What does it take to invest in real estate without compromising affordability for working families?
In this episode, Andrew and Daniel welcome Alecia Hill, Vice President and Portfolio Manager at FCP, to discuss her work in the affordable and workforce housing sector. Alecia shares how FCP approaches impact investing through long-term affordability preservation, essential housing, and resident services, proving that it’s possible to generate returns while addressing the housing crisis. With a background spanning policy, community development finance, and real estate, Alecia explains how her interdisciplinary experience shapes her investment philosophy. She also opens up about career transitions, mentorship, and why institutional capital is increasingly interested in this often-overlooked housing segment.
[00:01 - 06:30] The Missing Middle
What defines the gap in the U.S. housing market
Why 60–80% AMI households are underserved
The significance of “essential housing” in today's economy
[06:31 - 12:26] Balancing Impact and Returns
How FCP integrates resident services with real estate
What a preservation-focused investment strategy looks like
Why holding assets longer can improve community outcomes
[12:27 - 18:58] Understanding Affordability with Data
Why long-term business planning must consider AMI growth
What tools help align rents with target demographics
How CRA-aligned frameworks keep affordability in check
[18:59 - 24:06] Capital, Policy, and Execution
What kind of capital partners align with impact goals
Why policy knowledge is critical in real estate finance
What institutional interest signals about this sector
[24:07 - 29:08] Mentorship and Growth Paths
What Alecia's nontraditional path—from the arts to real estate—reveals about reinvention
Why mentoring early career professionals is a priority
How global perspectives are shaping her personal growth
Connect with Alecia!
https://www.linkedin.com/in/missaleciahill
Key Quotes:
“We believe in the asset class as a sound investment, but have the benefit of being able to do well while doing good.” - Alecia Hill
“You don’t get where you’re going alone. I want to be that resource for someone the way others were for me.” - Alecia Hill
Visit our website https://www.birgo.com/to learn more about High-Quality Recession Resistant Assets for the Everyday Investor
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