Affordable Housing
At the Breaking Point: Capital, Policy, and the New Economics of Attainability
2:50 PM - 3:40 PM | Riverbend| Breakout Session
Panel Directors: Rachel Carp HBS ‘26
Affordable housing is at the center of today’s economic and political debate. The question is no longer whether we need more housing, it’s whether our financing structures, regulatory systems, and development economics can support production at scale. With barriers mounting, we’re bringing together perspectives from across the ecosystem to discuss what it will take to build.
Moderator
Josh Bahn
Vice President | Urban Investment Group at Goldman Sachs Asset Management
Josh Bahn, Vice President, Goldman Sachs Urban Investment Group, which is a mission-driven, multi-asset class investing and lending business deploying over $2 billion annually in community and economic development through real estate projects, renewable energy projects, social enterprises, and lending facilities for small businesses.
Josh leads investment strategy and underwriting of equity and debt transactions to finance mixed-income, affordable and mixed-use development projects, and renewable energy projects including community solar development projects in markets including New York, Utah, and Washington D.C. Josh is a member of the Urban Investment Group Investment Committee.
Josh previously worked at the International Finance Corporation (IFC) of the World Bank and in the Corporate and Investment Banking division at Citigroup. Josh earned a BS in Economics, magna cum laude, from the Wharton School of the University of Pennsylvania. Josh holds an MBA from Harvard Business School and a Master in Public Policy (MPP) from Harvard Kennedy School.
Panelists
Alex Merchant
Vice President of Strategic Operations | New York City Housing Development Corporation (HDC)
Alex Merchant is Vice President of Strategic Operations at the New York City Housing Development Corporation (HDC), a government-owned lender with a $28.8bn balance sheet and more than 164,000 apartments financed across its portfolio. His work focuses on strategy, capital planning, and program design across HDC’s portfolio and the broader housing finance system.
He previously chaired New York City’s Emergency Housing Voucher Task Force and served as a senior policy advisor in New York City Hall working on housing and operations. Earlier in his career, Alex worked in J.P. Morgan’s Latin America Real Estate equity research group covering public REITs across multiple property sectors.
Alex is Vice Chair of the Urban Land Institute New York City Housing Council. He holds an MPA from Princeton University and a BA from Columbia University.
Elisabeth Davis
Senior Vice President | BlueHub Capital
As an SVP of Commercial Lending, Elisabeth originates, underwrites, and structures loans that support mission-driven projects and community-led efforts. Over more than a decade at BlueHub, she has played a key role in projects such as Freedom’s Path at Augusta III (76 affordable homes for Veterans in Augusta, GA), The Terraces at Park Heights (115 senior affordable housing units in Baltimore, MD), Dougherty Commons (20 income-restricted homeownership units in Portland, ME), Western Avenue Studios and Lofts (50 naturally-occurring homes for artists in Lowell, MA), and LadderUp Housing (60+ naturally-occurring rent-to-own homes in Ohio). A graduate of UMass Amherst, Elisabeth holds an MBA from Boston University.
James Alvin Armstrong III
Deputy Director of the Housing & Homelessness Division | City of Dallas Office of Housing & Community Development
J.A. Armstrong III is a change maker rooted in grassroot leadership and guided by a global perspective. His work focuses on improving economic conditions in historically marginalized communities by aligning public policy, private capital, and community voice to create durable, place-based solutions.
He currently serves as Deputy Director of the Housing & Homelessness Division within the City of Dallas Office of Housing & Community Development, where he helps guide the city’s housing and homelessness strategy and oversees the deployment of over $30M in federal resources into local projects and initiatives. Previously, J.A. served as President and CEO of Builders of Hope Community Development Corporation, leading the organization for eight years as it became a nationally recognized leader and model for transformative affordable housing production and neighborhood revitalization.
J.A.’s background includes senior experience in banking and finance with Fortune 500 firms such as JPMorgan Chase and New York Life Securities, bringing financial discipline and fiduciary insight to his public and nonprofit leadership. He has served on numerous boards and commissions, including the city of Dallas Housing Finance Corporation, Chair of the Sports Arena Tax Increment Financing District, the Texas Association of Community Development Corporations, bcWORKSHOP, and the Trinity Park Conservancy CDC. He is also a past contributing columnist for The Dallas Morning News.
A graduate of Baylor University’s Hankamer School of Business with a bachelor’s degree in finance, J.A. has been recognized with honors including the Dallas Business Journal’s 40 Under 40, and the Texas 100 as one of the Top 25 Business Leaders in North Texas. His work is grounded in service through his role as Lead Pastor of The Community Fellowship Church in West Dallas, where community trust and lived experience continue to inform his vision for inclusive change.
Max Jawer
Managing Director of Acquisitions | Jonathan Rose Companies
As Managing Director of Acquisitions at Jonathan Rose Companies, Max Jawer leads the acquisition and preservation of affordable and mixed‑income multifamily housing in transit‑oriented locations nationwide. Since joining in 2016, he has closed more than $1 billion in impact‑driven property investments, helping expand the firm into one of the nation’s largest affordable housing owners. Max serves as a Trustee of the Jewish Board of Family and Children’s Services and sits on several of its committees. He is also active with ULI, Georgetown’s Steers Center for Global Real Assets, and NYU’s Schack Institute of Real Estate. He holds degrees from Georgetown University and New York University and lives in New York with his wife and daughter.
Jose Lemus
President & Owner | Land Design Consulting, Inc.
Jose Lemus is the president and owner of LandDesign Consulting, Inc., a Civil Engineering design and development services firm based in Fresno, California. He earned a BS in Civil Engineering in 2005 from Fresno State University and began specializing in land development. In 2017, He founded his own firm. Fully licensed and having achieved an MBA in 2015 he completed many large scale land deals with top national builders. Large scale Residential Real Estate became his niche. He is currently in his second year as a PhD Student in Civil and Environmental Engineering at Stanford University, focused on real estate development, and hopes to teach and research development topics that will lead to policy. He has led large scale residential, commercial, and industrial projects in private and public settings and supports philanthropy.