Verlyn Foley Takes Charge: New VP of Affordable Housing for AG Urban!

Fort Myers, Florida, USA - Verlyn Foley has taken the helm as Vice President of Affordable Housing at AG Urban, a division of the Fort Lauderdale-based real estate firm Alexander Goshen. Known for her robust commitment to community uplift through housing, Foley aims to spearhead affordable housing initiatives not only in Florida but in several other markets as well. Miles Alexander III, principal and managing partner of Alexander Goshen, has praised Foley’s leadership, highlighting her extensive experience and expertise in affordable housing development.

Foley’s responsibilities will encompass managing projects from site acquisition to stabilization and compliance, along with structuring financing deals that include Low-Income Housing Tax Credits (LIHTC), public-private partnerships, and HUD programs. Over her career, Foley has already managed construction and advisory roles for numerous apartment communities and single-family subdivisions, cumulatively costing over $500 million. Her notable achievements include founding VOB Development in Atlanta and becoming the first African American woman to develop properties in Jackson, MS, utilizing the LIHTC model.

Foley’s Vision for Affordable Housing

Foley expresses a strong commitment to delivering high-quality, sustainable, and accessible housing for underserved communities. In an era where over 75% of households earning under $30,000 are burdened by housing costs, often spending more than 30% of their income on rent, initiatives like those spearheaded by Foley are essential. Studies show that the cost of housing is skyrocketing, leaving low-income families in challenging positions.

The LIHTC program, established in 1986, remains crucial for affordable housing financing, having subsidized over 3 million housing units across the U.S. Despite facing criticism for inefficiencies and fraud, the program continues to hold the title of the largest source of affordable housing financing, costing the government about $8 billion annually in forgone revenue. The LIHTC model allows developers like Foley to claim tax credits for ten years, making it an attractive option for creating new housing. However, compliance with affordability requirements carries its weight, needing to be monitored over a span of 30 years.

A Legislative Landscape in Flux

Foley’s arrival comes at a strategic time as Congress is looking into a tax package that could extend provisions from the 2017 Tax Cuts and Jobs Act. With a national housing supply shortage and nearly 22 million families being financially strained by rent costs, bipartisan efforts are afoot to address the shortcomings in housing development. Legislators are reintroducing bills like the Affordable Housing Credit Improvement Act (AHCIA), aiming to facilitate the creation of over 1.6 million rental housing units in the next decade.

The AHCIA focuses on increasing tax credits for developers and reducing reliance on private activity bonds, while the Neighborhood Homes Investment Act aims to create more single-family homes and stimulate job creation in construction. These legislative moves could greatly impact Foley’s initiatives at Alexander Goshen, where nearly $400 million in commercial and residential projects are underway, including those in South Florida, Fort Myers, and St. Petersburg.

In a climate where housing scarcity poses challenges for moderate-income families and first-time homebuyers, the need for effective and prompt action has never been more crucial. It seems Foley and her team at Alexander Goshen are poised to make meaningful strides toward addressing these urgent housing needs, but only time will tell how these legislative changes will shape the landscape.

As the world watches, the efforts from initiatives like the LIHTC program and Foley’s leadership could indeed pave the way for a more equitable housing environment in Florida and beyond.

For more information on Foley’s initiatives and affordable housing developments, you can check out the full details from CityBiz, insights on the LIHTC from the Tax Foundation, and the broader legislative context through LISC.