Cricket Cleary’s path to affordable housing began with a successful deal that left her wanting more.
Early in her career as an office leasing broker in Washington, D.C., Cleary completed a major transaction only to realize she wanted her work to have a more tangible impact. With encouragement from a mentor, she turned to affordable housing, drawn to an industry where the common goal was not simply getting deals done, but building homes and strengthening communities.
Cleary’s journey led her to Lincoln Avenue Communities (LAC), a mission-driven affordable housing developer based in Los Angeles. Cleary, 33, joined LAC in 2021 and now serves as senior director of development.
In six years, she has contributed to the development of more than 4,300 affordable housing units, comprising over $1.5 billion in total development costs in 24 developments. Many have been complex transactions with robust capital stacks, including Tivoli Place in New Orleans. This deal, which Cleary says was the hardest of her career at that time, marked LAC’s first historic master lease structure and its first Section 221(d)(4) transaction, layering the Department of Housing and Urban Development’s Mark-Up-To-Market program with low-income housing tax credits, state and federal historic tax credits, and a PILOT.
Cleary also has been active in the Women’s Affordable Housing Network, serving as the founding president of the Los Angeles chapter for four years.
What did your last project teach you?
We recently closed the construction financing for a 236-unit new construction development in the Sacramento MSA, and for me, the experience reinforced the importance of relationships. Particularly in today's environment, with softening equity markets and fluctuating interest rates, having partners who stand behind their commitments and are willing to fight for your deal is invaluable.
The reality is that every deal faces challenges. In those moments, you need to be able to rely on the relationships you've built with the people across the table and remember that, ultimately, we're all working toward a shared goal—delivering high-quality affordable housing for the people that need it most. Yes, the numbers have to work, but it’s the people and relationships behind them that ultimately get deals across the finish line. I feel incredibly grateful to have worked with so many industry colleagues who are not only exceptional at what they do but also really good humans—it truly takes a village to do what we do.
What impact do you hope your work has on residents and communities?
Above all, I want our residents to feel safe in and proud of where they live. I always try to think about our residents in the many small choices we make throughout the process. They may feel insignificant during design but often can have a meaningful impact on someone’s quality of life.
Are the light switches and outlets located correctly? How far does someone have to walk to take out their trash? Will kids actually want to play on the playground? Is the fitness center a space residents will actually use? Are we creating spaces for people to connect with their families and neighbors?
All of those details matter. In development, it’s easy to get caught up in the million things that need to happen to get a deal across the finish line, but at the end of the day we’re building people’s homes, and there’s something deeply personal about that. It’s a responsibility I take seriously, and I always try to keep the resident experience at the forefront of the decisions we make.
If you could share one lesson with someone just starting their career in affordable housing, what would it be?
Don’t be afraid to admit when you don’t know something and ask questions! There are so many acronyms and jargon in our industry, and it can feel really overwhelming when you are first getting started. Funding sources, policy, case law are all perpetually changing, and you learn something new on every deal.
I encourage our junior team not to shy away from raising your hand and asking, “Can you explain that to me?” And use your resources—call your attorneys and environmental consultants and accountants. Take the time to really understand the “why” behind what you’re working on. Genuine curiosity and a desire to keep learning have served me incredibly well throughout my career.
What habit or routine has contributed most to your success.
Being intentional about showing appreciation and investing in relationships with both internal teammates and external partners. For me, it starts with a genuine interest in people and a desire to understand what matters to them. And also recognizing that everyone has a full life outside of work, with their own responsibilities, relationships, and priorities that deserve the same care and respect as the work we’re doing together.
In our industry, there are a lot of long hours and weekends spent working through challenging deals. When you're constantly moving from one deadline to the next, it’s easy to forget to pause and recognize the work that goes into each milestone. Whether it’s celebrating a closing, bringing someone their favorite snack after a late night, being there when someone needs advice, or a simple thank you text, I think those small gestures go a long way.
When people feel appreciated and connected, it creates a sense of trust and camaraderie that makes the hard moments a little easier to navigate. This approach has made me a better teammate and leader.
What would be something that people would be surprised to know about you?
I have climbed Mt. Whitney (14,505 feet).