Affordable Housing Finance

SPECIAL FOCUS

The AHF 50

NO.19: Affordable Housing Owner

Pennrose Properties, LLC

AFFORDABLE HOUSING FINANCE • April/May 2010

BY DONNA KIMURA

Specializing in housing for families and seniors earning no more than 60 percent of the area median income, Pennrose Properties owns 157 affordable housing developments with more than 8,500 affordable units.

The Philadelphia-based company is an active and consistent developer, completing 10 low-income housing tax credit (LIHTC) developments with 630 units in 2009. It plans to complete eight more LIHTC developments and one non- LIHTC project this year.

The firm has been busy building its development pipeline and managed to close 16 LIHTC deals with seven different investors in 2009.

Pennrose’s other recent accomplishments include reducing operating expenses and overhead by about 15 percent while maintaining its staff, says President Mark H. Dambly.

To cope with the economic downturn, the firm is managing expenses, being more selective about the projects it pursues, and accessing federal stimulus funds, he says.

In 2010, the firm plans to continue to hold a hard line on expenses and build the infrastructure of its management company.

Key states for Pennrose in 2010 are New Jersey, Pennsylvania, Maryland, Alabama, Ohio, and Tennessee.

Dambly says the company has a firm commitment to its core business of affordable housing and has a willingness to take on tough projects in challenged neighborhoods.