Developers' Tips for Success: Dewayne Richardson

November 13, 2024

This edition of Developers' Tips for Success features Dewayne Richardson. We hope hearing from successful AHFA developers will inspire and educate others who are interested in becoming affordable housing owners/developers or increasing their level of experience.

Q: How long have you worked in the affordable housing industry?

1. About 35 Years

Q: What inspired you to participate in developing affordable housing?

1. I started out looking at ways to decentralize apartment buildings for affordable housing. My background in being sales manager for one of the largest builders in the community, I had decided to investigate doing single family homes, same concept, with tax credits.

Q: What are the key challenges or barriers to participating in this industry?

1. The experience is the key factor. That is why it is so important to start out by working with other experienced developers to get the knowledge before going out on their own.

Q: What are some of the challenges that you have experienced along the way that have helped you grow or led to your expertise?

1. Having the best development team. The professionals that are continually working with other developers and finding those individuals for architect, engineering firms, environmental market studies. Finding the team that is already in place going to use the guidelines of the state agencies is key to developing.

Q: What tips would you give other that may be interested in a career to affordable housing?

1. Be willing to work as supporting cast to development to gain the knowledge that is required before you go out on your own. That is the key in my opinion. The experience you gain through the experience of others.

Q: Please share any tips to becoming a successful owner or developer.

1. Relationships. Finding out first what the needs of the community are before you go out to build a mouse trap and there is no mouse. Finding out those needs and tailoring the project toward the needs of the community will ensure your success in the future. \

Q: What do you see as the greatest benefit of affordable housing?

1. The greatest benefit of affordable housing is being able to compact and identify the needs of your housing expenses. To be around 30% of your income. Most people think affordable housing meaning low income. But affordability is for anyone depending on what area you’re living in to compare to what your incomes are and whether you can afford to work and live in the community where you are located.

Q. Describe your most memorable experience as a developer or your favorite property you’ve been involved in.

1. Favorite property is the first single family home project that AHFA said you know it makes sense and let s five it a try and to see it was completely leased up 56 units were leased up before we finished construction, and it has a 150% waitlist on those single family homes and being able to convert it now to homeownership is the pride and joy of my development career. Richmond Park.

"Working and building like I said in my experience having been building projects in ga as well. I find that the staff at AHFA recognizes that everyone is not in a big firm with 100 employees that work and put out affordable housing. Being able to work in areas that your tax credit is centered towards 56 units may not be exactly what the big nationwide tax credit developers and affordable housing developers look for because of the economies of scales but AHFA mission is being met by focusing on putting their dollars where it counts in all of Alabama. That is the key and that is why I think the staff is so in tune with the rest of the developers."