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ULI Boston Event Recap: Boston University Center for Computation and Data Sciences
On April 13, the ULI Boston/New England Young Leaders Group (YLG) hosted a lunch, panel discussion, and tour of the newly opened BU Center
May 22, 2023
Ricky Ochilo - Underwriter, Massachusetts Housing Finance Agency
Ricky Ochilo
Underwriter, Massachusetts Housing Finance Agency
How many years have you been in the industry?
I’ve been working in the housing industry since 2009. I first started as an AmeriCorps VISTA with the Neighborhood Developers, so about 14 years.
What motivates you?
I’m motivated by a few things in terms of my professional capacity and interests, and my own path in life, but mostly by a sense of purpose to promote and cultivate community well-being. Having worked primarily with low-income and moderate population groups, it’s been important in my life to recognize and wrestle with disparities in wealth, health, access to affordable housing, educational attainment, or employment. These areas have shaped my professional trajectory, instilled motivation, and provided initiative for me to work towards the common good.
What’s one piece of advice you’d give to someone entering CRE?
It’s important to establish good cross-sector relationships and networks in the housing market. There’s a lot to learn and share about how public and private groups in housing approach mixed-use development, for example. I think engaging with different stakeholders is important for commercial real estate, and working with community leaders is also essential.
Reflecting on what’s driving residential choice, the push and pull factors of remote work are displacing renters and buyers from urban centers; granted, there’s also reinvigorated interest in city living. I think the answer to this depends on the economic conditions and willingness of developers in the industry to meet the shifts in supply and demand. The lenses for opportunity are different, depending on one’s role and desired outcomes.
What’s your favorite thing about real estate?
I’d say affordable housing is important to me because it provides a sense of belonging for individuals and contributes to neighborhood revitalization, stabilization, and upward mobility. That’s been my personal experience with the projects I’ve been involved in through my work with various nonprofit developers in Greater Boston.
What’s your biggest career accomplishment?
I grew up in Kenya and then came here to study, so higher education has been important in how it has defined my outlook, accomplishments, and rationale to work. That experience underscores what I consider to be the essential purpose of how to catalyze housing and community development. It’s rooted in creating opportunities that take into consideration residents needs and foster equity. In my current role as an underwriter, there is satisfaction in knowing that the lending and other efforts my organization undertakes, helps build affordable homes and creates long-lasting benefits for people living in those communities and neighborhoods.
Why do you find ULI valuable?
Participating as a co-chair for the Housing and Economic Development Council has had a positive impact on me with respect to understanding how people in the industry approach and think about housing, in a larger context, from commercial to residential developers. I admire the work of the product councils and the shared purpose of cultivating housing, developing thoughtful policies, and spearheading economic development. These concerted efforts from cross-sector stakeholders are inspiring in terms of building initiatives and devising solutions to address housing challenges and influence socioeconomic development.
What are you reading, watching, or listening to now?
My reading is mostly centered on international news and understanding current events. I recently began reading The Warmth of Other Suns by Isabel Wilkerson and The Culture Map by Erin Meyer. I’m currently watching the show, Succession.
What are you looking forward to?
I’m excited about amplifying and supporting the work of our thoughtful developers. With the initiatives that ULI is undertaking, I’m particularly excited about being involved with the strategic planning process and its focus on championing housing attainability as one of the objectives. I’m looking forward to the process and defining outcomes in the context of Boston, New England, and working with stakeholders to influence positive change. Given new legislation that’s being debated, and in process with respect to MBTA Communities, there are opportunities to champion multifamily housing and strategies that promote, enhance, individual and family well-being.
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