The Mabion: 57 Homes for Beacon Hill

Troy Nash • March 18, 2026

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Press Coverage: Mass Transit Magazine, 2023

The Mabion is a $19.3 million affordable housing development in Kansas City's Beacon Hill neighborhood. Fifty seven homes. Financed using 9% Low Income Housing Tax Credits. If those numbers do not mean much to you, let me put it in context.

Nine percent LIHTC allocations are the most competitive financing mechanism in affordable housing. Nationally, fewer than 30 percent of applicants receive an award. Every state housing agency in the country has more applications than credits to give. To win a 9% allocation, your project has to score at the top of the state's Qualified Allocation Plan. Your capital stack has to work. Your community support has to be documented. Your development team has to be credible. And you have to beat out every other developer in the state who wants those same credits.

We won that competition. And we delivered.

The Neighborhood

Beacon Hill sits just south of Kansas City's downtown core. It is a neighborhood that has experienced decades of disinvestment, the kind of slow withdrawal of private capital that leaves visible scars: vacant lots, boarded buildings, and a sense among residents that nobody in power cares what happens there.

I have been working on Beacon Hill since the late 1990s, when I first started advocating for the neighborhood as a city council member. Back then, the conventional wisdom in city government was that neighborhoods like Beacon Hill were too far gone to save. The cost of intervention was too high. The market demand was too weak. The political will was insufficient. Better to focus resources on neighborhoods that had a chance of attracting private investment on their own.

I rejected that logic completely. Every neighborhood has a chance if somebody is willing to fight for it. And I fought for Beacon Hill for two decades before The Mabion was built.

The Mabion was designed to reverse the narrative of decline. Not with promises or plans but with physical evidence. Fifty seven homes on a site that had been neglected for years, built to a standard that says to the neighborhood: you are worth this level of investment.

The name itself is intentional. Every Nash Group project carries a name that connects to the community it serves. The Mabion is rooted in the history of Beacon Hill, and the building is designed to honor that history while creating something new.

The Capital Stack

Affordable housing development is fundamentally a financing puzzle. You cannot charge market rate rents because your tenants cannot afford them. That means your operating income is lower, which means your project value is lower, which means you need creative sources of capital to close the gap.

The Mabion's $19.3 million capital stack was assembled using 9% LIHTC equity as the primary source, supplemented by additional public and private financing. The tax credit equity covered approximately 60 to 70 percent of the total development cost, with the remaining gap filled through a combination of soft loans, grants, and conventional debt.

Let me explain how this works in practice, because the complexity is what separates firms that can do this work from firms that cannot. A 9% LIHTC deal requires you to simultaneously satisfy the requirements of at least four or five different capital sources. The tax credit investor needs a specific return profile, specific compliance guarantees, and specific legal protections. The conventional lender needs a debt coverage ratio that demonstrates the project can service its loan payments from rental income. The state housing agency needs evidence that the project meets their QAP priorities and will actually get completed. The city needs evidence that the project will generate community benefit. And any soft loan or grant provider has their own reporting and compliance requirements.

Your job as a developer is to make all of those requirements work together in a single project. That means the rent structure has to satisfy the lender's underwriting while remaining affordable to the tenants. The construction budget has to be realistic enough for the investor while delivering quality that the community deserves. The timeline has to be aggressive enough to satisfy the tax credit delivery requirements while being realistic enough that you can actually build the building.

Structuring this kind of deal requires understanding not just the numbers but the relationships. We know these investors, these lenders, and these agencies because we have worked with them for years. That institutional knowledge is not available to firms that are new to LIHTC development, and it is one of the reasons The Mabion was successfully financed and delivered.

The Outcome

Fifty seven families now live in quality affordable housing in Beacon Hill. Those families have stable rents, modern amenities, and a home in a neighborhood that is actively being transformed. The Mabion is not the only investment in Beacon Hill, but it is one of the most significant, and it sends a clear signal to other developers and investors that this neighborhood is worth betting on.

The ripple effect of a project like this extends far beyond the 57 units. When you build quality housing in a disinvested neighborhood, you attract retail. You attract services. You attract other developers who see that the market is moving. You create a cycle of reinvestment that builds on itself.

I have watched this cycle work in Beacon Hill over 20 years. The neighborhood today is not the same place I found in the late 1990s. The abandoned buildings are gone. New housing has been built. Infrastructure has been improved. And The Mabion represents the kind of significant investment that would have been unthinkable two decades ago.

What This Project Demonstrates

The Mabion demonstrates three things about The Nash Group.

First, we can compete for and win the most competitive financing in affordable housing. A 9% LIHTC allocation is not given to firms that fill out applications. It is given to firms that score at the top. That requires deep knowledge of state QAP criteria, strong community relationships, and a development plan that the housing agency believes will actually get executed.

Second, we build in neighborhoods that others have abandoned. Beacon Hill was not an easy site. It required patience, community engagement, and a willingness to invest in a place that most developers had written off. That is what we do. We do not chase easy projects in strong markets. We go where the need is greatest and where the impact will be most significant.

Third, we deliver. The distance between a tax credit allocation and a completed building is measured in years of construction management, compliance, and problem solving. Every affordable housing developer can tell you about the deals that fell apart: the contractor who went over budget, the environmental issue that delayed construction, the investor who backed out. The ones who succeed are the ones who solve those problems without losing the project. The Mabion is not a plan or a proposal. It is a building with families living in it. That is the only metric that matters.

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By Troy Nash March 19, 2026
I grew up in public housing. Section 8. Kansas City, Missouri. That is not a metaphor or a brand story. That is where I slept at night. My mother raised us without much, but she raised us with an understanding that where you start does not determine where you finish. I took that seriously. Maybe more seriously than she intended, because by the time I was done, I had collected nine academic degrees, traveled to more than 50 countries, served on the Kansas City Council, been appointed to the Missouri Housing Development Commission by the governor, joined the boards of a bank, a university, and a national development company, and built a real estate advisory firm that operates across multiple states. Savoy Magazine named me among the Most Influential Black Executives in Corporate America in 2020 and again in 2022. Ingram's Magazine put me on their list of 50 Missourians You Should Know in 2015. I am telling you this not to impress you but to establish a fact: the trajectory from public housing to national recognition is documented. It is not a claim. It is a record. The Arc Nine degrees sounds excessive until you understand the logic. Each degree opened a door that the previous one could not. A bachelor's degree got me into law school. Law school gave me the tools to understand policy. A master's in public administration taught me how government actually works from the inside. An MBA taught me how capital flows. A doctorate gave me the credibility to teach at a university. Every credential was a strategic investment in the next phase of the work. People ask me why I kept going back to school. The answer is simple: every time I reached the next level of my career, I discovered that I needed knowledge I did not yet have. When I entered government, I needed to understand public administration. When I started doing development deals, I needed to understand finance. When I wanted to teach at a university, I needed the terminal degree. Education was never the goal. It was always the tool. The Kansas City Council taught me how cities make decisions. Chairing the Planning, Zoning, and Economic Development Committee showed me the full machinery of urban development: the politics, the financing, the community dynamics, and the trade-offs that nobody talks about publicly. Every major development project in Kansas City crossed my desk. Every zoning change. Every tax abatement. Every TIF district. I saw how the system worked from the inside, and that education was more valuable than any degree. The Missouri Housing Commission taught me how states allocate Low Income Housing Tax Credits. As a commissioner appointed by Governor Jay Nixon, I sat on the other side of the table from the developers who submitted applications. I evaluated their proposals. I participated in discussions about which projects deserved limited state resources. That experience is available from almost nobody in the private sector, because almost nobody in the private sector has served as a housing commissioner. Traveling to 50 countries was not tourism. It was education. I studied housing systems in Europe, urban planning models in Asia, community development approaches in Africa and Latin America. In Cuba, I studied a healthcare delivery model that puts a doctor in every neighborhood, and I brought that concept back to Kansas City, where it eventually influenced our approach to co-locating healthcare with affordable housing. Every country taught me something. Every lesson informed the work. Why I Built The Nash Group After years in government and education, I understood something that most people in this field do not: the gap between policy and execution is where communities get hurt. Policies exist. Funding exists. Tax credits exist. But the people who can actually structure a deal, navigate the politics, manage the construction, and deliver housing that serves the community are rare. There are plenty of policy experts who cannot execute. There are plenty of builders who do not understand policy. There are plenty of consultants who have never served in government. The Nash Group exists because I have done all three, and I built a firm that brings all three capabilities to every project. We do not just advise. We develop. We do not just develop. We teach. The Lewis White Real Estate Center at UMKC, where I serve as director, trains the next generation of real estate professionals using the same principles that built the firm. That is not a side project. It is core to the mission, because the problems we work on will outlast any individual career. What This Story Means For You If you are a prospective client evaluating whether to work with us, here is what my story tells you: I have been on every side of this table. I have been the resident who needed housing. I have been the elected official who voted on housing policy. I have been the commissioner who allocated tax credits. I have been the developer who built the housing. And I have been the professor who teaches others how to do it. That is not a typical resume in this industry. Most people know one side. I know all of them. And that knowledge shows up in every project we touch, because we understand not just what needs to be built but why it matters and who it serves. When we sit across the table from a housing finance agency, we understand their perspective because I have been a commissioner. When we engage with a city council on an entitlement approval, we understand the political dynamics because I chaired the committee that made those decisions. When we structure a capital stack, we understand the investor's requirements because I have an MBA and have closed these deals myself. When we engage with community residents, we understand their concerns because I grew up in public housing and I have lived in the conditions that bad housing creates. The kid from Section 8 did not forget where he came from. He turned it into a career that has generated hundreds of millions of dollars in community investment across multiple cities. That is the power of refusing to accept your starting point as your endpoint. Thirty years. Nine degrees. Fifty countries. And it all started in public housing in Kansas City. ================================================================= THEME 2: AFFORDABLE HOUSING DEVELOPMENT =================================================================
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People always want to know how I got here. They see the degrees, the developments, the board seats, and they assume there was some master plan. There was not. What there was, at the very beginning, was a kitchen table and a set of circumstances that demanded I do something about them. In 1995, I was 25 years old, a law student at the University of Missouri-Kansas City, living with my wife Sherrie in a house on Charlotte Street near Brookside. My three older brothers — Harvey, Daryl, and Todd — were smart men with no credentials and no clear path forward. They had the ability but not the access. Nobody had shown them how to navigate the system that separates people who can from people who do. I decided that if nobody else was going to do it, I would. Every Saturday at 10 a.m., we held a formal meeting at my house. I sat at that kitchen table and worked with all three of my brothers. We went through the material together. 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A woman who had spent decades raising children in public housing, who had every reason to believe that her own educational moment had passed, looked at her sons and said: if they can do it, so can I. She was right. Why This Matters I tell this story not because it makes for a good profile piece, although it does. I tell it because it explains everything that came after. Every development I have built, every policy I have fought for, every classroom I have taught in comes from the same impulse that put me at that kitchen table: if the people around you have the ability but not the access, you create the access. This was not about charity. It was about refusing to accept that my family's circumstances were permanent. The housing projects where I grew up taught me that systems create conditions, and conditions shape lives. But they also taught me that individuals can break those conditions if somebody shows up with a plan and the willingness to execute it. 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