The good Cornellians can do: Scott Alter ’01

After graduation, Scott Alter '01 spent several years working in investment banking and real estate investment. Then the financial crisis of 2008 happened. Instead of pivoting away from real estate, Scott and his buddy Jeff Jaeger decided to lean in. They founded Standard Communities with a focus on providing affordable housing.

“I kept running into an uncomfortable gap between what was available in the market and what people actually could afford,” Scott says.

“I'd look at the numbers and see investment opportunity across many housing types, like mobile home parks, LIHTC (Low Income Housing Tax Credits) housing, and market rate housing. Then I'd look at communities and see families and seniors with minimal housing options that were safe, clean, dignified, and affordable.”

Scott and Jeff decided to focus on three priorities.

First, they try to preserve existing affordable housing and prevent it from being converted into market-rate properties. By refurbishing existing communities, they help keep people in their homes.

Next, they leverage public-private partnerships and government financing to keep costs—and rents—down.

Third, they build in amenities to promote health and wellness, safety, and community engagement, so that residents feel connected to their homes.

“Studying labor economics and industrial relations at Cornell, I first really grasped that the combination of work and housing really shapes everything else in a person's life,” Scott explains. “A safe, stable home and job are the foundations everything else is built on. That idea has never left me.”

Standard Communities is now among the largest affordable housing owners in the country, with more than 30,000 units across 22 states and more than 160 employees.

Cornellians around the globe are sharing how they do good in communities big and small. Share your own story.