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 |
31 |
Beacon Development Group
Paul D. Purcell, president
|
1221 E. Pike St., Suite 300
Seattle, WA 98122
(206) 860-2491
www.beacondevgroup.com |
307/116 |
Washington |
For-profit |
| Beacon Development Group develops affordable housing throughout Washington state. Its areas of expertise include financing and project management for 9 percent housing tax credit deals. It has worked on farmworker, special-needs, historic, and sustainable-design projects, including Traugott Terrace in Seattle, the first affordable housing project in the country to receive Leadership in Energy & Environmental Design certification.
|
32 |
Homes for America, Inc.
Nancy S. Rase, president
|
318 Sixth St., Suite 2
Annapolis, MD 21403
(410) 269-1222
www.homesforamerica.org
|
298/531 |
Northeast, Southeast |
Nonprofit |
| Founded in 1994, Homes for America specializes in developing and preserving housing for low-income families and special-needs populations. The organization started four tax credit or tax-exempt bond developments in 2006 and has plans for five more in 2007. |
33 |
The John Stewart Co.
Leticia Marquez, office manager
|
1388 Sutter St., 11th Floor
San Francisco, CA 94109
(415) 345-4400
www.jsco.net
|
293/155 |
California |
For-profit |
| The John Stewart Co. develops all kinds of multifamily housing, with an emphasis on mixed-income and affordable housing. One of its recent projects was a major HOPE VI development in San Francisco. In addition to developing housing, The John Stewart Co. manages 17,410 units for third-party clients. |
34 |
The Park Cos.
Cliff Bates, director of acquisitions
|
P.O. Box 741
Jackson, MS 39205
(601) 321-7600
www.theparkcompanies.com |
290/508 |
South Central, Southeast |
For-profit |
| The Park Cos. started five affordable housing projects in 2006 and has plans to start eight in 2007. It received reservations for more than $100 million in housing tax credits in 2006. It will be active in rebuilding the Gulf Coast. |
35 |
Herman & Kittle Properties, Inc.
Todd Sears, vice president of finance
|
500 E. 96th St., Suite 300
Indianapolis, IN 46240
(317) 663-6850
www.hermankittle.com
|
284/1,228 |
Midwest, South Central, Southeast |
For-profit |
| Herman & Kittle Properties started three housing tax credit or tax-exempt bond projects in 2006 and will do even more in 2007, with plans to start 11 developments with 1,679 units. The firm will be involved in the redevelopment of the Gulf Coast. |
36 |
Wasatch Advantage Group
Jeff Nielson, chief financial officer
|
26522 La Alameda, Suite 260
Mission Viejo, CA 92691
(949) 367-1393
www.netwasatch.com
|
280/150 |
West |
For-profit |
| Wasatch’s focus includes affordable multifamily and seniors housing that targets residents with incomes maxing out at between 50 percent and 60 percent of the AMI. The firm started two developments in 2006 and plans to start six in 2007. |
37 |
Leon N. Weiner & Associates, Inc.
Kevin P. Kelly, president
|
4 Denny Road
Wilmington, DE 19809
(302) 764-9430
www.lnwa.com
|
278/395 |
Midwest, Northeast, Southeast |
For-profit |
| Leon N. Weiner & Associates started three tax credit or tax-exempt bond projects in 2006 and plans to start four more in 2007. In addition to new construction projects, the firm specializes in the rehabilitation of Sec. 8 properties. |
38 |
Norstar Development USA, L.P.
Linda L. Goodman, director of project development
|
200 S. Division St.
Buffalo, NY 14204
(716) 847-1098
www.norstarcompanies.com
|
259/127 |
National |
For-profit |
| Norstar Development started three projects with 259 units in 2006 and expects to start five more with 693 units in 2007. A special area of focus for the company is redevelopment of public housing. |
39 |
Dunn Development Corp.
Martin Dunn, president
|
151 Seventh Ave., 2nd Floor
Brooklyn, NY 11215
(718) 388-9407
www.dunndev.com |
247/54 |
Northeast |
For-profit |
| Dunn Development has expertise in affordable and supportive housing. It has created mixed-income and green-building developments, including 1212 MLK Apartments in New York City, the first multifamily mid-rise or high-rise apartment to receive the Energy Star label. |
40 |
George Gekakis, Inc.
George Gekakis, president
|
2655 S. Rainbow Blvd., Suite 401
Las Vegas, NV 89146
(702) 364-8027
www.ggidevelopment.com
|
238/ NA |
West |
For-profit |
| The firm focuses on affordable seniors housing. George Gekakis, Inc., will be targeting its work in Las Vegas and Clark County, Nev. The company plans to start two developments in 2007. |
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