COVER STORY
The Top 50 Affordable Housing Developers
AFFORDABLE HOUSING FINANCE • MAY 2008
RANK/(2007 RANK)
|
COMPANY/CONTACT |
ADDRESS/PHONE/WEB |
AFFORDABLE DEALS 2007 UNIT STARTS/ COMPLETIONS |
REGION(S) |
ORGANIZATION TYPE |
1/(1)
|
The NRP Group, LLC
Alan F. Scott, managing member
|
5309 Transportation Blvd.
Garfield Heights, OH 44125
(216) 475-8900
www.nrpgroup.com |
1,765/1,580 |
National |
For-profit |
| For the second consecutive year, The NRP Group tops the list with the most affordable housing units started in 2007. In addition to remaining active in affordable housing, the company expanded its conventional housing business, establishing a conventional apartment division headquarters in Dallas. |
2/(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
|
1,689/1,417 |
National |
For-profit |
| The owner of 40,000 affordable housing units, the Michaels Development Co. started four low-income housing tax credit (LIHTC) or tax-exempt bond developments and completed three others in 2007. |
3/34 |
The Park Cos.
Cliff Bates, director of acquisitions
|
P.O. Box 741
Jackson, MS 39205
(601) 321-7600
www.theparkcompanies.com |
1,316/418 |
South Central |
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. |
4/new |
Pedcor Investments, LLC
Phillip J. Stoffregen, chief operating officer and executive vice president
|
One Pedcor Square, 770 Third Ave., S.W.; Carmel, IN 46032
(317) 587-0343
www.pedcorcompanies.com |
1,282/838 |
Midwest, South Central, Southeast, West |
For-profit |
| Pedcor is a primarily suburban fringe developer of affordable housing. It refinanced 30 tax-exempt bond-funded transactions under a $160 million bond pool with a large national bank in 2007. |
5/new |
San Antonio Housing Authority
Gavino Ramos, director of corporate relations
|
818 S. Flores; San Antonio, TX 78204
(210) 477-6123
www.saha.org |
1,255/1,204 |
San Antonio |
Public housing agency |
| The housing authority started seven new LIHTC or bond projects in 2007 and has more than $250 million in new construction projects in the works. |
6/6 |
Carlisle Development Group
Matthew Greer, CEO
|
2950 S.W. 27th Ave., Suite 200
Miami, FL 33133
(305) 476-8118
www.carlisledevelopmentgroup.com
|
1,223/781 |
Florida |
For-profit |
| >>Carlisle Development Group closed on $300 million in new developments in Florida and commenced construction on the first
Leadership in Energy and Environmental Design-certified affordable housing development in the state in 2007. The company
also surpassed 5,000 stabilized units under ownership. |
7/9 |
National Church Residences
Thomas W. Slemmer, president & CEO
|
2335 N. Bank Drive
Columbus, OH 43220
(614) 451-2151
www.ncr.org |
1,200/1,200 |
National |
Nonprofit |
| National Church Residences is one of the nation’s largest nonprofit providers of affordable seniors housing. In 2007, NCR opened a new development office in Atlanta that will allow the organization to focus on development in the Southeast. |
8/new |
Apartment Investment and Management Co.
Jeff Kimes, senior vice president, affordable housing
|
4582 S. Ulster St.; Denver, CO 80237
(303) 691-4440
www.aimco.com |
1,160/151 |
National |
Nonprofit |
| One of the nation’s largest owners and operators of apartment communities, Aimco has a significant affordable housing portfolio that includes Sec. 8, rural, and LIHTC developments. |
9/new |
Bridge Housing
Carol Galante, president and CEO
|
345 Spear St., Suite 700; San Francisco, CA 94105
(415) 989-1111
www.bridgehousing.com |
1,133/785 |
California |
Nonprofit |
| BRIDGE Housing, one of the leading nonprofit housing developers in California, started five LIHTC projects with 616 units and another 517 affordable homeownership units in 2007. It also established a Los Angeles office. |
10/(3) |
Mercy Housing
Dick Banks, chief operating officer
|
1999 Broadway, Suite 1000
Denver, CO 80202
(303) 830-3300
www.mercyhousing.org
|
951/839
|
National |
Nonprofit |
| Mercy Housing has more than 8,000 homes in some phase of development, totaling $1.2 billion of real estate in its pipeline
over the next three years. The organization recently launched its National Supportive Housing Initiative, with the goal to
preserve or create 10,000 units of supportive housing over the next 10 years. |
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