Affordable Housing
At the Breaking Point: Capital, Policy, and the New Economics of Attainability
2:50 PM - 3:40 PM | Rivebend| 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
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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.
Jeremy Bronfman
CEO | Lincoln Avenue Communities
Jeremy is the CEO and Founder of Lincoln Avenue Communities (LAC), a leading acquirer and developer of affordable housing. Under Jeremy’s leadership, LAC has established a presence in 28 states with a portfolio of 170+ properties, comprising 30,500+ units housing over 80,000 residents.
A mission-driven company, LAC provides high-quality, sustainable, and affordable homes for lowincome individuals, seniors, and families. As CEO, Jeremy leads the company’s efforts to innovate and advance solutions that strengthen communities and maximize value for all stakeholders.
Before founding Lincoln Avenue Communities, Jeremy served as CEO of Enigma Technologies Inc., a software company with major Fortune 500 investors. Jeremy holds a B.A. from Stanford University and an MBA with distinction from Harvard University.
Charlie Adams
President, Development | Pennrose
As President of Development, Charlie Adams is responsible for all aspects of Pennrose’s national development strategy. He oversees a team of senior and regional vice presidents and is responsible for the execution and continued growth of Pennrose’s development pipeline including all aspects of the real estate development process from initial conception through construction, to lease-up and stabilized occupancy or sale. Charlie has 25 years of experience in multifamily housing, including the origination, acquisition, financial analysis, underwriting, and syndication of Low Income Housing Tax Credit developments.
Charlie joined Pennrose in 2016 as Regional Vice President in the New England region and has been instrumental in Pennrose’s expansion across the New England market, growing its footprint to more than 1,250 units across 20 communities. He has significant depth and diverse experience in the multifamily industry with experience working for a housing authority, as a syndicator, and performing development responsibilities.
Charlie served as Town Meeting Member, chaired the Community Planning and Development Commission, and is currently Vice Chair of the Housing Authority Board in his hometown of Reading, MA.
Charlie received his Bachelor of Arts degree from the Princeton School of Public and International Affairs at Princeton University. He also attended Massachusetts Institute of Technology where he earned a Master of Science in Real Estate Development from the Center for Real Estate and a Master of City Planning from the Urban Studies program.
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 Jawler
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 | LandDessign Consultine, 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.