Tom Kubik
Jeremy Bronfman
Lincoln Avenue Communities (LAC) had its biggest year yet, starting construction on 3,167 new affordable housing units last year.
The growing company broke ground on 17 developments while expanding its footprint to 27 states.
The strong activity propels LAC to No. 1 on the AHF 50 developers list. The firm also ranks No. 7 on the AHF 50 owners list with more than 26,300 affordable units.
Those are big numbers for a firm that’s only a little more than nine years old.
“The strategy the whole way along has been about talent, figuring out how to recruit the best talent but also how to create a culture that looks at innovative ways to do things and be flexible,” says founder and CEO Jeremy Bronfman. “The focus is on the team—recruit the best talent, give them the right resources, and have the right alignment. That’s what has enabled us to grow and scale so effectively.”
The organization, which boasts 130 employees, is also on AHF’s lists of the top 10 firms completing acquisitions and substantial rehabs, a show of the firm’s wide reach.
Bronfman’s original concept for the business centered around buying and preserving properties as affordable housing. Several large portfolio acquisitions helped scale the firm’s operations. However, the most pivotal moment came in 2019 when Bronfman and his team made the decision to expand into new construction.
That move is now starting to be realized as the early developments open their doors and more projects break ground.
LAC recently started construction on The View and The Victoria at Huxley Yards, which will provide a combined 553 affordable homes for families and seniors in Madison, Wisconsin. They will be the largest ground-up affordable housing development in the state.
The firm also broke ground on The Ranches at Gunsmoke, a 271-unit build-to-rent affordable housing development in Maricopa, Arizona, marking its third new construction project in the state.
LAC also recently completed a $35 million rehabilitation of Tivoli Place, a 163-unit historic property in New Orleans. It is the company’s first rehabilitation using historic tax credits, along with low-income housing tax credits (LIHTCs), and its first project in Louisiana.
After starting construction on 17 new developments in 2024, Bronfman expects the firm to start a similar number of projects this year and going forward.
LAC is looking at entering a number of new states, including Iowa, Maine, Maryland, Massachusetts, Oklahoma, and Rhode Island.
“Boston Financial couldn’t be prouder to call Lincoln Avenue Communities our partner. Over the last decade, we have partnered with them on developments that have brought more than 1,500 affordable homes to communities that urgently need them,” says Roy Faerber, senior vice president, equity production, at Boston Financial. “Lincoln Avenue Communities is a committed mission-driven company, and a creative, multifaceted organization that can handle even the most complicated transactions. We at Boston Financial have worked with hundreds of developers over our history, and the people at Lincoln Avenue Communities, from their senior management on down, are some of the best of the business.”
Faerber continues, “We have a deep respect for their internal design team, whose keen eye and thoughtful approach has resulted in Lincoln Avenue Communities being recognized for awards for their developments. More importantly than awards, however, are the ways their projects have given people a place to live and a path to a better life.”
Looking Ahead
At a time when rising development costs are challenging project budgets, the Santa Monica, California–based company has created standardized unit and interior finish selections to increase efficiencies during the design and construction process. It has also worked to forge stronger relationships with national suppliers, which has allowed it to achieve economies of scales throughout its developments.
As the firm has grown, it has taken on a larger role in the industry, dedicating resources to champion affordable housing. Thom Amdur, senior vice president of policy and impact, and others at LAC regularly advocate for affordable housing in Washington, D.C., including seeking policies to expand and improve the LIHTC program.
Bronfman also founded and is chairman of Fairview Housing Partners, an independent nonprofit that seeks to expand access to affordable housing and connect residents to services. Fairview works with LAC as well as other developers.
Earlier in his career, he was CEO of a data science company and owned an oil and gas exploration business, but he says leading LAC is his most meaningful job.
“The work is rewarding and complex. It’s an opportunity to have an impact, a really material impact,” says Bronfman, who comes from a prominent business family that once owned and operated the Seagram’s beverage brand.
“My goal for the company is to be a leader in the industry, one of the largest affordable housing developers, and to be the best place to work in the industry,” he says.
