Due to the strong demand for affordable rental units in the U.S., JLL’s Valuation Advisory group announced today that it has formed a dedicated, specialized national affordable housing practice and promoted Managing Directors Chip Ard and Andrea Gillman to co-lead the group.
Ard and Gillman are now responsible for expanding the national platform and their growing team will be involved with any valuation that involves an affordable component. With a combined 35 years of practice, their experience includes appraisals in connection with the allocation of state and federal tax credits as well as many specialized affordable housing programs, including the HUD Multifamily Accelerated Processing (MAP) program. The team also has experience with Freddie and Fannie agency appraisals, ad valorem tax protests, consulting, litigation support services and market studies.
As co-heads of the affordable housing practice for Valuation Advisory, Ard and Gillman report to Lenamon and are based in Tulsa, Oklahoma. Previously, affordable housing was part of the group’s overall multi-housing practice. Now, as a stand-alone group, they lead a team of affordable housing specialists and multiple partners throughout the rest of the multi-platform. They plan on growing that number along with the booming demand for their services.
“The affordable housing market is as active as it has ever been across the country,” Ard said. “Skyrocketing rent growth in the market-rate segment has led to an increased need for more affordable options, and there just aren’t enough affordable units. We expect a surge in the amount of new affordable and workforce housing developments.”
