Housing costs have skyrocketed in many markets sparking the need for affordable housing solutions. There are federal tax credits and other incentives to spark development but the arena is complex for new developers. As a developer, Evan Holladay has been locked-in on affordable housing since college and shares his story of leveraging the connections of a mentor to get his foot in the game. In this episode, he breaks down the key components to drive success with affordable housing and how to navigate public-private partnerships, leverage tax credits and even how he launched his Monumental Podcast.
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Key Insights
- Spoke to his mentor in college and was introduced to a real estate developer
- Started a modular development company as apart of his entrepreneur class in college
- Vision is to provide services for affordable housing residents
- Affordable housing is more about attainability
- The path to creating affordable housing is for cities and local governments to support development and champion the cause
- Affordable housing – families making up to 60% of the average income of the area
- Tax credits are a federal government incentive program. Credits can be sold to investors for write-offs – usually to large banks
- Banks are looking for well-sourced deals, developers with experience building affordable housing
- TIF – tax increment financing, when local government agrees to forego taxes upfront and provides a TIF loan instead of property taxes for a set period of time
- Tax abatement – when property taxes are reduced or eliminated for a period of time
- Partnered with Nashville to write their first tax abatement program
- Launched a podcast to keep talking to a venture capitalist
- Podcast has helped him connect with guests and attract investors
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Bull’s Eye Tips:
Resource:
Apparent Failure:
Small piece of land went out of contract
Most Recommended Book:
4-Hour Work Week by Tim Ferris
Rich Dad, Poor Dad by Robert Kiyosaki
Most Recommended Digital/Mobile Resource:
Landglide: GPS Property Line Map
Daily Habit:
Meditation (Dr. Joe Dispenza, Headspace) and Reading
Wish I Knew When I Was Starting Out:
Go bigger sooner
Wish I Knew 12 Months Ago:
Speak your truth
Advice for a Smart, Driven College Student:
Find your passion and become the best at it
Current Curiosity:
How will cities handle affordable housing
Best Place to Grab a Bite in Nashville:
Pinewood Social
Connect with Evan:
Website: evanholladay.com
Email: evan@evanholladay.com
Instagram: @evanholladay
Coaching: coachwithevan.com
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