Monica Makin grew up in the public housing projects in Brooklyn, New York, and didn’t realize she lived in “affordable housing” because everyone she knew lived there too. It wasn’t until Makin ventured out on her own that she realized how expensive renting was outside of affordable housing. So when given a chance to be involved in creating affordable housing in 1998 in Portland, Oregon, it really resonated with her to be a part of that—and she’s been a part of it ever since.
“I’ve been in this industry for a long time,” said Makin, vice president of acquisitions and asset management of Urban Innovations (UI). “I can honestly say it has never been harder to develop an affordable property for seniors, or working families, than it is right now. These projects only work with government participation. That participation is currently at its lowest point I’ve seen in 15 years—which is ironic because with the baby boomers retiring soon, and living on a fixed income, the need has never been greater.”
“Right now in Cook County we are losing three affordable units for every one built,” Makin continued. “Unless there is more focus on this demographic and that trend reverses, there is going to be a chronic shortage of affordable units. That means that this population will seek market units where they will spend a significant portion of their income on rent. That means less money for other things like health care, food, utilities, etc.”
So what sets UI apart from other companies? Makin noted that UI’s founder and owner has a passion for affordable housing.
“He has always been really supportive of the efforts of the department, even when it was not as profitable as other areas of the business,” said Makin. “As a result, that passion is transmitted to the UI team and we have set a “UI standard” of excellence with our buildings. We consistently strive and achieve some of the highest REAC scores in the industry.”
“We recently completed a moderate rehab of an 84 unit senior project in Bellwood, IL,” she added. “It was a joint effort between Cook County, HUD and UI to give these seniors a new apartment, while still maintaining an affordable rent. We are also working on a new construction model right now that I am very excited about. Until now, UI has always done acq/rehabs. We hope to roll the new construction model out this year; I am currently searching for land sites in communities that want senior affordable housing.”
Makin’s most memorable deal was a rehab she oversaw in Portland, Oregon called McCoy Village. “It was one of those rehabs where everything, and I do mean everything that could go wrong, did go wrong. At one point my husband called it my 3rd child because it consumed so much of my life. But in the end, we got it done and the families that lived there were very grateful. I hope I never have one like that again, but I learned so much from that experience, that I will never regret it.”
The most rewarding part of her job is when a project is finished and leased up with tenants. “Those tenants have gone through a process to qualify to be there and in most cases, they are really grateful,” she said. “I really enjoy hearing their stories about how they needed this housing. It is rewarding to know that I am helping a little.”
Makin noted that her greatest accomplishment outside of CRE is her daughters! “I know, gag, but it is true, nothing compares to them. I love spending time with my daughters, scrapbooking and reading. Also, when I finally retire, I want to travel all over the world and learn about local history. I love history.”
What’s the best advice she’s ever been given? “Love what you do, or you are probably going to suck at it—which is also the best advice I’ve ever given.”