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 |
21 |
Ambling Cos., Inc.
Elizabeth Horner, vice president of marketing and communications
|
348 Enterprise Drive Valdosta, GA 31601
(229) 244-2800
www.ambling.com
|
4,407 |
Southeast |
For-profit |
| Ambling develops and manages a range of multifamily housing, including affordable, seniors, student, and conventional developments. In addition to managing its own units, Ambling manages nearly 12,000 units for third-party clients. |
22a |
The Phipps Houses Group
Bettina Lee, communications associate
|
902 Broadway, 13th Floor
New York, NY 10010
(212) 243-9090
www.phippsny.org
|
4,400 |
New York City |
Nonprofit |
| The organization, which dates back to 1905, is one of the largest nonprofit affordable housing developers and residential property managers in New York City. It started eight projects with 536 units in 2006. |
22b |
The Wallick Cos.
Thomas A. Feusse, CEO
|
6880 Tussing Road
Reynoldsburg, OH 43068
(614) 552-5605
www.wallickcos.com
|
4,400 |
Midwest, South Central, Southeast |
For-profit |
| The Wallick Cos. focuses on affordable housing for moderate-income families and fixed-income seniors. It started three projects with 483 units in 2006. In addition to owning 4,400 units, it manages 3,400 units for third-party clients. |
23 |
Leon N. Weiner & Associates, Inc.
Kevin P. Kelly, president
|
4 Denny Road
Wilmington, DE 19809
(302) 764-9430
www.lnwa.com
|
4,343 |
Midwest, Northeast, Southeast |
For-profit |
| The firm focuses on the production and preservation of affordable housing units for those at or below 60 percent of the AMI. It also specializes in Sec. 8 rehabs utilizing housing tax credit financing. In 2006, the firm completed two acquisition-rehab deals, resulting in the preservation of 181 units. It also sold 34 units to first-time homebuyers and received $1 million in tax credit reservations for three projects. |
24 |
Homes for America, Inc.
Nancy S. Rase, president
|
318 Sixth St., Suite 2
Annapolis, MD 21403
(410) 269-1222
www.homesforamerica.org
|
4,200 |
Northeast, Southeast |
Nonprofit |
| The firm focuses on the preservation, through acquisition and rehab, of existing housing serving households earning below 50 percent of the AMI. It gained site control of four key preservation projects in Baltimore in 2006. |
25 |
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
|
4,115 |
Midwest, South Central, Southeast |
For-profit |
| The firm specializes in family and seniors multifamily housing. It also focuses on the acquisition and redevelopment of existing apartments. It has become active in development in the Gulf Opportunity Zone of Louisiana, Mississippi, and Alabama. |
26 |
LINC Housing Corp.
Suny Chang, asst. director of housing development
|
110 Pine Ave., Suite 500
Long Beach, CA 90802
(562) 684-1108
www.linchousing.org
|
3,980 |
California |
Nonprofit |
| LINC Housing develops affordable housing across California. During its 23 years of service, it has assisted 42 cities in the state. Approximately two-thirds of its portfolio is rented to residents at or below 60 percent of the AMI, and the majority of the balance is rented to residents between 60 and 80 percent of the AMI. LINC properties include special-needs housing, serving formerly homeless families, disabled individuals, and farmworkers. |
27 |
Community Preservation & Development Corp.
Hilary A. Morgan, director of development and communications
|
5513 Connecticut Ave. N.W., Suite 250
Washington, D.C., 20015
(202) 885-9556
www.cpcd.org
|
3,946 |
Northeast, Southeast |
Nonprofit |
| The firm’s focus is affordable rental housing preservation and historic rehabilitation. It is also involved in homeownership for low- and
moderate-income families. In 2006, the firm completed two projects with 298 units and acquired three properties.
|
28 |
Eden Housing, Inc.
Linda Mandolini, executive director
|
409 Jackson St.
Hayward, CA 94544
(510) 582-1460
www.edenhousing.org
|
3,614 |
California |
Nonprofit |
| Eden Housing develops a variety of affordable housing, including family, seniors, and special-needs housing. It is also active in affordable homeownership and mixed-use developments. In 2006, the company increased its development pipeline to provide more than 1,200 affordable housing units in the near future. It also implemented strategies to assure the preservation of its older properties as the tax credit compliance period expires. In 2006, Eden initiated the refinancing and rehabilitation of 11 older properties in its portfolio. |
29 |
Cohen-Esrey Affordable Partners, LLC
R. Lee Harris, president
|
6800 W. 64th St.
Overland Park, KS 66202
(913) 671-3332
www.cohenesrey.com
|
3,500 |
Midwest, South Central, Southeast |
For-profit |
| The firm’s focus includes small historic seniors properties in small communities and acquisition-rehab deals in both urban areas and smaller communities. It completed five projects with 159 affordable units in 2006. In addition to
owning 3,500 affordable units, Cohen-Esrey manages another 4,000 units for third-party clients.
|
30 |
The Woda Group, LLC
David Cooper Jr., principal and general counsel
|
229 Huber Village Blvd., Suite 100
Westerville, OH 43081
(614) 396-3200
www.wodagroup.com
|
3,292 |
Midwest, Northeast, Southeast |
For-profit |
| The firm focuses on multifamily, seniors, and single-family housing development, construction, and management in rural areas. It completed 11 projects with 516 units in 2006. |
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