How He Builds Homes Without Investing A Dollar

Bob Buente, President & CEO of 1010 Development Corporation, joins Taylor Avakian on the No Vacancy Podcast for a deep dive into the real world of affordable housing development in Los Angeles. With over 30 years of experience as a faith-based nonprofit developer managing 400+ units, Bob reveals the "black arts" of financing affordable housing — from 9% and 4% tax credits, tax-exempt bonds, layered public subsidies, developer fees, and the full capital stack.Learn how these projects actually get funded with zero developer equity, why rents are capped at 50% of market yet remain extremely stable, the massive complexity of compliance and property management, and the brutal realities of California’s housing crisis — land costs, NIMBYism, bureaucracy, permitting delays, labor shortages, and why supply is so restricted.Bob shares candid insights on Emergency Directive 1 (ED1), Section 8 vouchers, the challenges facing new projects in 2026, why centralizing financing and approvals is essential, and what he would do with a blank slate to fix the system.Sponsor - Loan TitanUpscale your experience withhttps://loantitan.com/Sponsor - AI for CRE CollectiveAI for CRE Community: https://www.skool.com/ai-for-cre-coll...A must-watch for developers, brokers, investors, policymakers, and anyone trying to understand why California struggles to build housing.Chapters:00:00 - Intro & Guest Background01:32 - Sponsor: Loan Titan02:15 - History of 1010 Development Corporation03:11 - Why Affordable Housing Has No Market Risk05:30 - How Affordable Housing is Financed: The Black Arts08:16 - Tax Credits Explained: 9% vs 4%, Bonds & TCAC11:39 - Zero Equity for Nonprofit Developers15:19 - Tax Credit Pricing & Syndication Realities18:35 - Pigs at the Trough: All the Layers of Funding22:00 - Making Money as an Affordable Housing Developer23:33 - Property Management Challenges & Sweet Spot (500-750 Units)27:24 - Why California Affordable Housing is So Broken30:42 - Construction Costs, Labor, and ICE Impact37:10 - NIMBYism, Zoning, and Supply Restrictions39:19 - Emergency Directive 1 (ED1) Deep Dive44:37 - Section 8 Vouchers, Compliance & Lease-Up Risks50:33 - If Bob Could Fix the System: Blank Slate Reforms57:27 - Advice for Young Developers Entering Affordable Housing59:48 - Most Important Skills: Accounting, Planning & Law1:02:05 - Final Thoughts & Resources1:03:43 - Closing