The author of The Affordable Housing Institute – The Challenge of Mold writes of now understanding illness from indoor mold exposure. Here is the information linking Mr. Affordable Housing Institute and CEO of Recap Advisors (for profit -making him many millions – billions in the affordable housing – apartment business) to CEO at CAS of which Riverstone Residential is a partner and which manages toxic Jefferson Lakes Apartments. After reading his views in The Affordable Housing Institute – The Challenge of Mold and then his views in the information below, how is it he can ignore and be part of corporations leasing, with complete knowledge (and have been for a long time) extremely mold infested apartments. Is it the investment and the accountability???
Granted, these corporations are so big and interrelated he may not have knowledge of this situation. But that is not an excuse but an example of a major problem. These huge corporate investors and developers use the affordable housing programs to build these apartments because they make huge profits and then pat themselves on the back and pretend they are concerned about and helping to provide affordable housing (as an example see – gimme-shelter-tax-shelter-funded-affordable-housing-affordable-housing-kings). The investors and companies that own these apartment complexes have probably never even seen them and huge property management companies are hired to manage them with the focus being to maximize profits for their clients. These apartment complexes that allow rent programs along with tenants paying the regular rent fees start declining (in maintenance, screening tenants,etc). That is the reason for NIMBY – not in my backyard. Once these developers and investors have made their huge profits they could care less about these properties except that they keep leasing.
So, if you are connected to properties that are infested with years of mold growth, please don’t write about a family made sick from mold in their home and the fact that you have been convinced mold can cause illness. I do not appreciate the high doses of toxins we are sick from because we were leased an extremely infested toxic apartment that the previous owners and Riverstone Residential knew of and now the current owners – Louisiana Housing Finance Agency and of course Riverstone Residential know of and cover up as best they can and continue to lease. katy
David A. Smith – Founder – Affordable Housing Institute
David A. Smith is the founder of the Affordable Housing Institute, which develops sustainable housing financial ecosystems worldwide. He is also founder and CEO of Recap Advisors, LLC. (Recap, www.recapadvisors.com), a Boston-based firm that recapitalizes and preserves existing affordable housing via innovative financial transactions; over its 15 years, the firm has been involved in over 365 properties, 45,000 apartments, comprising US$1.5 billion of aggregate value. David provides high-quality analysis to Congress, the Millennial Housing Commission, CBO, HUD, and others, and was a principal member of the 1996 Senate mark-to-market working group. A 1975 Harvard graduate, David is an award-winning author with more than 100 published articles in real estate, valuation, and policy periodicals, and a textbook. David is also a senior fellow at the University of Maryland. Detailed biography here.
AHI and Recap Advisors, LLc.
In addition to AHI, David Smith also is CEO of Recap Advisors, LLC. (Recap), one of the US’s premier financial consultancies in affordable housing that recapitalizes and preserves existing affordable housing in the US through innovative financial transactions.
Complementary and compatible
Although AHI and Recap are fully independent, they are complementary and compatible endeavors:
Recap is for-profit and works exclusively within the United States, for mission-oriented owners (both non-profit and for-profit), buyers, and government bodies (Federal, state and in some cases local agencies).
AHI is non-profit (approved as a §501c3) and works exclusively outside the United States, for government bodies and NGO’s seeking better affordable housing programs.
Legal and financial relationship: arm’s-length
AHI and Recap are fully independent. Neither draws financial support from or provides financial support to the other. Any inter-company arrangements are on a purely arm’s-length basis and are fully documented with appropriate agreements. – affordablehousinginstitute.org
Why use the U S experience?
Most affordable housing experiments have failed – or rather, they have succeeded only for a time. Affordable housing is a challenging business to sustain, vulnerable as it is to shocks from every direction. Any property will fail without both continuous talent and continuous financial support. Even with these things, many properties nevertheless fail.
In the US, government involvement with affordable housing dates from the 1937 Housing Act, born of the Great Depression. Our involvement with public-private affordable housing dates from the 1968 Housing Act. In the 34 years since then, the US government has invested, directly or indirectly, roughly $350 billion (2002 dollars) to create, operate, renovate, and preserve, roughly 4,000,000 public-private affordable apartments. That is a huge investment and a huge experience base. That money and that experience have bought us some wisdom – sometimes expensively, very expensively.
In affordable housing, every decision faces an inherent tension: maximize income or maximize affordability?
When we make mistakes, and we have made many, they stand as grim monuments to past theories about how people should behave rather than how they do behave. Doctors bury their mistakes. We foreclose ours. Sometimes we implode them, level them and start from scratch.
Why David A. Smith?
For twenty-seven years, my entire business career, I have worked on existing public-private affordable housing, usually fixing things that are wrong. Knowing nothing of the field when I started, I have become a passionate advocate for it, and a passionate critic when it is done wrong. Seeing it done badly, seeing money lost and people suffering, infuriates me. The residents deserve better. The taxpayers deserve better. We all deserve better.
For the last thirteen of those years, I’ve run Recapitalization Advisors, Inc. (www.recapadvisors.com), a for-profit consulting company. Recap recapitalizes and preserves existing affordable housing through innovation financial transactions. Though small, it is nationally known and respected as a transaction innovator and thought leader. We don’t just talk about it, we do it.
For more than a decade – really, ever since I started Recap and even before – I’ve volunteered my help to academics, policy makers, program designers, HUD, Congress – in short, anyone who can influence policy – in an effort to make what we have work better. Everything I know about the inventory and its challenges, I learned by observing and doing (and, of course, making my share of mistakes). I’ve testified before Congress, served on HUD and Congressional practical working groups, written numerous articles and papers, and generally spread what I’ve learned anywhere and everywhere it will do the cause good.
I like this stuff. I believe in this stuff. I want to see it done better. Done right, it spans political ideologies: liberal or conservative, left or right wing. – affordablehousinginstitute.org
Recap Advisors – David A. Smith CEO
Multifamily housing assets can be messy, tedious, and difficult to manage.
Underneath every portfolio of these investments are physical buildings, building managers, property managers, partners with divergent interests, complex debt structures, and possible use restrictions with their attendant social and political imperatives.
Recap is one of the nation’s acknowledged experts in the finance, restructuring, and asset management of multifamily residential properties.
Recap Advisors and On-Site Insight are now becoming CAS Financial Advisory Services, a new name that reflects our expanded capabilities and services. – recapadvisors.com
CAS Partners is a world-class property and asset management company. With a range of multifamily real estate services—including property management, construction management, credit and collections, financial advisory, insurance, purchasing and utility services—CAS Partners delivers comprehensive solutions to our clients.
Whether you need to refinance a property, enlist property management for your operations, or make large-scale capital improvements, CAS Partners has the expertise and scale to make your business a success. – caspartners.com
CAS Financial Advisory Services (CAS FAS)
Over the past 20 years, CAS FAS has delivered services to more than 750 properties, representing more than $2.6 billion in real estate value. We currently asset-manage more than $2 billion worth of multifamily residential properties. We are one of the nation’s acknowledged experts in the finance, asset management and restructuring of multifamily residential properties.
CAS FAS helps clients achieve the most from their multifamily residential assets.
David A. Smith- CEO – CAS Financial Advisory Services
David A. Smith, CAS Financial Advisory Services CEO and founder of Recap Advisors, designs, develops and delivers new business services tailored to the needs of specific customer segments.
A senior fellow at the University of Maryland, David is also an award-winning author with more than 100 published articles in real estate, valuation and policy periodicals, and a textbook; and is a sought-after speaker.
In 1989, David founded Recap Advisors, one of the nation’s acknowledged experts in the finance, restructuring, and asset management of multifamily residential properties. He also served as its CEO. Throughout his career, David has been a pioneer in both private transactions and government policy innovations, having created business lines in acquisition of existing affordable housing, financial recapitalization, debt restructuring, equity takeout and renewed affordability. He has provided high-quality analysis to Congress, the Millennial Housing Commission, CBO, HUD and others, and was a principal member of the 1996 Senate mark-to-market working group. David graduated from Harvard University. – caspartners-services-financial
CAS Property Management Services – Riverstone Residential (Riverstone)
Through CAS Partners, Riverstone gains the financial strength and expansive collection of supporting products and services enabling our clients’ success every day. Riverstone has built its leading-edge service structure through strategic leadership, financial strength and national scale. – caspartners-services-property-management
Riverstone Residential is the flagship brand of CAS Partners, which was formed to provide an all-inclusive range of real estate services including property management, construction management, credit and collections, financial advisory and insurance, purchasing and utility services. – Riverstone Residential (CAS Property Management Services)
Riverstone Residential – Financial Advisory
In slow or dire economic times, it’s comforting to know your financial service provider is watching out for your assets. CAS Financial Advisory Services offers property owners a way to enhance your financial performances, economic value, physical condition, affordability and resident quality of life.
We help you protect or enhance your position, manage risks, grow and improve your portfolio, and design and fund improved programs. CAS Financial Advisory Services is able to revive distressed assets through complex asset valuation, fairness, and portfolio evaluation services.
By creating a custom-designed solution for your business needs, we can restructure finances to improve your cash flow. We are a team composed of dedicated financial analysts, asset managers and policy experts — and it’s our goal to manage your assets so you realize the best return on your investment.
For more information contact David Smith at firstname.lastname@example.org. – riverstoneres-financial
Jefferson Lakes Apartments
Jefferson Lakes is truly a place to call home, offering you comfort, convenience, and casual sophistication. Our beautiful floor plans were carefully designed with spacious living areas and a variety of convenient advantages perfectly suited for every taste.
Jefferson Lakes offers unsurpassed amenities including lighted tennis courts, three sparkling pools and a lake ready for a family picnic or a day of fishing.
Enjoy the resort style living you deserve.
There’s a perfect home for you at Jefferson Lakes. – jeffersonlakes.riverstoneres.com
Toxic Mold Infested Jefferson Lakes Apartments
Go to Katy’s Exposure for documented reports on mold (with more to come) and obvious evidence that Riverstone Residential is aware of and continues to lease these toxic apartments.
Jefferson Lakes is an example for this statement – “When we make mistakes, and we have made many, they stand as grim monuments to past theories about how people should behave rather than how they do behave. Doctors bury their mistakes. We foreclose ours. Sometimes we implode them, level them and start from scratch.”
And what about this statement – “…Seeing it done badly, seeing money lost and people suffering, infuriates me. The residents deserve better. The taxpayers deserve better. We all deserve better.”
Would “people suffering” include those poisoned, now being poisoned, and those who will be poisoned??? katy