Detroit-based American Community Developers (ACD) is one of the nation’s largest affordable housing companies, with 94 developments and more than 12,000 units under ownership.
Founded by Gerald A. Krueger in 1980, the firm’s bread and butter has been combining project-based Sec. 8 rental assistance with low-income housing tax credits.
“While remaining true to this, we’re also pursuing other strategies, including market-rate housing and mixed-use development,” says Krueger, the company’s president.
In 2018, the firm acquired four properties with 338 units and completed major rehabs on four developments with 536 units. In addition, ACD completed construction on a 72-unit development.
“We currently have properties in 11 states—from Pennsylvania to California and down to Florida,” Krueger says. “We’ll concentrate in those areas as well as other states as opportunities present themselves.”
He expects another busy year in 2019, with the firm already having acquired 404 units in the first two months of the year and preparing to start construction on 120 units of new construction—and there’s more in the pipeline, including projects pending in California, Michigan, and Ohio.
Krueger credits the bulk of ACD’s success to his employees, development partners, and state and federal housing officials, including those at the Department of Housing and Urban Development.
“We could not have gotten to where we are without everyone working together as a team,” he says. “When everyone is pulling in the same direction, it is truly amazing what can be accomplished.”