Executive Management
David E Wasserman
Executive Director
David is the Executive Director of Social Housing, Inc, a Georgia nonprofit organization recognized by the IRS as a 501(c)(3) organization under the Code with the charitable purpose of owning and operating affordable multifamily housing.
Since 2010 David has been involved in the development, construction and asset management of low and moderate-income multifamily real estate as well as multiple low income housing tax credit (“LIHTC”), HUD/USDA-financed, unenhanced affordable housing and Affordable Housing Program and Federal Home Loan Bank transactions.
Through Social Housing as well as another unrelated affordable housing nonprofit organization, David has overseen the acquisition, rehab and in most cases, the disposition of 20 multifamily properties containing approximately 1,300 units. These properties were financed with combinations of low income housing tax credits, HUD/USDA debt, tax-exempt bonds, and soft money or grants.
As Chairman and Executive Director of the Sole Member, Mr. Wasserman oversees the day to day operations of the Sole Member and acts as a point of contact to the wide net of industry players who participate in the Sole Member’s operational activity.
David is a graduate of Hunter College.
Peter H Wasserman
President
Peter has been involved in the development, construction, brokerage, and asset management of low and moderate-income multifamily real estate since 2002.
Between 2002 and 2005 Peter managed approximately $65mm in new construction tax exempt bond transactions as a fee based developer with The Wasserman Group, Inc. The rated bonds on these transactions utilized a government loan guarantee program as credit enhancement to the debt.
The six projects involved in these transactions consisted of a blend of seniors housing (age/income restricted congregate care) and income restricted (non-LIHTC) family developments. These projects utilized §501(c)(3) sponsors with whom TWG had no previous relationship.
During the development of these projects Peter formed two §501(c)(3)’s that would be utilized as future sponsors of similar transactions. Those §501(c)(3)’s remained dormant for several years as the rules affecting various loan programs used by TWG slowly changed, but are now quite active.
In 2005 Peter switched his focus to the acquisition/rehab (or “preservation”) of aged USDA Section 515 (formerly “Farmers Home”) and other rural properties. Between 2005 and 2010 Peter was involved with fifteen LIHTC transactions all of which received either 9% LIHTC awards or some other form of subsidized funding.
Following the credit debacle of 2008, in 2009 Peter shifted his focus to growing the non-profit organizations he co-created and managed. Since 2009 Affordable Housing America, Inc. (“AHA”) has closed on a substantial portfolio of multifamily properties geographically scattered across the country. The properties AHA owned were financed with a variety of diverse capital stacks which included a combination of LIHTC, HUD/USDA debt, tax-exempt bonds, and soft money/grants. Peter was heavily involved in all aspects of the acquisition, finance, development and, in many cases – disposition, of AHA’s projects.
Prior to entering the real estate industry Peter spent five years with the Atlanta Symphony Orchestra as Program Coordinator for the Chastain Park Amphitheater and the Symphony Hall “Super POPS!” concert series. During this time he produced over 200 live concert events (ranging from pop acts such as Hootie and the Blowfish to classical performances featuring the Atlanta Symphony Orchestra).
Peter is a graduate of Georgia State University with a degree in Economics.
Stephen M. Wasserman
Vice President
Over his 40+ year business career Steve Wasserman has been involved in virtually every aspect of real estate. A Certified Public Accountant and graduate of the University of Illinois (Urbana), he came to the real estate industry after serving as an auditor and tax accountant for PricewaterhouseCoopers (then Price Waterhouse & Co.) and having completed one of the country’s most rigorous and prestigious corporate management development programs at Illinois Bell (now AT&T).
He later served as Executive Vice President/Controller of the real estate division of a Wheelabrator/Frye, a NYSE company, where he was responsible for a multi-family development and property management company with approximately 50,000 apartment units and a significant number of commercial properties under management.
During the REIT crisis of the mid-to-late 1970’s Steve was an officer of First Wisconsin National Bank (now US BANK), where he managed a diverse multi-hundred million dollar (1970’s dollars) “work-out” portfolio of troubled real estate and loans. As a bank officer he was directly involved in borrower negotiations, bank swaps, construction completion, asset and property management, and virtually every other real estate/banking related activity on properties throughout the U.S.
He moved from Denver to Atlanta to finalize the Bank’s asset completion and disposition process in the Southeast and remained with the Bank until late 1977, when he formed The Wasserman Group, Inc. (TWG). TWG has focused on development of low and moderate income housing since its inception. It is a specialist in government financed programs and has completed numerous tax-exempt bond transactions as a fee developer.
In addition to asset and property management (including contracted development relationships with MGIC and AMBAC), over a 30+ year period TWG developed offices (award winning), apartments, condominiums (award winning), and single family houses nationally. In recent years TWG has concentrated on tax credit housing and other affordable housing.
Steve is a founder of two other not-for-profit housing companies whose missions are the acquisition and long-term preservation of affordable housing nationally – Affordable Housing America, Inc. and American Covenant Senior Housing Foundation, Inc.
Over his career Steve has been the developer, owner, consultant, and/or asset or property manager of over 8,500 multi-family units nationally.