Rodger Hara, an authority on affordable housing, came to Leeds as part of the Etkin Symposium speaker series to explain the inner workings of the affordable housing market, reveal how projects get funded, and look toward the future.
Picture an upside-down, multitiered wedding cake. That’s the image Rodger Hara used to illustrate the “capital stack” behind financing affordable housing projects. Each layer represents a different stakeholder—from lenders and investors to property managers and everyone in between (each with their own lawyers, which adds to the complexity). The challenge? “The cake isn’t done until the smallest layer is baked.”
And there’s another caveat: “Things are changing very rapidly”—a reality Hara has witnessed repeatedly, especially in the past year.
How affordable housing works
Hara is the consummate authority on affordable housing, consulting in the field since 2008. Julie Gibson, the executive director of the Klump Center for Real Estate at Leeds, introduced him at the latest Etkin Symposium with this endorsement: “In Colorado, Rodger IS affordable housing.”
With decades of experience at local, state and federal levels, Hara delivered a presentation that walked symposium attendees through the evolution of affordable housing—from the milestone 1934 National Housing Act to the HUD Act of 1965 and beyond. Notably, one of the country’s first affordable housing projects happened in Colorado: Lincoln Park in Denver. Today, the story continues to unfold, influenced by modern legislation such as H.R. 1, the so-called “One Big Beautiful Bill Act.”
The hourlong session was a crash course on the challenges, obstacles and opportunities shaping the affordable housing market. Both undergraduate and graduate real estate students attended—some with aspirations to serve communities in need.
Hara introduced key concepts such as the “missing middle”—those earning too much for low-income housing but not enough for median-priced homes—and “redlining,” the discriminatory practice of denying credit based on where people lived, symbolized by development maps with red lines drawn around certain neighborhoods. The Fair Housing Act of 1968 aimed to end such practices.
Financing and a look ahead
Hara shared a data-packed presentation highlighting details such as income levels, market dynamics, tax credit funding, and the growing demand for affordable housing. A diagram illustrated the financing flow: state agencies like the Colorado Housing and Finance Authority (CHFA) receive federal funds and allocate tax credits to developers, who sell them to investors. Investors buy the credits for various reasons, including economic yield, tax shelter and social impact.
He closed with both caution and optimism. While the ripple effects of H.R. 1 remain uncertain, he believes that cuts to HUD voucher funding, immigration-related labor shortages, tariffs and other changes could pose serious threats to the industry.
“You’re going to have to figure out how to get things done after those of us who started this are gone. It’s a challenge that can be met, but it won’t be easy.”
Rodger Hara, affordable housing consultant
Yet, while the funds for affordable housing are decreasing just as the need is increasing, Hara said creative solutions persist. As one example, he cited Veterans Village in Denver, funded by the Tunnel to Towers Foundation without relying on tax credits.
Other strategies include modular construction, adaptive reuse of former offices, schools or churches, preservation projects, higher-density development and leveraging public land.
In addition to the challenges, affordable housing projects can take a long time, Hara explained. “You’re going to have to figure out how to get things done,” he said, “after those of us who started this are gone. It’s a challenge that can be met, but it won’t be easy.”
Finally, Hara reminded students of their own influence. His advice: keep learning, think creatively—and most importantly, be sure to vote.