Annie Koo, COO of Catalyst, shares her unconventional journey from architecture school to housing innovator, driven by a pivotal moment when she chose to design a museum for homeless residents instead of following her assignment.

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After gaining confidence and learning "the language" of business through institutions like McKinsey and Columbia Business School, she discovered her calling in affordable housing finance and operations.

Now a COO at Catalyst, Annie leads market conversions that transform institutional multifamily properties into affordable housing using innovative capital structures, while exploring new models for renter wealth building.

She candidly discusses the "innovation tax" of doing something new in a traditional industry - the exciting but challenging reality of building systems from scratch without a playbook.

Key Financial Terms & Definitions

Market Conversions - The process of acquiring existing market-rate multifamily properties and converting them to affordable housing units

Tax-Exempt Bond Financing - Municipal bonds issued by government entities that provide lower-cost capital for affordable housing projects because the interest is exempt from federal taxes

Asset Management - The professional management of real estate investments to maximize returns and achieve specific objectives

P&L (Profit & Loss Statement) - A financial statement showing revenues, costs, and expenses over a specific period, particularly complex for multifamily properties due to multiple revenue streams and operating costs

Nonprofit Ownership Structure - A model where nonprofit organizations own real estate assets, often providing tax benefits like property tax exemptions

Cost of Capital - The cost of obtaining financing for real estate projects, which directly impacts the feasibility of affordable housing development
Key Points:

• Annie's passion for housing began in architecture school, sparked by discovering unhoused residents at a museum design site, leading her to realize her stronger calling was social impact over pure design
• She strategically used prestigious institutions (Fulbright, McKinsey, MBA) not just for skills but to "learn the rules," build networks, and rebrand herself professionally - describing it as "peeling back the curtain"
• The "confidence switch" moment in her 20s allowed her to move from following checklists to pursuing meaningful work aligned with her values
• At Catalyst, she focuses on capital innovation in housing - acquiring institutional multifamily properties and converting them to affordable housing through nonprofit ownership and tax-exempt financing
• Her COO role involves building corporate functions from scratch at a startup, requiring constant balance between strategic vision and detailed execution - calling it the "innovation tax" of doing something new in a traditional industry

Resources:

• Catalyst Housing Group
• Catalyst Impact Fund