Harvard Case - To Build a Different Model: The Case for Preservation of Affordable Housing, Inc.
"To Build a Different Model: The Case for Preservation of Affordable Housing, Inc." Harvard business case study is written by Alexander Von Hoffman. It deals with the challenges in the field of Economics. The case study is 29 page(s) long and it was first published on : Jul 26, 2011
At Fern Fort University, we recommend Preservation of Affordable Housing, Inc. (POAH) adopt a multifaceted strategy to expand its impact and ensure the long-term sustainability of affordable housing in the US. This strategy involves a combination of strategic planning, finance and investing, government policy and regulation, business and government relations, and innovation.
2. Background
The case study focuses on POAH, a non-profit organization dedicated to preserving and creating affordable housing in the US. Founded in 1989, POAH has grown significantly, managing over 12,000 units across seven states. However, the organization faces challenges in a rapidly changing market, including increasing demand for affordable housing, limited access to capital, and growing competition from private developers.
The main protagonists are:
- Daniel Tishman, POAH's CEO, who is driven by a strong social mission and seeks to expand the organization's impact.
- The POAH Board of Directors, responsible for setting strategic direction and overseeing financial performance.
- The Affordable Housing Market, characterized by a complex interplay of economics, government policy, and social factors.
3. Analysis of the Case Study
This case study can be analyzed through the lens of strategic frameworks:
- Porter's Five Forces: POAH operates in a highly competitive market with strong bargaining power of suppliers (landlords, developers), high threat of new entrants (private developers), and a high threat of substitutes (government-funded housing).
- SWOT Analysis: POAH boasts strengths like a strong track record, dedicated staff, and a clear social mission. However, it faces weaknesses like limited access to capital and a complex regulatory landscape. Opportunities lie in expanding into new markets and exploring innovative financing models. Threats include increasing competition, economic downturns, and changes in government policy.
Financial Analysis: POAH's financial performance is strong, but it needs to secure additional funding to support its growth ambitions. This requires exploring diverse funding sources, including private equity, impact investing, and public-private partnerships.
Operations Strategy: POAH can improve its operational efficiency by implementing technology and analytics to streamline processes, optimize resource allocation, and enhance tenant engagement.
Marketing: POAH needs to develop a comprehensive marketing strategy to raise awareness of its mission and attract potential partners, donors, and tenants. This can include digital marketing, public relations, and community outreach.
4. Recommendations
POAH should implement the following recommendations:
- Develop a Strategic Growth Plan: POAH needs a clear vision for expansion, outlining target markets, desired scale, and key performance indicators. This plan should incorporate a competitive strategy that leverages its strengths and addresses its weaknesses.
- Diversify Funding Sources: POAH should explore a range of funding options beyond traditional grant-making, including:
- Impact Investing: Partnering with investors seeking social and financial returns.
- Private Equity: Attracting private equity firms with a focus on affordable housing.
- Public-Private Partnerships: Collaborating with local governments on development projects.
- Strengthen Government Relations: POAH should proactively engage with local, state, and federal governments to advocate for favorable policies, secure funding, and influence regulatory changes. This requires building strong business and government relations.
- Embrace Innovation: POAH should explore innovative solutions to address the affordable housing crisis, including:
- Technology Adoption: Utilizing data analytics, predictive modeling, and digital platforms to improve efficiency and tenant engagement.
- New Construction Models: Exploring modular housing, prefabricated units, and mixed-use developments.
- Community-Based Solutions: Engaging residents in the design and management of affordable housing projects.
- Enhance Marketing and Communications: POAH needs to raise awareness of its mission and impact through a comprehensive marketing strategy that includes:
- Digital Marketing: Utilizing social media, website optimization, and targeted advertising.
- Public Relations: Building relationships with media outlets and engaging in public advocacy.
- Community Outreach: Partnering with local organizations and engaging residents in its work.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with POAH's core competencies in affordable housing development and management, while remaining consistent with its mission to provide safe and affordable housing for low-income families.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (tenants) and internal clients (staff, board members).
- Competitors: The recommendations aim to differentiate POAH from its competitors by focusing on innovation, strategic partnerships, and government advocacy.
- Attractiveness: The recommendations are expected to enhance POAH's financial performance and social impact. The project evaluation of these initiatives will be based on metrics like return on investment (ROI), net present value (NPV), and social impact measurement.
- Assumptions: The recommendations are based on the assumption that POAH can secure sufficient funding, build strong partnerships, and navigate the complex regulatory landscape.
6. Conclusion
POAH has a unique opportunity to expand its impact and become a leader in the affordable housing sector. By implementing the recommendations outlined above, POAH can leverage its strengths, address its weaknesses, and capitalize on emerging opportunities. This will require a commitment to strategic planning, innovation, and collaboration.
7. Discussion
Other alternatives not selected include:
- Merging with another non-profit: This could provide access to resources and expertise but would require careful consideration of organizational culture and mission alignment.
- Focusing solely on traditional funding sources: This would limit growth potential and make POAH more vulnerable to economic downturns and changes in government policy.
Risks:
- Funding challenges: Securing sufficient funding for growth initiatives.
- Regulatory changes: Unfavorable changes in government policy impacting affordable housing development.
- Competition: Increased competition from private developers and other non-profits.
Key Assumptions:
- POAH can attract and retain skilled staff.
- The affordable housing market will continue to grow.
- Government support for affordable housing will remain relatively stable.
8. Next Steps
POAH should implement the following steps to put its strategic plan into action:
- Develop a detailed implementation plan: This plan should outline specific actions, timelines, and resource requirements for each recommendation.
- Establish a dedicated team: This team should be responsible for coordinating the implementation of the strategic plan and monitoring progress.
- Engage stakeholders: POAH should actively involve its board of directors, staff, partners, and government officials in the development and implementation of the plan.
- Monitor and evaluate: POAH should regularly monitor the progress of its initiatives and adjust its strategy based on performance data and market trends.
By taking these steps, POAH can ensure that its efforts to preserve and create affordable housing are sustainable and impactful in the long term.
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Case Description
This case study examines the business model of the Preservation of Affordable Housing, Inc., (POAH) and its applicability to nonprofit housing providers. POAH is one of the premier socially conscious low-income housing developers and owners in the United States. Its primary mission is to purchase large, multi-family properties and refinance them for long-term affordability. As of 2010, POAH has rescued and refinanced more than 4,900 units of affordable rental housing in eight states and the District of Columbia. Since its founding in 2001, POAH has been unique among preservation owners not only for its business model - which attends closely to the bottom line of every transaction - but also for its commitment to policy and regulatory reform affecting a range of housing affordability issues. This case invites the readers to explore many dimensions of organizational strategy for nonprofit housing companies. In the world of nonprofits POAH is unusual in many ways including its origins-as it was formed in order to complete an acquisition of a significant subsidized low-income housing portfolio its organizational structure, which combines for-profit and nonprofit companies its financial model which emphasizes returning profits to the company and increasing cash flow as opposed to developer fees and especially property management fees its ability to influence government officials to modify regulatory policies to suit the needs of nonprofit housing groups. Finally, the case explores the larger importance of POAH for the low-income housing field.
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