained experience in different areas of housing, from housing counseling, foreclosure prevention, housing policy, program development, real estate development finance and managing large local rental housing and grant programs with different localities in Virginia, District of Columbia Government, and now the City of Baltimore.

My role as  is special because I play an important role in providing and managing millions of dollars in funding for housing and community development projects that will provide affordable housing and an economic impact on much-needed areas in Baltimore and manage a team of dedicated staff members. I now work in the city where I live and bought my first home. During the interview preparation stage for the position, I reached out to my mentor David Bowers for guidance and interview prep assistance. David previously served in a leadership role within Baltimore on its Affordable Housing Trust Fund Commission and would be a great asset in helping me prepare for my interview.

During our discussions, David provided me with expert-level training on one of the main grant programs I would be responsible for under the position and how to manage a team effectively. Having these discussions with David in preparation for the interview increased my confidence during the interview process, which eventually led to an offer and my acceptance as Director of Grants Administration.

HAND: David as the vice president and Mid-Atlantic market and senior advisor of the Faith-Based Development Initiative for Enterprise Community Partners, you lead a team that provides local developers access to financing and capacity building/technical assistance. Additionally, you are engaged with local coalitions advocating for increased resources for affordable housing and community development, among many other hats that you wear. Prior to joining Enterprise, you were a program manager for a single-family housing program at the AFL-CIO Housing Investment Trust, a financial and programs advisor at the Community Development Financial Institutions (CDFI) Fund, and worked in the office of U.S. Senator Barbara A. Mikulski. You have extensive experience in housing and community development, especially working in collaboration with public and private sector stakeholders in Baltimore and DC. Can you tell us how your mentors have assisted you along your journey? 
DB: Professional mentors have assisted me in my journey with several critical lessons. An early lesson was to be willing to stretch beyond my comfort zone to engage in an opportunity that would expand my horizons and provide me with strategic experience and exposure.  This is how I ended up doing appropriations work during my tenure working with former U.S. Senator Barbara Mikulski.  I was hesitant to take advantage of the opportunity because I didn’t think of myself as “a numbers guy” but more of a policy guy.  One of my mentors in the office essentially told me to sit down, shut up, and listen.  She then schooled me on the power of the appropriations process and how valuable it would be for me to learn that process and be in those rooms.  It was some of the best advice I have ever received.  A second lesson I was taught by a mentor was to think three moves ahead.  At one point, I was about to leave the Senator’s office to take a job that would have doubled my pay.  My mentor told me it was a nice next step.  But has counseled me to think of how it would position me for the second and third move after that.  He and I would play chess at times.  He always beat me.  Part of the reason is that he could consistently think three to four moves ahead.  I decided to stay on board and get more experience doing appropriations work.  That was a better long-term professional move for me though it required a short-term sacrifice financially.  A third lesson a mentor taught me was to always understand what I am looking to get out of an employment experience because the employer/company always knows what they are looking to get out of the employee.  Whether it is the impact I want to have via my labor or what I want for my own professional growth and development – be clear on what is in it for me.  She helped me understand the importance this plays in setting the dynamic for interaction over issues including work responsibility, pay, time and title.

HAND: Paul, why do you believe your mentor-mentee relationship with David was fruitful? Specifically, what actions or mindset did you have as a mentee that helped lead to the success of your relationship?
PS: No knock to present or past mentors in the program, but I have the best mentor. I could not have asked for a better mentor. David took the GenerationHAND mentorship program seriously by ensuring we met bi-weekly, took notes, followed up on challenges I faced, and met the entire scheduled meeting times. I respected our mentor-mentee relationship by being available and on time for scheduled meetings and being prepared to have open conversations with David.

My mentor-mentee relationship with David began before the opportunity with Baltimore. With David being previously involved with the City of Baltimore and having expert-level knowledge on one of the grant programs, I would be responsible for making me believe our mentor-mentee relationship and my current position with the City of Baltimore was meant to be.

HAND: David, what is something you took away from this program that surprised you?
DB: A pleasant surprise for me in the experience as a GenerationHAND mentor was the insights I received from my mentee. During our conversations, there were interesting exchanges where I heard interesting perspectives about approaches to life and work from a different view. A variety of factors were likely at play – being from different generations and having different life experiences.  I was surprised at how our conversations really became comfortable two-way exchanges.

HAND: Paul, what would you say to mentors and mentees considering joining the GenerationHAND mentorship program? 
PS: For those considering joining the GenerationHAND mentorship program, I would say do it. Mentors and mentees can benefit from each other and potentially create a long-term mentor-mentee relationship. Communication and setting meeting expectations are key to a successful mentor-mentee relationship.

HAND: David, why did you want to be a mentor in this program, and what advice would you give to future GenerationHAND mentors? 
DB: I was willing to be a GenerationHAND mentor because I believe strongly in giving my time, talent, and treasure to benefit others. Part of that is from a sense of religious obligation. Part of it is from a sense of moral and cultural obligation. Others have poured into me, so I am compelled to pour into others. My hope is that my insights, questions and listening ear….that the time I spent with my mentor will play some part in helping him have an even more abundantly successful career.  I believe each generation should go further than the one before–building upon prior generations’ work and lessons.  For future GenerationHAND mentors, I would suggest to be available, be open, be honest and be you.

The HAND network is hard at work to address the growing housing affordability challenge across the Capital Region. Five Minutes With is a series highlighting these members and other stakeholders. This informal conversation delves into their recent projects, the affordable housing industry, and more. In this edition, we had a conversation with Ayesha Hudson, the first loan recipient under  Equity in Action (EIA), HAND & Greystone’s debt and equity platform. Check out our dialogue below to learn about her 20+ year career, why she sought to get her project financed by the EIA, and what she believes is a “secret sauce” to creating more equitable communities in our region!

HAND: Congratulations on being the first loan recipient under HAND & Greystone’s Equity in Action program! We’ll get into that shortly, but first, can you tell us about your career journey up until this point?
AH: My career journey has been fulfilling! I am grateful to have achieved a 20+ year career in public service while simultaneously acquiring and managing investment properties. Both pursuits allowed me to impact others’ lives in very positively significant ways. When I consider my trajectory, it makes perfect sense that my path has led me to real estate development. I am motivated, through servant leadership, to create and preserve livable spaces in communities that are often overlooked. My varied career has given me a hands-on, inside look at my communities’ pain points while my empathy was groomed for action. I am looking forward to contributing more by way of quality, livable housing, and resident programming.  

HAND: Now, let’s talk about Equity in Action (EIA), a debt and equity platform designed to increase opportunities for black and brown real estate developers. Can you tell us why you sought to get your project financed by the EIA program?
AH: After engaging HAND’s membership and programming, I believed the EIA program was sincere.  Then when I met the lending team, I was convinced.  I began to see my loan application as a vehicle for positive change that would culminate with building improvements for my residents, growth of my business, and encouragement for other black and brown developers as they seek fair financing options.     

HAND: Tell us more about the project. What communities do you plan to serve, and what differentiates it from others in our region?
AH: This project is serving the beautiful Deanwood community, which has historically been underserved. I grew up within 3 miles of the building and would later respond to medical emergencies as a paramedic in this very neighborhood. While it can be a challenge to preserve housing in the lower socioeconomic areas of the District, our project fuses the business activity of real estate with a social responsibility to others. As an activated real estate development company, we are planning to add renewable resources and a more pleasing aesthetic to our block.  We are surrounded by neighborhood amenities, including public transportation and recreation making it a hidden jewel. We are looking forward to receiving some shine!  

HAND: How does it feel to be the first loan recipient under the Equity in Action program?
AH: I feel enthused, empowered, and better prepared to do this work!  My celebration, however, is tempered by the realization of the long-standing need for these kinds of lending initiatives. Once others follow, more black and brown developers can bring their full energy to the table so we may create better communities for our own communities. 

HAND: Many of us are familiar with the history of racism and its impacts on housing. Can you speak on how you approach your work in this space? How can developers of color in the real estate industry move the needle in a different direction?
AH: I approach my work in this space with a mix of empathy and realism. As I hone my development skills, I am guided by my spirituality and connectedness to the black community. Since my first investment in 1999, I have had an affinity for properties that, on first look, appear blighted. Knowing that our community yields so many hidden jewels, I am conscious of supporting it with the best intentions; financial reward has followed.  Moving any needle requires coordination and attentiveness.  As more developers of color align our skills, resources, and grit with one another, we will move the needle one project at a time. Relationship building and mentorship are integral to its success.      

HAND: Do you believe there is a “secret sauce” to addressing housing affordability and creating more equitable communities in our region? If so, what do you think that is? What do you think is the largest obstacle? –
AH: I believe the lack of housing affordability will need to be systematically dismantled through housing legislation. The laws that govern financing, tax implications, and subsidies present layers of restriction already germane in undervalued communities.  To me, the largest obstacle is fear of change.  The perceived social norms of poor people are woven into real estate development. As political decision-makers revamp laws to create more inclusivity, the housing landscape will inevitably change. 

HAND: What is your “why”? What keeps you motivated to continue your work in this space?
AH: I feel compelled to share my resources and influence in black and brown communities.  I enjoy working with people and being a part of a solution.  Being a housing provider allows me to take part in both callings. My grandfathers were involved in various real estate endeavors to include owning and operating a well-shopped convenience store in West Philly to running a farm in Waldorf, Maryland.  They imparted the importance of building a legacy, having self-reliance, and always sharing.  This opportunity to change my life and those around me is what keeps me motivated. 

HAND: If you weren’t working in this industry, what might you be doing?
AH: In my dreamt-up career, I’d be a part-time civil rights trial attorney who travels the world interviewing and writing about interesting people. 

The HAND network is hard at work to address the growing housing affordability challenge across the Capital Region. Five Minutes With is a series highlighting these members and other stakeholders. This informal conversation delves into their recent projects, the affordable housing industry, and more. In honor of Women’s History Month, we are excited to share this special edition of Five Minutes With. In this edition, we had a conversation with Christy Zeitz the CEO of Fellowship Square. Check out our dialogue below to learn more about Fellowship Square’s farewell tour, Christy’s advice on how to make affordable housing projects work, and her words of wisdom for the next generation of female leaders!

HAND: As CEO of Fellowship Square, you bring extensive leadership experience in management, fundraising, marketing, and program development. Can you tell us about your journey to this point?
CZ: I do my best work when interacting with others, so I’ve always sought opportunities to meet new people, learn from them, and take the next step forward in my career. Along every step along my way to my current position as CEO of Fellowship Square, I’ve proactively learned from others, embraced challenges, and worked hard to attain stretch goals. Those priorities have served me in every position I’ve ever had – across all the organizations I’ve worked with and functions that I’ve had. The guiding focus of my professional life has been to make a measurable difference in the lives of others, and this is truly the most rewarding part of my journey.

HAND: What strategic financing and collaboration strategies can you share to ensure that affordable housing providers like Fellowship Square can continue to serve vulnerable residents with dignity over the long term?
CZ: To make affordable housing projects work, it takes smart, creative people working collaboratively. Fellowship Square is one of the leading providers of affordable housing and services to low-income seniors in the region, operating 670 units and serving roughly 800 residents. We’ve put structures in place so that the rental cost is never more than 30% of a resident’s annual income – making our communities some of the most affordable in the region for seniors. The key strategies that underly our work: collaboration, creativity, and openness to new approaches. Whether for the benefit of an owner, investor, residents, or the community as a whole, there are news ideas and options that must be uncovered and teased out in some way. If we go into a project thinking we are going to do it the way we’ve always done affordable housing projects, there will be a missed opportunity somewhere. Openness to new ideas is key. We and other housing nonprofits like us have the unfortunate challenge of competing against the for-profit developers for things like land and construction costs. These costs can be staggering – and create major barriers to building more affordable housing. We must be open to new ways of thinking, new partnerships and the unexpected twists and turns that get our projects done. Sometimes the “right” approach requires writing a new playbook.

HAND: Fellowship Square has launched a “farewell tour” of the 1970’s Lake Anne Fellowship House in preparation of moving 300+ residents from the original 50-year-old building to a brand-new state-of-the-art residence across the street. Can you tell us more about this undertaking, why it’s important and any challenges you may foresee?
CZ: Lake Anne Fellowship House, originally built in 1970, was the first senior housing and first affordable housing developed in Reston. Over the past 50+ years, the property has provided housing to more than 1,300 low-income seniors. Yet the building was showing its age and upkeep of the property was exceeding the amount residents pay in rent and the subsidies received from HUD. About seven years ago, our Board decided that the best path forward was to replace the existing 240-unit building with a new facility. 

This is where creativity and openness to new approaches came in. We embarked on a joint venture with Enterprise Community Development with whom we were able to craft a novel solution: instead of relocating the residents temporarily until a new building was built on the existing footprint, we would construct a new building on an underutilized portion of the current site. This would substantially reduce logistical demands as well as the number of relocations our residents would need to make. Under this creatively structured deal, once our residents are moved into the new building this spring, Fellowship Square will demolish the original building, market rate townhouses will be developed, and the land sales proceeds will be reinvested as part of the overall financing package. 

Of course, financing for affordable housing is never simple. The development team needed to secure project based rental vouchers for 100% of the units and create the right mix of financing for such an ambitious goal. In addition to our partnership with ECD, financing also came from diverse arrangements with Virginia Housing and the Virginia Housing Trust Fund, Virginia Community Capital, Low-Income Housing Tax Credit equity provided through Enterprise Housing Credit Investments by Capital One, Enterprise Community Loan Fund, Fairfax County Redevelopment and Housing Authority, and, of course, HUD. In fact, much time and effort were expended convincing HUD as to the critical need to preserve the deep subsidies for the existing very low-income residents and making sure they would be eligible to move to the new building so that all residents who wished could be accommodated.

All of this was accomplished. We broke ground in 2020 (in the middle of the pandemic!) and residents will relocate this spring to the newly built Lake Anne House. The property comes with some of the best amenities, services, and environmentally sustainable features. Residents will appreciate its gym, arts room, game room, wellness clinic, beautiful outdoor terraces, wifi throughout the building and more. We will also continue to have a full time Service Coordinator onsite to serve our residents.

But the grand finale is bittersweet – for the residents who have lived at Lake Anne Fellowship House for many years, for long time staff who have worked in that building for years, and for Reston community members who have visited the property, strolled through the hallways, and visited friends and family there. This is a major change, and I know there will be some tears shed. Sometimes it’s hard to say good-bye even when a bright new future lies ahead. We have a ”farewell tour” of programs to communally and collectively celebrate our community, this building, and our memories here as we prepare for the move to the new residence.

HAND: Do you believe there is a “secret sauce” to addressing housing affordability and creating more equitable communities in our region? If so, what do you think that is? What do you think is the largest obstacle?
CZ: There’s no “secret sauce” to housing affordability. In my mind, it’s more like a “Las Vegas buffet” of options, opportunities, considerations, and collaborations – and the plate for each region may be filled quite a bit differently. In the Washington DC Metro area, our housing needs span the spectrum of price points, amenities, services, and financing. The affordability factor is a core fundamental part of supporting the local workforce. As such, creating more affordable housing has to be a community effort – it can’t just be left to the housing advocates to fight for. The community as a whole has to come together to embrace housing affordability for all.  The more collaborators at the table, the more varied our buffet of options and the more success we can have.

The type of affordable housing will vary community to community, but collaboration across organizations will always be key.  For example, very low-income residents, especially those below 30% AMI, require significant subsidies.  Beyond rental assistance, this often includes the need for the provision of services including transportation, healthcare, food assistance, healthcare, mental health services, and more.  This means that affordable housing management must also be able to access public and private resources to augment standard housing management activities.  Fellowship Square accomplishes this by building a deep network of resources within our local community to plug into. Our vulnerable residents can access care managers who can provide or refer the residents to appropriate services in our community. This is important to build and foster.

HAND: In March we celebrate Women’s History Month and International Women’s Day. Given your extensive leadership experience, what advice would you give to the next generation of female leaders? What do you think is the most significant barrier to female leadership, and how have you overcome those barriers?
CZ: Few things make me prouder than to see young women asserting themselves and stepping up when they have an opportunity to lead. There are so many valuable traits and perspectives that we all benefit from when women are in leadership positions. For today’s emerging female leaders, they cannot sit by and wait to be asked to lead – it’s much more important that they seek out and even create those opportunities.

Sometimes the biggest barrier to reaching the next level in our careers is how we hinder ourselves. Whether through self-doubt or even other commitments, it comes down to priorities and having a vision for our own professional futures. Nothing will be handed to us on a silver platter – nor should it. Working hard and getting ahead is where you learn to grind it out and become a true inspirational leader. Leadership comes from experience, it comes from perspective, and those both come from hard work. But hard work that results in great leadership cannot be achieved in the shadows!

Women must always put themselves at the table – and in my experience, there’s always a way to have your voice heard in those circles, whether directly or indirectly. Regardless of someone’s position on a staff flowchart, each individual person can be a leader in some respect. Young women who may feel they aren’t in a position of leadership can still have an important impact on the trajectory of projects, assignments, teams, and workplace culture. Show initiative and you will be rewarded.

As you can tell, I’m very much an optimist. I always believe that what I want to happen can happen, it’s up to me to figure out how to make it happen. And the only thing holding me back is my own ideas of what I can and cannot accomplish. I hope other women can learn from this.

HAND: What is your “why”? What keeps you motivated to continue your work in this space?
CZ: Working in the affordable housing space is a little like making dreams come true. For too many people today, having a safe, affordable, and stable home can seem out of reach. Being a part of helping to make this dream of housing happen is a daily motivator for me. Nearly every week, I get at least one call from one of our 800+ residents who wants to tell me about what’s going on in their life. They never hesitate to say how thankful they are that they live at Fellowship House. This is what keeps me motivated every day. I am so proud of the work my organization does, and really appreciate the time and effort the Board and staff put into our mission.

HAND: If you weren’t working in this industry, what might you be doing?
CZ: I’d be living in the Caribbean, working on my side hustle as a fiction writer…and helping anyone who asked!

Pictured:Rich Devaney and Dara Koller 

The HAND network is hard at work to address the growing housing affordability challenge across the Capital Region. Five Minutes With is a series highlighting these members and other stakeholders. This informal conversation delves into their recent projects, the affordable housing industry, and more. In the latest edition, we have a conversation with EagleBank‘s Rich Devaney, Senior Vice President and Dara Koller, SVP & Deputy Director. They chatted with us about their extensive experience in the affordable housing and community development industry and how they landed in this space. Rich highlights past challenges, lessons learned, and his advice to emerging leaders seeking to make an impact. Dara shares key takeaways from her experience, what she is bringing into her new role, and other her interest outside of affordable housing. Check out our dialogue below:

HAND: Both of you have extensive experience in the affordable housing and community development industry  – Can you tell us about your professional journey and how you landed in this space?
DK: I have 20 years of industry experience, working in leadership roles at Freddie Mac and agency lenders supporting Fannie Mae and Freddie Mac multifamily executions, primarily focused on affordable rental housing executions for both agencies, including new construction and preservation of affordable rental housing properties.  While at Freddie Mac, I was also involved in the development and roll-out of  a few new products supporting the affordable rental housing industry as well.  When I first began working on affordable rental housing transactions, it was not the most well understood or popular asset type in the industry compared to market rate rental housing, but I always believed it was extremely important and I was excited to be part of an industry focused on solving the growing need for affordable rental housing in the U.S.  
RD:  I began my career just after the passing of the CRA legislation and immediately prior to LIHTC legislation being rolled out, working with and for some of the most respected and innovative industry icons in the DC market.  It was an exciting time, fusing the tension between regulatory pressure in the banking industry and innovation and expansion of and in the community development and non-profit sector intent on increasing its impact in significantly underserved neighborhoods.  My focus and vision was grounded in building high-impact community development and affordable housing businesses within and with large institutions (Bank of America, Fannie Mae, top 5 Life Companies) under the rubric of profitability, sustainability and scalability.  My experiences took me through the capital stack and from neighborhoods to national presence.  Throughout, my greatest experience to date was setting up this FHA business within EagleBank, coupling the best of financial strength, innovation and flexibility in its ability to deliver capital within the community it serves. 

HAND: Rich, you launched EagleBank’s FHA Multifamily Lending Division in 2015, in addition to several other investment initiatives for the bank. Can you tell us about one of your largest challenges over the past six years and what you have learned?
RD: Our FHA Multifamily business is a product line that falls squarely within the Bank’s commercial real estate span of lending.  As such, our task was to integrate this business in a collaborative way, not competitive, with the balance sheet lending activity, getting the buy-in from the line lenders and alignment in goals and objectives…..”Enlightened self-interest”.  Having set up multiple businesses over my 35- year career, this one presented unique challenges, including how to integrate.  It took a solid 3 years of repetition, “proving the thesis” and trust building to get to the point where the value chain is clear and tangible.  Presently, every single transaction within the FHA pipeline will touch the Commercial Real Estate balance sheet.  Lesson learned was that you can get buy-in strategically at the highest level, but you must get buy-in tactically where the rubber hits the road with the people who make the business happen. 

HAND: Dara, you are fairly new to the bank – what key takeaway(s) from your experience thus far are you bringing into your new role?
DK:

• There is a continuing need for safe, decent affordable rental housing and supportive services in our local communities and EagleBank has made a significant contribution to the growth across the Washington D.C. market and in communities throughout the Mid-Atlantic over the last 20 years. EagleBank continues to play an important role in financing affordable multifamily rental housing, which has helped build and maintain safe and economically stable communities which significantly improve the quality of life for its residents. 
• We have a tremendous opportunity to continue to make a contribution to the local community to provide much needed affordable rental housing through our deep relationships with affordable housing developers and investors, as well as EagleBank’s FHA multifamily business, which allows us to do business anywhere in the U.S. We are a community bank, with national capabilities with our FHA multifamily licenses.  I think that is a powerful combination.
• My strong affordable housing and multifamily experience will augment EagleBank’s growing FHA multifamily business. In this new role, I will be dedicated to FHA loan originations, business development as well as serving as a resource for the Bank’s focused efforts on affordable rental housing. 

HAND: Rich, do you believe there is a “secret sauce” to addressing housing affordability and creating more equitable communities in our region? If so, what do you think that is? What do you think is the largest obstacle?
RD: I believe the private financing vehicles and resources are readily accessible and in sufficient amounts to have great impact.  There needs to be, and always has been, focus on equity in the delivery and availability of affordable housing.  One of my greatest mentors emblazoned in my mind “you are what you measure”, so to solve issues related to equity, we need goals, transparency and accountability….period!  My perspective is that the largest obstacles in the production of affordable housing are the public entitlement process, zoning, planning, and permitting.  Some municipalities have processes that take up to 3-5 years which infuses risk, uncertainty and viability to the process. 

HAND: Rich, what advice would you give to emerging leaders who are seeking to make an impact in this space?
RD: Be flexible – issues are rarely binary choices, every situation is a learning experience – accept set-backs as a gift and surround yourself with diversity – holistically.

HAND: Rich and Dara, what are you most looking forward to over the coming months at EagleBank? Are there any projects or programs that you are particularly excited about?
RD & DK: Furthering the synergies within the Bank, our investment in the Washington Housing Initiative and further coupling our balance sheet and FHA business. 

The FHA Multifamily Group is an emerging contributor to the strategic goals and objectives of the CRE Group and EagleBank. 

EagleBank financed a handful of key affordable housing projects in the Washington D.C market including:

• More than $81 million in financing to support a key affordable housing project in Bethesda MD, which includes 401 multifamily housing units situated on five separate land parcels.
• Phase I of Addison Row Apartments, Capital Heights, MD a planned community consisting of a 321 unit multifamily building. The project is currently in lease-up. The community caters to workforce housing needs and in addition to affordability, offers large unit sizes compared to new construction in Washington, D.C. Phase II will add 327 units. 
• A construction loan used in conjunction with 4% LIHTC to rehabilitate a 60 unit LIHTC affordable community located in the Barry Farms neighborhood of Southeast Washington, DC. After completion, a HUD FHA Section 223(f) refinance application to exit the bank construction loan.
• A $50 million construction loan for a to-be-built low income housing project above retail space located in the Capital Hill area of Washington, DC. The project will utilize 4% LIHTC and a long-term rental subsidy contract with the DCHFA.
• EagleBank is currently working on a few notable affordable housing transactions, including the renovation and recapitalization of a project-based Section 8 property located in the Anacostia neighborhood in Southeast Washington DC utilizing 4% LIHTC.

HAND: Rich and Dara, if you weren’t working in this space, what might you be doing?
DK:  I have always been interested in architecture and design, focused on creating and transforming spaces to meet the needs of a building’s occupants and looking for solutions to present and future issues, such as climate change.  Incorporating sustainable and green building design in construction projects is increasingly important to reduce the carbon footprint and use our energy and water resources more efficiently.
RD: I have been consistent in responding to this question when asked over the past 30 years.  I would be dedicating 100% of my time working in programs that focus on disadvantaged youth, focusing on education and financial literacy.  To me, one of the biggest gaps we have racially and socio-economically is knowledge of and access to financial tools, products and services.