Affordable Housing Finance

SPECIAL FOCUS

The AHF 50

NO.3: Affordable Housing Owner

National Church Residences

AFFORDABLE HOUSING FINANCE • April/May 2010

BY DONNA KIMURA

National Church Residences (NCR), the owner of 240 affordable housing developments across the country, opened its first affordable assisted-living community in Ohio in 2009.

The nonprofit first opened Stygler Commons in 1990 with the help of the Department of Housing and Urban Development’s Sec. 202 seniors housing program.

A recent renovation of the property is allowing the organization to provide assisted-living services to its residents under the Medicaid assisted-living waiver program. The conversion of Stygler Commons to a licensed affordable assisted-living facility is the first of its kind in the state.

NCR also recently started construction on an affordable seniors housing community that will emphasize independent living enhanced by using dedicated home health agencies to provide in-home care.

The organization, which manages more than $1 billion in assets, plans to start three lowincome housing tax credit (LIHTC) developments and one non-LIHTC project this year.

It also hopes to finish construction of a new housing community in Columbus, Ohio, where the organization is headquartered, and complete the preservation and substantial rehab of developments in Middletown, Ohio, and Atlanta.

The firm will also look for opportunities to acquire affordable seniors housing, with a focus on smaller nonprofits that may have capacity concerns.

Like other companies, NCR has tightened its belt to deal with the economic slump, according to officials. The firm is also being more cautious about opportunities outside of its core markets.