Senior Project Manager Michelle McAdaragh, who joined Way Finders in 1998, loves crunching numbers. She’s also remarkably adept at racking them up: Over her nearly three-decade career, she has been directly involved in or oversaw the development or redevelopment of 840 units, including multi-family units and single-family homeownership units.

As she sees it, “Affordable housing development is about navigating financial and legal complexities and creating a place where individuals can call home. The work may be complex, but its importance has only grown, and that motivates me to continue to find ways to create housing opportunities for those who need them most.”

McAdaragh graciously fielded the following questions to share her insight into her work as part of Way Finders’ Real Estate Development team.

What are the greatest changes have you seen in affordable housing development over the years?

One of the most significant changes is that the scale of our developments has grown larger. On the positive side, this allows us to serve more households. However, delivering these projects has become more complex. Regulations have increased substantially, and costs have risen sharply, driven by higher construction expenses, labor shortages, and the increased price of land and materials. These factors stretch budgets and make securing financing even more challenging. Additionally, the timeline from project initiation to completion has lengthened, due to the regulatory landscape and the growing competition for limited resources, such as tax credits, grants, and subsidies. The other change that stands out for me is that we’ve been developing more in suburban communities. This is driven by our commitment to ensure that every community has access to safe, quality housing.

What is a part of your job that people may not realize or might be surprised by?

I think the biggest shock is hearing that I’ve been with Way Finders for 26 years and counting! The second surprise is just how complex affordable housing development is. Many assume it’s simply about building walls and a roof, but it goes far beyond bricks and mortar. Much of our work involves navigating the intricate world of financing, regulations, and partnerships. Using Low-Income Housing Tax Credits to fund our projects, we work in a highly regulated framework governed by the IRS. This program is one of the most powerful tools for creating affordable housing, but it is far from simple. There are layers of compliance. And every project requires blending multiple funding sources—federal, state, local, private—each with its own rules and expectations. It often feels like solving a giant puzzle, where success hinges upon finding the perfect fit for the many pieces.

Is there a particular type of project—or step in each project’s process—that you most enjoy?

The type of project I find most fulfilling involves new construction. It is inspiring to be part of transforming a vacant site into a vibrant neighborhood, something with potential and purpose. For years, I look at projects in two dimensions, only envisioning what the project will become. Then, that vision starts to take shape, and it becomes a place where people can build their lives. In terms of process, I love crunching the numbers at my desk. There’s something incredibly satisfying about working through Proformas and budgets, solving the puzzle of making everything align. I love the challenge of tweaking figures, exploring different scenarios, and ensuring that our projects are financially feasible while staying true to our affordability mission.

How did you get started in this field?

My journey began in the mortgage lending industry, where I worked as a residential mortgage underwriter. I did a lot of construction loans as a lender. At the time, I was looking for a more flexible schedule as I was raising three young children. This search led me to Way Finders, where I initially split my time being a homebuyer counselor and working on single-family homeownership development projects. Numbers and math have always been my strong suit, and I quickly found that the single-family development work came naturally to me. Before long, my role shifted entirely toward development.

What’s it like to be a woman in the construction industry?

It can be both challenging and rewarding. Building strong partnerships and establishing credibility with contractors, architects, and funders are key to success in this field. You need to understand the language and technical terms of the trades and be knowledgeable about the construction processes and project timelines. Young people, both men and women, should find mentors and allies and join industry groups that can guide and expand their support system. People in this field can create lasting change in communities by staying curious, resilient, and committed to making a difference.

Thank you, Michelle!