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 |
41/29 |
Mid-Peninsula Housing Coalition
Fran Wagstaff, president
|
303 Vintage Park Drive, Suite 250
Foster City, CA 94404
(650) 356-2900
www.midpen-housing.org |
275/298 |
California |
Nonprofit |
| Mid-Peninsula Housing Coalition started three affordable housing developments with 275 units in 2007. The organization expects to start five projects with about 476 units in 2008. Mid-Peninsula focuses on serving the lowest-income people it can house, and the average income of its residents is 32 percent of the area median income. |
42/19 |
Gorman & Co., Inc.
Tom Capp, chief operating officer
|
200 N. Main St.; Oregon, WI 53575
(608) 444-6846
www.gormanusa.com |
269/524 |
Midwest, South Central, Southeast, West |
For-profit |
| Gorman & Co.’s focus includes downtown revitalization and preservation projects. After starting three developments in 2007, the firm is looking at starting nine projects with more than 600 units this year. The company is looking at expanding into Arizona, Florida, and Mississippi. |
43/7 |
Volunteers of America
Patrick Sheridan, senior vice president of housing development
|
1660 Duke St.
Alexandria, VA 22314
(703) 341-5095
www.volunteersofamerica.org
|
266/251 |
National |
Nonprofit |
| Volunteers of America started 266 affordable units and acquired another 621 in 2007. The new units started include projects with and without LIHTCs. The organization hopes to continue to grow by about 600 new units while recapitalizing approximately 300 to 500 units in its portfolio in 2008. |
44/new |
Common Ground
Rosanne Haggerty, president
|
14 E. 28th 44 St.
New York, NY 10016
(212) 471-0813
www.commonground.org |
263/NA |
Northeast, South Central, West |
Nonprofit |
| Common Ground began construction on a 263-unit supportive-housing residence on the Lower East Side of Manhattan in 2007. In addition, it closed on the financing for a 190-unit supportive-housing residence in the South Bronx. New York City awarded the group a contract to provide outreach and housing placement services for the street homeless in Brooklyn, Queens, and an area in midtown Manhattan. |
45/new |
Resources for Community Development
Linda Mackey, deputy director
|
2730 Telegraph Ave.
Berkeley, CA 94705
(510) 841-4410
www.rcdhousing.org
|
247/28 |
California |
Nonprofit |
| Resources for Community Development has a history of building special-needs and supportive housing. It has also worked to integrate special-needs units into larger multifamily properties to build healthy, inclusive communities. |
46/new |
The Domone Group, LLC
Michael J. Damone, president
|
850 Stephenson Highway, No. 200
Troy, MI 48083
(248) 583-6020
www.thedamonegroup.com
|
223/121 |
Midwest |
For-profit |
| A special focus for The Damone Group is the construction of seniors housing. In 2007, the company developed 81 affordable units with LIHTCs and 142 without tax credits. |
47/new |
Coachella Valley Housing Coalition
Nadia T. Villagran, director of community services
|
45-701 Monroe St., Suite G
Indio, CA 92201
(760) 347-3157
www.cvhc.org
|
218/34 |
California |
Nonprofit |
| In 2007, Coachella Valley Housing Coalition celebrated its 25th anniversary and started a 218-unit multifamily development in La Quinta, Calif., an upscale community where affordable housing is in short supply. Executive Director John F. Mealey was recently awarded the Fannie Mae Foundation’s James A. Johnson Fellowship, which recognizes achievement in affordable housing. |
48/new |
Mid-City Urban, LLC
Caroline Kenney, development associate
|
8403 Colesville Road, Suite 400
Silver Spring, MD 20910
(301) 562-1600
|
215/433 |
Northeast, Southeast |
For-profit |
| The company specializes in mixed-income and mixed-use developments in urban communities. In 2008, Mid-City will begin construction on an infill transit-oriented development in the District of Columbia at the Rhode Island Avenue metro station. |
49/new |
The NHP Foundation
Joseph P. Wiedorfer, senior vice president
|
1090 Vermont Ave. N.W., Suite 400; Washington, DC 20005
(202) 789-5300
www.nhpfoundation.org |
209/0 |
Midwest, Northeast, South Central, Southeast |
Nonprofit |
| New Orleans was a big focus for the organization in 2007. The NHP Foundation began rehabilitating a 284-unit development and building a 209-unit project in the city. |
50/new |
The Core Cos.
Dixie Baus, affordable housing director
|
470 S. Market St.; San Jose, CA 95113
(408) 292-7841
www.thecorecompanies.com
|
208/271 |
West |
For-profit |
| The Core Cos. started two developments and completed two in 2007. The firm also launched an affordable for-sale housing model. |
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