By: Janaki Kibe, Project Manager
I live in Boston, Massachusetts, part of a larger metropolitan area that is home to over eight universities, including Harvard, MIT, Boston University, Boston College, Tufts, Northeastern, Brandeis, and University of Massachusetts – Boston. Despite the plethora of academic types and abundance of obscure course titles (i.e. “Alien Worlds” – yes a real course offered at Boston University), I haven’t found a school yet that offers a Masters in Affordable Housing. (And yes, I have looked).
Yet, with my inherent Tiger Mother DNA and the endless enthusiasm of my mad-scientist boss, David Smith, my colleagues and I have been stealthily crafting our own unofficial Master’s in Affordable Housing.
After much anticipation—I know you were anticipating it—I am ready to unveil the curriculum.
Harvard Graduate School of Design or Harvard Kennedy School
Professor: Ed Marchant
Ed Marchant, an enthusiastic practitioner (read: actually worked in the field!) and real estate teacher extraordinaire, is a wonderful person to introduce you to the world of real estate development, and really, aren’t we all in need of such a person? In Marchant’s class, which is offered in the fall, you’ll build your own pro formas, calculate IRRs and NPVs, and understand how discount rates impact your returns. The class is a mix of students who have worked in real estate and finance and then the rest of us, who are pretty much akin to blank stares, I mean slates. While the first few weeks of the course may be overwhelming—Marchant has a tendency to surprise students with a slew of rapid-fire questions “What is the IRR? What happens when vacancy rates increase by 2%? What does 40B say?”—there will be a eureka moment when things fall into place and you realize, “Geez! This is amazing!”. And that’s when the fun starts. I definitely recommend this course for anyone who has an inkling that they are interested in real estate and wants to understand what the heck people mean when they say NPV!
Harvard Graduate School of Design
Professor: Ed Marchant
In the Spring, you can follow up on your newly developed real estate skills by taking Marchant’s Affordable and Mixed-Income Housing course, which is offered at the Harvard Graduate School of Design (GSD). In addition to learning a heck of a lot about subsidies and financing for affordable housing development in the US, students also have the opportunity to participate in an affordable housing development competition. In our small office in Boston, four of us participated in this competition over the last four years—and three placed a prestigious second in the competition. One claims that she was fourth place (note: they only give awards for the top three places). The competition is great. You form a student team comprised of architects, planners, MBAs, and the occasional policy folk, are paired with an actual Community Development Corporation, and are given the task of creating a development proposal for a specific site in the Greater Boston metropolitan area. The proposals must be architecturally and economically feasible and desirable. For most of us students, it was the first time that we were working on “real” projects and the opportunity to deal with real world constraints rather than theoretical ones was appealing.