National Community Renaissance (National CORE) is one of the nation’s most active developers and owners of affordable housing, with more than 8,000 units and counting.
The nonprofit started construction on three projects with 183 units in 2018 and will average about two or three new projects a year in the future, says Steve PonTell, president and CEO.
National CORE will have about 600 units under construction this year as it works toward the goal of expanding its portfolio to 20,000 units in the next five years. In addition to building its own developments, the firm is looking at acquisition and joint-venture opportunities, according to PonTell.
The firm has also been moving toward being more of a “community builder.” At two recent projects, National CORE has developed on-site preschools to meet the needs of the families in the neighborhood.
National CORE also recently bought out its tax credit limited partners on more than 20 developments and started the resyndication process on the first five.
“Our mission is to develop, manage, and hold for the long term, so we’re very committed to the long-term sustainability of the properties,” PonTell says. “The opportunity to reinvest in critical aspects of the properties in various intervals in the life of the properties is the primary motivation for resyndication. Each of the properties receives significant rehab in order to continue to maintain a high-quality environment.”