ARA Newmark’s Affordable Housing group delivers advisory and brokerage services to owners of multifamily properties financed using Low Income Housing Tax Credits, Tax Exempt Bonds and HUD rental/financing subsidies.

We leverage our experience in financing tax exempt bonds, FHA loans and agency loans for affordable housing.  We also understand that a successful exit strategy for affordable housing requires diligence and experience navigating through various partnership agreements, regulatory agreements and subsidy agreements (HAP Contracts).

Click here to see ARA Newmark's Affordable Housing properties.

Key Team Members

David Fournier - Executive Managing Director

Austin, TX

David Fournier is an executive managing director within the Affordable Housing advisory division of ARA, A Newmark Company. As a pioneer in the brokerage of affordable housing, he has been involved in the sale of over 25,000 units of affordable housing properties nationally. Mr. Fournier’s experience includes the sale of Low Income Housing Tax Credit (LIHTC) properties, partnership interests, bond-financed communities and Section 8/HAP properties.  Prior to joining ARA Newmark in 2008, he was a Managing Director at HFF, Inc. in Atlanta and lnsignia/ESG in Boston.

Mr. Fournier holds a Bachelor of Science degree in real estate finance from the University of New Orleans and earned the MAI designation from the Appraisal Institute. He is a board member for the National Housing & Rehabilitation Association and is actively involved with Housing Works Austin.

Clifford P. McDaniel - Executive Managing Director

Houston, TX

Cliff McDaniel serves as an executive managing director within the Affordable Housing Group of ARA, A Newmark Company’s Houston office. He has become an expert in the Low Income Housing Tax Credit (LIHTC) arena and regularly speaks on panels concerning the valuation of LIHTC properties. Mr. McDaniel’s in depth knowledge of the Qualified Contract Process (QCP) and Right of First Refusal (RoFR) process, as well as Year-15 sales options, has allowed him to create unique and creative opportunities for his clients. He maintains good relationships with General Partners and Limited Partner's which has allowed him to help negotiate and resolve contentious issues with parties that have diverging interest. Mr. McDaniel’s clients include Trammell Crow Residential, AIG, AIMCO, Wood Partners, Morrison Grove, Wentwood Capital and Boston Financial as well numerous local and regional general partners.

In addition to directing the brokerage services for ARA Newmark’s Affordable Housing group, he is also involved in various philanthropic efforts serving as Executive Director of On Track Ministries, Vice President of Club Outreach Ministries, and Secretary of West Houston 15 MUD.

Derek DeHay - Director

Austin, TX

Derek DeHay is a director with ARA, A Newmark Company’s Affordable Housing Group. He joined the team in 2010 and has been involved in the valuation and disposition of over $3 billion of affordable housing properties across the country. Mr. DeHay’s current role includes working with developers, syndicators and direct Low-Income Housing Tax Credit (LIHTC) investors on disposition strategies of properties in the LIHTC program, the Project-based Section 8 program and the USDA Rural Development program.

Prior to joining ARA Newmark, Mr. DeHay worked for a private multihousing investment group participating in the acquisition and redevelopment of distressed assets in the Southeast. In this position he received a general contractor’s license in multiple states and renovated over 2,000 units. Previously, Mr. DeHay also worked as a financial analyst for a LIHTC investment and asset management firm providing investment management to corporate limited partners that were invested in LIHTC’s. He brings to ARA Newmark firsthand experience in multihousing property repositioning as well as an intricate knowledge of the investor expectations and complex structure of a LIHTC investment.

Mr. DeHay graduated from the Hankamer School of Business at Baylor University with a Bachelor of Business Administration degree in finance and real estate and he is a CCIM candidate.

Christopher Bergmann - Associate

Houston, TX

Chris Bergmann is an associate for ARA, A Newmark Company where he assists clients in the disposition of affordable housing assets and works with clients needing to determine exit strategies for Low-Income Housing Tax Credit (LIHTC) and HUD assisted properties. He handles all aspects of the marketing process including client development, market research, valuation and underwriting. Prior to joining ARA Newmark, Mr. Bergmann was the senior managing director for Trammell Crow Residential where he was in charge of their Affordable Housing Division and before that he was President of The Shenandoah Group. Mr. Bergmann was responsible for the development of over 16,000 units of affordable housing during his tenure with both of these two firms.

He is a graduate of James Madison University where he earned a Bachelor of Business Administration degree in management and is a former president of the Texas Association of Affordable Housing Providers (TAAHP) as well as a former board member of the organization.

Jack Brett - Financial Analyst

Austin, TX

Jack Brett is a financial analyst for ARA, A Newmark Company where he is responsible for underwriting the Affordable Housing Group's listings, market analysis and project tracking. He also coordinates the production of marketing materials for the group. Prior to joining ARA Newmark, Mr. Brett worked as a financial analyst for a private consulting firm based in Houston, TX.

Mr. Brett graduated magna cum laude from the University of St. Thomas in Houston, with a Bachelor of Business Administration degree in finance, economics and marketing. He was awarded the outstanding graduate award in marketing, is a member of the Delta Mu Delta and Beta Gamma Sigma International Honor Societies and is currently a Level 1 candidate to become a Chartered Financial Analyst (CFA).