Pat Nash: Preservation Has Always Been In My DNA

Like many people involved in affordable housing finance, Pat Nash is passionate about his work.  What sets him apart is that he is a walking Wikipedia on the Low Income Housing Tax Credit program, or LIHTC.  Pat Nash, Preservation Compact Advisory Council member and ULI member, has been managing the Direct Affordable Housing group for JPMorgan Capital Corporation since 1994.  The Preservation Compact Advisory Council has been assembled to provide guidance to the initiative and to explore new partnerships to further its goals.

JPMorgan is the largest LIHTC investor in the country, with a current portfolio of 60,000 affordable units in nearly every state for people with incomes at 60% of area median income (AMI) or below.  When Pat started in his position, the bank was investing $25 million in the program as part of a pilot project.  From 1994 through the 1st Quarter of 2008, JPMorgan has invested over $3B in LIHTC investments through direct and proprietary funds.  The market has shifted substantially during the past year as other investors such as Fannie Mae, Freddie Mac, and Citibank, have fallen out of the program.  As a result, Pat’s team of 40 people is very busy identifying and underwriting projects, and managing assets.  “We have a reputation for very thorough underwriting – for kicking the tires – so people trust us.  Restricted access to capital has increased our business opportunities.”

After earning a Masters in Urban Studies at Loyola University and working for the Lincoln Park Conservation Association, Pat became the first employee of the Community Investment Corporation (CIC) in 1975.  “Preservation has always been in my DNA” explains Pat, who now serves on the board of directors for CIC and also serves on the national board of the Low Income Investment Fund, a San Francisco-based fund providing capital for affordable housing and other essential resources for low income communities.  He is also a newly active member of the ULI Affordable/Workforce Housing Product Council and was excited to be able to participate in ULI’s Spring Council Forum in Dallas last month.

In reflecting on the importance of The Preservation Compact, Pat says that there is clearly not enough public money for affordable housing.  “LIHTC addresses only one segment of the issue and only works for large buildings.  The Preservation Compact is a great initiative which I hope will bring preservation to the next level, through discussion, encouragement, and the creation of new tools.”

For information on ways you can get involved with The Preservation Compact, contact Judy Levey, Preservation Compact Coordinator, 773-549-2655 or judy.levey@uli.org.