NEW YORK CITY—The principals of the investment and asset management firm Standard Companies, in a GlobeSt.com interview, explain a new benefit for the affordable housing sector. The company was founded 10 years ago, with its subdivision Standard Communities, by Jeffrey E. Jaeger, who works in Los Angeles, and Scott J. Alter, based in New York City. The mission of Standard Communities is preserving and upgrading affordable housing across the country.
Jaeger acknowledges the tremendous expense of new construction. That's why Standard Communities focuses on preservation. He says there's a large stock of housing built as affordable from the 1950s through the present day but many buildings have affordability restrictions which are expiring or at the risk of expiring.
“It's considerably cheaper to preserve an existing building that is affordable than it is to build something new,” Jaeger says. “Our focus is working with the available tools to help preserve assets and provide a return on capital to do so.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
