Black Money Series: A conversation with Lark Mallory from Affordable Housing Trust (AHT)

Justin Minott from the African American Alliance of CDFI CEOs interviews Lark Mallory, President and CEO of AHT, focusing on her journey, mission, and the impact of her work. Here is a brief recap of this powerful conversation:

Justin: On LinkedIn, what's going on? You know who it is? It's Justin Minot from the African American Alliance of CDFI CEOs, and my special guest today is the one and only Lark Mallory, President and CEO of the Affordable Housing Trust in Columbus and Franklin counties. Lark, it is so good to have you here today.

Lark: Thank you for having me. I appreciate being invited.

Justin: Of course! We have to highlight a story like yours and the important work that you're doing. So, can you walk us through how you got involved with the Affordable Housing Trust? What was your journey into the CDFI space?

Lark: Absolutely! I'm originally from a small town in Northeast Ohio called Warren. It's a legacy city with a strong industrial background, particularly in steel and auto manufacturing. I was the first in my family to go to college, attending The Ohio State University, where I majored in accounting. After realizing accounting wasn't my passion, I went on to law school at Ohio State and later earned a master's degree in tax law from the University of Florida. After practicing law in D.C., I moved back to Ohio once my children were born.

Justin: That’s quite a journey! How did you get introduced to the Affordable Housing Trust?

Lark: While I was in D.C., I focused primarily on federal tax law. Upon returning to Ohio, I joined a smaller firm where I also handled business transactions, which involved representing developers. I was appointed to the Affordable Housing Trust's board of directors by former Mayor Michael Coleman, and later became the first general counsel and director of CDFI investments. Now, I’ve been the President and CEO for about two years.

Justin: That’s fascinating! How do your accounting and law backgrounds inform your work at the Affordable Housing Trust?

Lark: As a CDFI, we primarily make loans to developers rather than engaging in owner-occupied lending. My legal experience on the developer side gives me insights into what they are looking for and what they can realistically achieve. My accounting background enables me to analyze our financial statements and understand performance, which is crucial for our work.

Justin: That makes a lot of sense. Now that you’ve been at the Affordable Housing Trust for two years, what was the state of the organization when you came in, and how have things evolved since then?

Lark: I’ve experienced the Affordable Housing Trust from various perspectives, first as a board member and then as general counsel, where I closed all our loans. Notably, in January 2020, we closed a $100 million investment fund with contributions from local banks and corporate investors. We use those funds to make loans to developers. I'm excited to share that we now manage nearly a quarter of a billion dollars!

Justin: That’s incredible! What are you most proud of in terms of the lending initiatives you've implemented?

Lark: I categorize our developers into three groups: large developers who have known us for years and can bring in 200 to 300 units at a time; mid-sized developers with portfolios of around 50 to 100 units; and smaller developers. Previously, we wouldn’t fund projects like duplexes or four-plexes, but we’ve shifted our approach.

Justin: That’s a significant shift. Can you tell me about some of the initiatives you’re implementing to support smaller developers?

Lark: One of my proudest initiatives is our Emerging Developers Accelerator Program, designed for early-career developers. We provide six months of technical assistance and classroom training taught by industry professionals. I kick things off with an overview of housing in Central Ohio, but the classes are led by experienced practitioners. After completing the program, participants receive free consulting from these professionals, and we ensure they have access to capital.

Justin: That sounds like an amazing program! What type of financial support do you provide to these emerging developers?

Lark: We offer both hard and soft loans. The soft loans are zero-interest, with no payments required until year 10, contingent on meeting affordability requirements. If they fulfill a 10-year affordability period, the debt is entirely forgiven. This dual approach allows these developers to build their capacity and pursue larger projects with traditional lenders.

Justin: That's fantastic! It sounds like your program is making a real impact. What’s next for the Accelerator Program?

Lark: We’re graduating our second cohort in October, and we’re also opening applications for our third cohort. I'm incredibly excited about the growth and potential of this initiative!

Justin: Ultimately, it's about growing wealth, right? It's about closing those wealth gaps meaningfully and providing opportunities for advancement. I’m super curious—why housing? What makes you so passionate about housing as your weapon of choice? We’re all fighting the same fight, but you've chosen housing as your focus. Why is that?

Lark: Housing is at the center of so many interconnected systems in our lives, from healthcare and education to wealth and closing racial wealth gaps. All of these are related to housing. If you don’t have stable, decent, safe, and affordable housing, then nothing else matters. And by "affordable," I mean housing that costs no more than 30% of a person's income.

And I want to take a moment to share a bit about myself. I enjoy my coffee during the day, but in the evenings, I love a nice glass of red wine—unless it’s summer, then I’m all about that French rosé! But whether it’s the barista making coffee in the morning or the server bringing me wine at night, we all need housing that fits within that affordability guideline. Anything over 30% of your income means you’re housing burdened—that’s just too expensive.

This work personal for me. I lived with my grandmother for part of my childhood, and I was raised by my aunt. My grandmother, who was from Alabama, made sure I had what I needed to succeed, so I didn't end up in foster care. I know firsthand the importance of having a stable, safe place to call home. It’s about giving others the same opportunities I had and ensuring they can thrive. 

Justin: You're doing it! We're so grateful and the Alliance is so glad that we get to be a part of your journey and support you however we can. 

Lark: Thank you Justin and Lenwood and everyone at the Alliance for what you do. I appreciate it. 

Thank you for reading! You can watch the full interview HERE. Be sure to connect with Lark and follow her work at AHT to stay connected to the impact.