Newly Created Position on the Affordable Housing Developer’s Strategic Finance Team to Focus on Securing New Sources of Debt and Equity Capital
IRVINE, CA (April 12, 2017) – Jamboree Housing Corporation announced today that Michael Massie, a top building executive with broad experience in all facets of residential development, affordable housing, and real estate finance, has been hired to the new position of Senior Vice President, Finance, as announced by Laura Archuleta, Jamboree President.
In this newly created position, Massie will be charged with identifying and securing new sources of capital and revenue including alternative funding and financial services businesses to support Jamboree’s mission to provide a diversity of high quality affordable housing and services that transform lives and strengthen communities.
“With the changing horizons of affordable housing at both the state and federal levels, coupled with the increasing cost of land and construction, it became apparent that to continue to fully pursue our mission, it was necessary to find and secure new sources of both debt and equity capital to support our development and services programs,” said Archuleta.
Archuleta said that Massie will work in concert with Jamboree’s Executive Vice President/Chief Financial Officer Marcy Finamore and Senior Vice President, Development Welton Smith. The strategic finance team will, among other measures, establish an affordable housing loan fund to leverage outside capital sources such as foundations, Community Development Financial Institution Funds (CDFI), and private equity providers from such organizations as social capital entities.
Massie previously served as Jamboree’s Director, Housing Development from 2008 to 2014 and before that as senior project manager from 2005 to 2008. He managed all aspects of Jamboree’s affordable housing development program, including public and private finance, design, entitlement, and construction of more than 2,800 multifamily units throughout California. He left Jamboree in 2014 to pursue executive opportunities with Related Companies of California and the Picerne Group, both major builders of multifamily housing. At Related Companies, he was vice president responsible for the company’s affordable housing developments in San Diego and Los Angeles counties. At Picerne, Massie oversaw the development of all of the company’s multifamily projects throughout Southern California and was a member of the executive committee.
Founded in 1990, Irvine, CA-headquartered Jamboree Housing Corporation is an award-winning, broad-based nonprofit housing development company that develops, acquires, renovates and manages permanently affordable rental and ownership housing throughout California for working families, seniors and people with special needs. A leading community development organization, Jamboree is committed to sustaining excellence with high quality affordable housing that benefits the environment, the economy and local communities. It currently has $280 million in affordable housing projects in its development pipeline and a $1.1 billion asset portfolio that includes the development of and/or ownership interest in more than 8,200 homes in more than 88 California communities. Currently, Jamboree’s Community Impact Group offers resident services that foster learning, health and wellness, and community building at 35 Jamboree communities with designated staff at each location. For more information, visit jamboreehousing.com.