Lorrie Heinemann, MBA, is the President/CEO of Madison Development Corporation (MDC), a non-profit based in Madison WI. MDC develops, owns, and manages "missing middle" affordable workforce housing projects in Dane County, WI. MDC also runs 3 Institutional Funds: The MDC Venture Debt Fund for early stage high tech companies (funded by local financial institutions and ED entities) and two Dane Workforce Housing Funds, LLC, (funded by local financial institutions and foundations) which fill gaps in new multifamily workforce housing projects. Heinemann joined MDC in 2016 after serving as the Banking & Securities Commissioner (DFI Secretary) for the State of WI in the early 2000s. She was thrilled to meet Sandra Day O'Connor, Sheila Bair, and Ben Bernanke during her term. Prior to her Cabinet position, she launched her own business at age 20, growing it to $10 Million of $AUM. She then merged her portfolio into a regional bank where she built a portfolio of over $140 million of $AUM through new funds & products she created for the Bank. After leaving banking, she raised and managed an $80 million portfolio of instituional clients in her position as the head of VKWM Appleton, WI (now Baker Tilly). Heinemann will be leading a panel to discuss Social Impact Funds which provide capital to build affordable housing projects in the U.S., as well as the organizations that provide the capital to the Funds, with the expectation of receiving a lower rate of return to make projects feasible.
Speaking at
Tue May 13
2:30 PM — 3:30 PM (GMT-07:00) Mountain Time
Workforce Housing Social Impact Funds
Category
Housing/Residential
In Fall 2020, Madison Development Corporation, along with the United Way and local Madison area Employers -financial institutions, health care systems & foundations, launched a Fund to fill gaps in affordable workforce housing projects in WI. The Dane Workforce Housing Fund (DWHF) raised over $11 million and helped create 747 new units, with a subsequent Fund II raising $13 million which has 230 units under construction. The Atlanta Affordable Housing Fund (AAHF), launched in early 2020, raised $15 million from local real estate leaders, which helped create over 800 affordable homes. The AAHF is now housed at the Community Foundation, which helped them attract an additional $150 million from diverse investors - financial institutions, foundations and individuals, to help create more affordable housing projects in Atlanta's core counties. This session will cover the Fund structures, the impact on their regions, and why investors stepped up.