BY CHRISTINE SERLIN

Passionate about affordable housing, innovative, and enterprising are all fitting descriptions for AFFORDABLE HOUSING FINANCE’s 2009 Young Leaders.

This year’s leaders—all younger than 40—make up a diverse group of for-profit and nonprofit developers, a state housing agency director who’s shepherding stimulus funds, a community development specialist at a state and local equity fund, and a green expert from one of the nation’s leading affordable housing nonprofits.

AFFORDABLE HOUSING FINANCE is recognizing these 12 individuals for the outstanding accomplishments they have already achieved and the promise they hold for the future. Nominated by their colleagues, they are difference makers. In all, approximately 45 nominations were received and reviewed before selecting this year’s group.

Here you’ll read about their accomplishments, how they became involved in the industry, their concerns, and their advice for fostering more young leaders


Highlight on: The For-Profit Developers

CHRIS N. PAPAMICHAEL, 34
Principal, The Domain Cos.
Tenure at current company: Since cofounding in 2004
First job: Shoveling driveways at age 10
Someone you admire: Tony Malkin, president of W&M Properties

MATT SCHWARTZ, 32
Principal, The Domain Cos.
Tenure at current company: Since cofounding in 2004
First job: Instructor at an ice hockey camp at age 15
Favorite book: “French Quarter” by Herbert Asbury

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On the for-profit developer side, two of the young leaders stepped up to the plate by founding their own company to create affordable and mixed-income housing.

Chris N. Papamichael and Matt Schwartz combined their talents to create The Domain Cos. at the beginning of 2004. Schwartz started at The Related Cos. where he worked in several different areas—the structuring and management of tax credit funds, acquisitions, debt and equity products, and finally affordable housing development. Papamichael was a principal at Aris Investments, a New York City firm specializing in turning around distressed multifamily assets.

“My background was entirely market- rate; [Schwartz’s] background was entirely affordable,” says Papamichael. “Between the two of us, we can tackle any multifamily project.”

Within five years, Domain has been involved in the development of more than 2,300 units, many of those in New York.

Both graduates of Tulane University, Schwartz and Papamichael also have been helping to lead the redevelopment of New Orleans. Domain has created 483 mixedincome units in three developments— The Preserve, The Crescent Club, and The Meridian—located along the Tulane Avenue corridor.

“We are proud to have played such a significant role in the recovery of New Orleans,” says Schwartz. “Our efforts in New Orleans were at times met with much skepticism, but we are proud to say that all of our projects have proven successful and have positively impacted their immediate neighborhood and recovery in clear and measurable ways.”