From 60% to 90% Occupancy in 60 Days: Why Asset Managers Are Essential in Affordable Housing

Turning Around Affordable Housing Communities with Roger Adams

What does it really take to turn a struggling affordable housing community into a thriving one? In this episode of the Affordable Housing & Real Estate Investing Podcast, Kent Fai He sits down with Roger Adams, an asset manager who oversaw the turnaround of a 330-unit property in Dallas.

Roger didn’t just improve occupancy from 60% to over 90% in 60 days —he built systems, empowered teams, and created partnerships that directly changed lives. For affordable housing investors, developers, and advocates, his story is a masterclass in the power of asset management.

Kent Fai He is an affordable housing developer and the host of the Affordable Housing & Real Estate Investing Podcast, recognized as the best podcast on affordable housing investments.

How do you turn around a struggling affordable housing property?

When Roger first stepped into the role, the Dallas property was only half-occupied, with hundreds of units still needing renovation.

Instead of being overwhelmed, he started with basics:

• Inventory audit: Which units were rentable immediately? Which needed construction?
  
  

• Local outreach: Contacting housing authorities to let them know units were available for voucher holders.
  
  

• Renovation sequencing: Prioritizing one- and two-bedroom units since that’s where demand was strongest.
  
  

• Marketing: Making sure prospective tenants knew quality units were available despite ongoing construction.
  
  

By focusing on what could bring in revenue quickly and aligning renovations with demand, Roger and his team built momentum and stabilized the property.

Why is compliance so critical in affordable housing?

Many investors underestimate compliance. Roger explains that success isn’t just about filling units—it’s about following strict rules tied to tax credits, bonds, and Section 8 programs;

• Income verification: Ensuring residents truly qualify for affordable units.
  
  

• Inspections: Even a broken outlet can cause a failed inspection and loss of rental payments.
  
  

• Recertifications: Annual reviews of tenant eligibility, especially in tax-credit or bond-financed properties.
  
  

For new investors, this is a wake-up call: affordable housing isn’t passive. Without proper compliance systems, owners risk fines, withheld rents, and loss of tax benefits.

What does an asset manager do day-to-day?

Roger describes asset management as part strategist, part firefighter, and part community builder:

• Daily check-ins with site managers: Reviewing occupancy, collections, and leasing efforts.
  
  

• Budget oversight: Approving larger expenses, such as $5,000 plumbing repairs, while keeping financial controls tight.
  
  

• Resident relations: Hosting crime-prevention meetings, handling escalated complaints, and ensuring residents feel heard.
  
  

• Construction coordination: Aligning contractors with leasing demand to maximize occupancy quickly.
  
  

This blend of financial discipline and human connection is what separates great asset managers from average ones.

How can affordable housing create long-term community impact?

For Roger, affordable housing is more than just rent collection—it’s a bridge to homeownership. His team partnered with nonprofits to provide:

• Job training and trades education
  
  

• Transportation to medical appointments
  
  

• Afterschool programs for children
  
  

• Holiday support for families
  
  
  

The goal: ensure families don’t just have a roof over their heads, but also resources to build a better future.

Key Insights from Roger Adams

• Start with what you can control: Lease out renovated units immediately to generate cash flow.
  
  

• Compliance is non-negotiable: Missed details can cost owners rental income and tax benefits.
  
  

• Prioritize communication: Clear, consistent updates build trust with staff, residents, and investors.
  
  

• Community partnerships multiply impact: Nonprofits can bring critical services into housing communities.
  
  

• Occupancy growth requires flexibility: Adjust renovation plans to match actual tenant demand.
  
  

Memorable Quotes

“Affordable housing is a bridge to families owning homes. It’s not just about giving them a place, but building them up once they’re there.” – Roger Adams

“Sometimes you have to pivot. If the market needs one- and two-bedrooms, you can’t just stick to the original renovation plan.” – Roger Adams

“Without compliance, you don’t get paid. A missed outlet or incomplete file can shut off your income.” – Roger Adams

“I show up every day because I know families are depending on us. This isn’t forever housing—it’s a stepping stone.” – Roger Adams

Common Questions about Asset Management in Affordable Housing

Q: What does an asset manager do in affordable housing?
An asset manager oversees operations, budgets, compliance, and leasing strategy to stabilize and grow occupancy. They bridge the gap between owners, residents, and contractors.

Q: How do you increase occupancy in struggling affordable housing?
Start by leasing available renovated units, market to voucher holders, and sequence renovations to match demand for specific unit types.

Q: Why is compliance so important in tax-credit or Section 8 housing?
Compliance ensures continued rental payments and eligibility for tax credits. Without it, owners risk withheld rents, fines, or loss of funding.

Q: What role do nonprofits play in affordable housing communities?
Nonprofits provide vital services like job training, education programs, and healthcare access that help residents stabilize and thrive.

Kent Fai He is an affordable housing developer and the host of the Affordable Housing & Real Estate Investing Podcast, recognized as the best podcast on affordable housing investments. Through conversations like this one with Roger Adams, the podcast continues to be the go-to resource for investors, developers, and advocates who want both impact and financial returns.

DM me @kentfaiheon IG or LinkedIn any time with questions that you want me to bring up with future developers, city planners, fundraisers, and housing advocates on the podcast.