COVER STORY
The Top 50 Affordable Housing Owners
AFFORDABLE HOUSING FINANCE • MAY 2007
| RANK |
COMPANY/CONTACT |
ADDRESS/PHONE/WEB |
AFFORDABLE UNITS OWNED (AS OF 1/1/07) |
REGION(S) |
ORGANIZATION TYPE |
1 |
Michaels Development Co.
Robert J.Greer, president |
1 E. Stow Road P.O. Box 994
Marlton, NJ 08053
(856) 596-3008
www.michaelsdevelopmentcompany.com |
31,418 |
National |
For-profit |
| The firm focuses on low-income housing tax credit and HOPE VI projects. In 2006, it expanded its presence in military housing. The firm is building in 27 states, Washington, D.C., and the Virgin Islands. |
2 |
Volunteers of America
Patrick Sheridan, SVP of housing development
|
1660 Duke St.
Alexandria, VA 22314
(703) 341-5000
www.volunteersofamerica.org
|
16,880 |
National |
Nonprofit |
| Founded in 1896, the organization provides affordable family, seniors, and special-needs housing. It was involved in the acquisition and rehabilitation of 10 housing tax credit properties in 2006, including a Rural Housing Service project and five Department of Housing and Urban Development Mark-to-Market projects. |
3 |
Mercy Housing
Jennifer Kostka, communications manager |
1999 Broadway, Suite 1000
Denver, CO 80202
(303) 830-3300
www.mercyhousing.org
|
14,307 |
National |
Nonprofit |
| Mercy Housing develops affordable seniors, family, and special-needs housing. It completed the acquisition of Lakefront Supportive Housing in 2006, bringing its presence in the Chicago area to 1,400 units, and also added two health-care systems to its seven other strategic health-care partners in 2006. |
4 |
National Church Residences
Thomas W. Slemmer, president & CEO |
2335 North Bank Drive
Columbus, OH 43220
(614) 451-2151
www.ncr.org |
13,337 |
National |
Nonprofit |
| National Church Residences recently purchased Wingate Management Co., a multifamily housing specialist that provides management and financial services to 19 apartment communities throughout southeastern Michigan. As part of the transaction, NCR purchased six affordable seniors housing communities in the Detroit area. It also opened its second supportive-housing development in Columbus, Ohio. A primary focus is affordable seniors housing. |
5 |
Simpson Housing Solutions, LLC
Michael A. Costa, president
|
320 Golden Shore, Suite 200
Long Beach, CA 90802
(562) 256-2005
www.createchange.us
|
13,335 |
West |
For-profit |
| The company focuses on the development of 9 percent tax credit projects, both family and seniors apartments. It completed 15 projects using 9 percent housing tax credits in 2006 while starting an additional 10 tax credit projects. All were in California. |
6 |
McCormack Baron Salazar, Inc.
Kevin J. McCormack, president |
1415 Olive St., Suite 310
St. Louis, MO 63103
(314) 621-3400
www.mccormackbaron.com
|
12,407 |
National |
For-profit |
| The firm’s area of emphasis is the revitalization of central city neighborhoods with new construction, mixed-income housing, and supportive residential infrastructure. Typically, it develops larger-scale (400-plus units), moderate-density rental and workforce projects. In 2006, the firm received an allocation of New Markets Tax Credits. |
7 |
Pennrose Properties, LLC
Mark H. Dambly, president |
1301 N. 31st St.
Philadelphia, PA 19121
(267) 386-8666
www.pennrose.com
|
9,920 |
Northeast |
For-profit |
| The firm's focus includes special-needs housing, preservation, mixed-finance, and mixed-use deals. In 2006, Pennrose hired a director of land development services and reorganized into teams to allow better coverage in projects. It completed 11 affordable projects in 2006. |
8 |
Dominium Development & Acquisition, LLC
Paul Sween & Armand Brachman, principals |
2355 Polaris Lane, North Suite 100
Plymouth, MN 55447
(763) 354-5500
www.dominiumapartments.com
|
8,500 |
Midwest, South Central, Southeast, West |
For-profit |
| The firm’s focus includes Sec. 8 preservation, housing tax credit resyndication, and 9 percent housing tax credit new construction. In addition to completing three new tax credit or tax-exempt bond developments, Dominium acquired 21 projects in 2006. |
9 |
National Community Renaissance
Rebecca F. Clark, president
|
9065 Haven Ave., Suite 100
Rancho Cucamonga, CA 91730
(909) 483-2444
www.nationalcore.org |
8,466 |
National |
Nonprofit |
| The merger of SoCal Housing and National Housing Development Corp. was completed in 2006, resulting in the new company, National Community Renaissance (National CORE). The firm specializes in affordable rental communities that include mixed-use developments and inclusionary housing. Out of 69 existing projects and 24 developments in the pipeline, more than 20 are mixed-used or inclusionary housing. |
10 |
The Park Cos.
Cliff Bates, director of acquisitions
|
P.O. Box 741
Jackson, MS 39205
(601) 321-7600
www.theparkcompanies.com
|
8,032 |
South Central, Southeast |
For-profit |
| The firm received reservations for more than $100 million in housing tax credits in 2006. The Park Cos.’ goals in 2007 include helping rebuild the Mississippi Gulf Coast region by developing affordable housing tax credit units while expanding to other Southeastern and Southwestern markets. |
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