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Officers and Trustees

Kathryn T. Walker, CPA, President, Treasurer, and Trustee.

Ms. Walker is the Vice President and CFO of The American Opportunity Foundation, Inc. (“AOF”), a Georgia nonprofit corporation organized to foster, own, support, and sponsor housing for moderate-to-low income persons and families and the elderly. She has been with AOF on a full time basis since January 2008 and is responsible for the accounting functions of AOF and its subordinate entities. These responsibilities include preparation of internal financial statements as well as coordination of annual audits and tax returns. She also reviews the monthly financial statements of AOF/Golden State Community Development Corp.’s various partnership interests and submits a quarterly analysis of these financial statements to AOF/ Golden State Community Development Corp. personnel for follow up on any unusual findings.

Ms. Walker received a Bachelor of Science degree from Georgia State University and worked for various CPA firms in the metropolitan Atlanta area. She left public accounting in 2001 and started her own consulting business wherein she performed various financial services for clients in the affordable housing industry, including audits of affordable housing entities, financial analysis of monthly financial statements, due diligence work on potential acquisitions, and internal accounting functions. She also performed litigation support work relating to the valuation of businesses and estates relating to various legal proceedings.

Ajay R. Nayar, Vice President.

As Project Manager, Mr. Nayar is responsible for front end interface with new clients, legal counsel, regulatory agencies, and lenders in the capacity of providing coordination, assistance, and final execution during the formation of new partnerships. Maintaining and fostering a symbiotic relationship management philosophy with existing clients within the AOF/ Golden State Community Development Corp. portfolio is also a primary role of Mr. Nayar. In his capacity as Vice President for the organization, Mr. Nayar is also heavily vested in developing and building the organizations relationship with social service, educational service, and resident service organizations such as All Things Are Possible and A Tree of Knowledge Educational Services, Inc. In addition to the resident service / social service development aspect of enriching the lives of the low income community within the portfolio, Mr. Nayar also administers a computer and software donation program in conjunction with Capital Source Bank in an attempt to bridge the digital divide that separates the low income community from access to computing and information technology. Mr. Nayar is also the Project Manager of AOF/Pacific Affordable Housing Corp., the sister organization to the AOF/Golden State Community Development Corp. CHDO (“Community Housing Development Organization”). Mr. Nayar is responsible for construction management of the organization’s affordable single family product, including the administration of the Ontario Home Program which has completed its 5th rehab. In this position, Mr. Nayar works with city redevelopment agencies to acquire, rehab and sell single family homes to low-income families. In addition, Mr. Nayar performs construction accounting in this line of business and helps manage the multi-family portfolio in the Southern California region.

Prior to his role as Vice President, Mr. Nayar was the organization’s Project Manager and Resident Services Coordinator, working with property management companies to develop annual resident services plans for projects managed by AOF/P. Mr. Nayar has worked part-time for AOF/P for several years, performing administrative functions throughout the organization, contributing to his broad knowledge of the company’s core businesses and relationships.

Mr. Nayar completed his Bachelor of Arts degree in Business Administration with an emphasis in real estate and finance from California State University, Fullerton.


Mr. Nayar has been the President of AOF/Pacific since its incorporation in 1997. He also sits on the board of AOF/Golden State Community Development Corp., another California subordinate entity of The American Opportunity Foundation, Inc., and affiliate of AOF/Pacific Affordable Housing Corp.

Mr. Nayar has over thirty years of experience in the real estate industry, both as a builder and a developer. As an officer for various companies throughout the midwest and western parts of the United States, his responsibilities included obtaining financing for the development and management of hundreds of housing projects. These projects were financed using both conventional and governmental programs. He has also arranged financing through banks, savings & loans, and mortgage companies using taxable as well as tax-exempt bonds and FHA insured mortgages. The completion of construction projects in a timely manner and within budget has always been a priority to him. Mr. Nayar has also provided the marketing and leasing services for various projects he has developed.           

Mr. Nayar holds a Master’s Degree in Architecture, is an active participant in various CDFI activities focusing on helping neighborhoods grow, and has given seminars in the area of housing development.  Mr. Nayar serves as a board member for The Affordable Housing Clearing House, an Orange County nonprofit organization serving low and moderate income families and individuals. Mr. Nayar also serves on the board of the Clearinghouse Community Development Financial Institution, a federally designated CDFI.


Mr. Kennedy is the President and a Trustee of The American Opportunity Foundation, Inc. (“AOF”). AOF is a Georgia nonprofit corporation organized to foster, own, support, and sponsor housing for moderate-to-low income persons and families and the elderly. AOF is exempt from federal income taxation under section 501(c)(3) of the Internal Revenue Code (“the Code”) and has received a group exemption as a central organization whose subordinates are recognized as exempt from federal income tax under Section 501(c)(3) of the Code. AOF/Pacific and AOF/Golden State are subordinate entities of AOF. Mr. Kennedy has served as President of AOF since 1991 and has been employed full time since 1995. During his tenure as President, AOF and its subordinate entities have been involved in the acquisition, rehabilitation, ownership, and sale of over 20,000 affordable housing units in fifteen states. Under the requirements of the group exemption, AOF also directs and supervises the overall operations of AOF/Pacific and AOF/Golden State.

Mr. Kennedy is a former staff accountant with Arthur Anderson & Company. He received a Bachelor of Science degree from the University of Florida and a Master of Professional Accounting degree from the University of Texas. He is a Certified Public Accountant licensed in the State of Florida.

From 1983 to 1995, Mr. Kennedy was the Director, Executive Vice President, and Chief Operating Officer of Housing Systems, Inc. (“HSI”). HSI is a privately-owned corporation which owns and/or is the managing agent of more than 3,000 affordable housing units financed primarily through loans subsidized under various HUD programs. He was responsible for the overall operations at HSI, including the acquisition, management, and financing of the corporation’s projects.  Mr. Kennedy also serves on the advisory board of three Community Development Entities located in New York, Alabama and Florida.


Mr. Do-Khanh has been a Trustee since the corporation's inception and serves in a voluntary capacity. He is an attorney in Irvine, California, and is also a Trustee for AOF/Pacific Affordable Housing Corp.,  AOF/Golden State Community Development Corp.’s affiliate.


Ms. Grady has been a Trustee since 2011. She works for Sedgwick CMS as a Senior Disability Representative located in Calabasas and has been in the insurance industry for over 15 years.

SAN PHAM (Trustee)

Mr. Pham has been a Trustee for 3 years and serving for the second term.  Mr. Pham serves on a voluntary capacity.

Mr. Pham received Master’s Degree in Electrical Engineer from Darmstadt Germany 1979, and current works for a life insurance agent as a field representative.