Ep. 7 - Monica Sussman details how rising income inequality, neglected infrastructure needs, and excessive turnover at HUD fuel the challenges. She offers hope that young people will rise up to tackle these challenges, work hard, and not be discouraged by the seemingly huge odds against them.
Top Takeaways:
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- Why the poor are getting poor and finding it hard to find affordable housing
- Why the affordable housing industry will continue to grow at all time
- How young people are complaining about the unaffordability of housing today
Listen to learn how the affordable housing sector is continuing to grow and becoming increasingly unaffordable for young people. Monica Sussman was also a guest on the TrailBlazers Impact Podcast. Listen to her personal story.
"We are blessed to some degree in our housing space because it seems that whether you're a Democrat, Republican, or Independent at the end of the day, most of us really are housers. We talk the same language and we have the same goals within variation. It's a delightful business to be in."
Monica Sussman has been on both sides of the affordable housing sector, serving as a deputy general counsel with HUD and currently practicing at a law firm, Nixon Peabody, focused on affordable housing policy.
As a former deputy general counsel for HUD, she brings nearly 30 years of experience in affordable housing, Section 8 and FHA multifamily programs. Monica represents developers in all types of affordable housing transactions and continues her strong relationship with HUD headquarters and regionally. She was recognized in the Best Lawyers in America for her work in real estate law.
Sussman shares how she molded and evolved her career to drive change forward, and hopes others will also have the same vision.
Listen to her keen insights into what is holding back much of the badly needed affordable housing funding and construction.
Key Moments:
She explains her career, in a nutshell, working in both the private and public affordable housing [1:56]
She compares HUD now and 50 years ago and how things are increasing becoming bad in the affordable housing sector [4:03]
The changing dynamic of the real estate industry and how you can get funding to live where you want to live [5:42]
She believes her success story is when she sees younger people who genuinely want to learn and get involved in the housing industry [8:28]
How technology is changing the world and will continue to in the coming years [10:39]
She shares some of the frustrating challenges she has faced through her career [13:04]
Why she believes that doing well while doing good is her legacy [16:55]
The goals of all secretaries were for the good of the people housing needs and it wasn't determined by their parties [19:45]
Why the future of housing affordability will continue to exist especially if the hard economy continues [21:18]
The meaning of workforce housing and who it benefits from it [23:44]
Her wishes for her children are success and happiness and not to stress so much in life [26:18]
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