On this episode, Kevin chats with Jimmy Silverwood, president of Affirmed Housing Group, a San Diego-based affordable housing developer that's completed $2.8 billion in projects and created over 5,500 apartments across 70 communities since 1992. Jimmy shares his journey from growing up in the affordable housing business to working at Turner Construction, then joining Affirmed as an acquisitions and finance analyst before eventually becoming president under his father James, who started the company after getting blown up in the S&L crisis. The conversation dives deep into the complexity of affordable housing, breaking down the critical distinctions between workforce and affordable housing, the intricate process of securing and monetizing tax credits, and how developers navigate both 4% and 9% credits to build their capital stack. Jimmy explains the competitive landscape of tax credit awards, managing crucial timelines between credit awards and development permits, the strategic use of 90% land loans for acquisitions, and the scoring systems that determine project viability. They discuss Affirmed's business model of positioning themselves as essential vendors to cities while maintaining control through an integrated general contractor approach, and why mastering financial models is the true key to unlocking success in affordable housing development.