Leadership

There are several fantastic pieces in the MFE Leadership issue that published last month. If you missed it you can find the entire edition online here. 

The last article, Support Structure struck me as being particularly timely given the current economic circumstances. 

"Perhaps leadership is ultimately an act of selflessness, a process of listening, of tuning in to your team and providing them with the corporate assets they are yearning for. They are out there, right now. They are waiting for you to assist them in doing the right thing. They are waiting for a leader. Constantly. Everyday."

Don't let the headlines become a distraction. Keep the focus on the core business and tuning in to the team. 

Multifamily Finance in Transition

Thanks to the Mortgage Bankers Association for Today's Weekly Spotlight on their Newslink. Tough times are upon us but long term opportunity continues to present itself. I took a few quotes out of the full article that can be found here: Commercial Lenders 'Demorph'

WASHINGTON, D.C.—Commercial mortgage bankers, once thought of as "morphing" into an auctioneer role, may return next year to a more basic but powerful position as advisor and educator to borrowers in the current climate, according to industry experts.
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"The mortgage bankers of the world can play a tremendous role in educating and helping these borrowers through that," said Adrian Corbiere, executive vice president and partner at Cohen Financial, Chicago. "It's interesting how borrowers and developers are calling mortgage bankers now saying, 'Help, what do I do?’ That never happened before. Certainly, we view that as one way of helping educate that group and trying to get them to make a decision."
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"That is a mortgage banking professional's 'nirvana,' being engaged as an advisor, as a consultant" said John Davis, executive vice president at Grandbridge Real Estate Capital LLC, Charlotte, N.C. "The past few years, we have been treated as a commodity, but now [borrowers] are coming back to us and seeking our consult."

990 Polk

Affordable Housing Finance's Donna Kimura and Tom Borsellino attended the ‘first look’ of 990 Polk, a newly constructed energy-sustainable apartment complex for low-income and formerly homeless seniors, located in the Tenderloin neighborhood. The event incorporated an awards presentation to TNDC and Citizens Housing for their green building efforts in San Francisco and a tour of the new property. Bank of America joins the celebration by announcing a three-year national grant to Enterprise for its work in community development and green building, nationwide.

Featured speakers included Gavin Newsom, Mayor, city of San Francisco, Doris Koo, President and CEO, Enterprise Community Partners, Janet Lamkin, California State President, Bank of America, James Buckley, President, Citizens Housing Corporation and Don Falk, Executive Director, Tenderloin Neighborhood Development Corporation.

Obviously it was cool to see important and much needed projects getting completed, but the fact that the project was "affordable", "seniors", "environmentally (and economically) sustainable" made it particularly noteworthy.

And this project needed appliances, products and services no different from any other. Here is a shot of the laundry facility.

(SAN FRANCISCO, December 2, 2008) – Leading nonprofit affordable housing organization Enterprise Community Partners honored Citizens Housing Corporation and the Tenderloin Neighborhood Development Corporation (TNDC) today to celebrate the developers' work in building environmentally sustainable housing for low-income communities in San Francisco. Joined by Mayor Gavin Newsom and Bank of America, the awards ceremony took place at 990 Polk Street, a newly constructed low-income senior housing property in the Tenderloin neighborhood.

Click here for the Affordable Housing Finance Story.