Episode 18: Rental Housing: More Than a Unit

00:29 Welcome Back, Liz and Maya celebrate 18 episodes of Authentic Conversations.

03:15 Meet Mark Etheridge

6:00 Mark reflects on financing apartment acquisitions during the mid-2010s and the growing concern about displacement and loss of naturally affordable housing

08:25 The table discusses Charlotte's housing cycles and how many "luxury apartments" of the 1970s became today's affordable housing stock.

10:19 Mark drops a gem “82% of the housing in the country is Market rate, unrestricted, unincumbered”

11:03 Liz shares a powerful analogy comparing affordable housing preservation to used cars. “you can’t build a used car”

13:40 The table discusses replacement costs, inflation, and why older apartments are irreplaceable community assets

15:02 Mark drops a gem, “We have to stop bleeding of what we’re losing. Preservation has to be a part of the story.”

15:07 Mark shares, we lose 3,000 units of market rental housing a year to price appreciation in rents and/or demolition

16:11 Mark discusses meeting Erskine Bowles and Nelson Schwab in 2020, their shared commitment to addressing Charlotte's housing challenges, and the launch of the first Housing Impact Fund

18:40 Mark gives Liz and Maya an overview of Ascent Housing's three preservation funds:

• Fund I: $58 million
• Fund II: $67 million
• Fund III: $102 million

23:27 Maya asks Mark to explain what ‘NOAH’ means Naturally Occurring Affordable Housing and how market-rate housing often serves lower-income households

24:24 Mark shares the story of Shamrock Gardens

• Preservation of a 265-unit apartment community built in the 1960s.
• Average rents were approximately $500 per month at acquisition.
• How partnerships helped protect affordability and prevent displacement.
• Current residents’ rents remain remarkably affordable, including Liz’s family-friend Miss Kim

28:15 Mark gives an Overview of Innovative Supportive Housing programs. Including housing opportunities for:

• Seniors on fixed incomes
• Young adults aging out of foster care
• Refugees
• Individuals with disabilities
• Undocumented residents

31:57 Maya gives Mark his flowers and Liz recognize Mark's impact on Charlotte's housing ecosystem

35:20 Mark recognizes his wife, her influence and the leadership and vision of Erskine Bowles and Nelson Schwab

38:29 Mark shares a recent story of a family experiencing housing instability while caring for a hospitalized child.

41:28 Liz explains Area Median Income and why it matters

43:15 Maya asks Mark to share one authentic thing about himself. He shares a personal story about his vintage 1984 blue Dodge truck. A reflection on seeing value in older things, whether a truck or an apartment community

47:25 Mark ends by pulling a card, "I slow down and listen to the guidance that's available to me."

• Mark reflects on slowing down after years of rapid growth.
• Discussion about creating space for reflection, learning, and strategic thinking
• Liz offers a powerful perspective: the guidance is already available, if we take time to listen.