This Term B course will focus on how to develop and invest in social impact real estate projects. What are the financial building blocks available for developers and investors to use when putting together deals? Who are the players?
Using examples of real deals, and focusing largely on urban markets, students will work through the challenges and opportunities of financing various types of projects, including: affordable and mixed-income housing, mixed-use, neighborhood retail, community facilities. Students will be exposed to a variety of financial tools (LIHTCs, tax-exempt bonds, NMTCs, etc.) and public sector programs that are necessary to make social impact projects feasible while also being asked to gauge whether the risk-adjusted returns warrant “doing the deal”.
In addition, the course will explore the following questions: who are the players in the social impact real estate space? Who are the capital providers in both the public and private sectors? Who are the developers? Can you make money being a socially responsible developer? What role do nonprofits play?
Speakers will include: for-profit and nonprofit developers, fund managers, government officials and financial institutions.
Rachel Diller was a Columbia Business School faculty member from to 2016.