COVER STORY
The Top 50 Affordable Housing Developers
AFFORDABLE HOUSING FINANCE • MAY 2007
| RANK |
COMPANY/CONTACT |
ADDRESS/PHONE/WEB |
TAX CREDIT & TAX EXEMPT BOND DEALS 2006 UNIT STARTS/ UNIT COMPLETIONS |
REGION(S) |
ORGANIZATION TYPE |
1 |
The NRP Group, LLC
Alan F. Scott, managing member
|
5309 Transportation Blvd.
Garfield Heights, OH 44125
(216) 475-8900
www.nrpgroup.com |
1,856/1,650 |
National |
For-profit |
| The NRP Group tops the list with 1,856 affordable units started in 2006. It completed a five-year strategic plan and expanded into Louisiana in 2006. In 2007, The NRP Group plans to start another 2,000 units. Texas, Arizona, and Louisiana will be among the areas that the firm will target. In addition to building low-income housing tax credit developments, the firm develops market-rate communities. |
2 |
Michaels Development Co.
Robert J. Greer, president
|
1 E. Stow Road
P.O. Box 994
Marlton, NJ 08053
(856) 596-3008
www.michaelsdevelopmentcompany.com
|
1,417/3,978 |
National |
For-profit |
| Owner of more than 31,000 affordable housing units, Michaels Development Co. started 1,417 units in three projects in 2006. It plans to start 1,899 units in 2007. An expert in HOPE VI developments, Michaels has expanded into building military housing. |
3 |
Mercy Housing
Jennifer Kostka, communications manager
|
1999 Broadway, Suite 1000
Denver, CO 80202
(303) 830-3300
www.mercyhousing.org
|
1,157/537
|
National |
Nonprofit |
| One of the most familiar names in affordable housing, Mercy Housing expects to complete 104 developments with 6,900 units in the next few years. Its targeted developments include supportive housing, preservation and rehabilitation projects, and self-help homeownership deals. |
4 |
Simpson Housing Solutions, LLC
Michael A. Costa, president
|
320 Golden Shore, Suite 200
Long Beach, CA 90802
(562) 256-2005
www.createchange.us |
945/1,553 |
West |
For-profit |
| Simpson Housing Solutions completed 15 affordable housing projects and started 10 more in 2006. All were in California. The firm plans to complete 17 projects in 2007. It is moving outside of California to other Western states. |
5 |
The Domain Cos.
Matthew Schwartz, principal
|
3187 Steinway St.
Astoria, NY 11103
(718) 626-6066
www.thedomaincos.com
|
937/64 |
Northeast, South Central |
For-profit |
| The company’s areas of focus include mixed-income developments and projects that maximize sustainable-design features. The Domain Cos. started four affordable housing projects in 2006 and expects to start another six in 2007. |
6 |
Carlisle Development Group
Lloyd J. Boggio, president & CEO
|
2950 S.W. 27th Ave., Suite 200
Miami, FL 33133
(305) 476-8118
www.carlisledevelopmentgroup.com
|
887/496 |
Southeast |
For-profit |
| Carlisle Development Group has developed affordable housing throughout Florida for families, seniors, farmworkers, and the homeless. The firm started nine projects in 2006 and expects to start another 22 in 2007. Carlisle has 3,345 multifamily units in its pipeline. |
7 |
Volunteers of America
Patrick Sheridan, SVP of housing development
|
1660 Duke St.
Alexandria, VA 22314
(703) 341-5000
www.volunteersofamerica.org
|
680/890 |
National |
Nonprofit |
| Volunteers of America started 10 affordable housing developments in 2006 and plans to start another 10 in 2007. This longtime nonprofit organization provides a range of housing types, with a focus on new construction seniors housing, family assisted housing, and special-needs housing. It is also active in acquisition and rehabilitation. |
8 |
Pennrose Properties, LLC
Mark H. Dambly, president
|
1301 N. 31st St.
Philadelphia, PA 19121
(267) 386-8666
www.pennrose.com
|
678/574 |
Northeast |
For-profit |
| Pennrose Properties started 10 affordable housing developments in 2006 and plans to start another 10 in 2007. The firm’s focus includes special-needs housing, preservation, and mixed-use developments. |
9 |
National Church Residences
Thomas W. Slemmer, president & CEO
|
2335 N. Bank Drive
Columbus, OH 43220
(614) 451-2151
www.ncr.org |
660/552 |
National |
Nonprofit |
| National Church Residences focuses on affordable seniors housing, but the organization is also involved in supportive housing and housing for low-income families. It plans to start 1,200 units in 2007. The Rev. John R. Glenn and four Ohio Presbyterian churches founded NCR in 1961. |
10 |
The NuRock Cos.
Robert G. Hoskins, managing principal
|
3460 Preston Ridge Road, Suite 175
Alpharetta, GA 30005
(770) 552-8070
www.nurock.com
|
623/896 |
South Central, Southeast |
For-profit |
| After starting 623 affordable units in 2006, The NuRock Cos. plans to start another 1,100 units in five projects in 2007. The company will be looking at deals in Georgia, Florida, Texas, Tennessee, North Carolina, and Virginia. |
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