Indianapolis-based affordable housing developer Pedcor Cos. is keeping its nose to the grindstone to return to the production levels the firm was seeing prior to the economic downturn.
In 2007 and 2008, the firm had been producing 1,500 units a year, but then the Great Recession hit. “It’s taken us eight or nine years to get back up to full strength,” says COO and executive vice president Phillip Stoffregen. “It’s been a long time coming.”
Pedcor, which ranks No. 8 on this year’s AHF 50 top developers list and No. 11 on the AHF 50 top owners list, is active in 16 states and continues to increase its development activities and pipeline.
In 2016, it started six affordable housing developments with 880 units and completed five developments with over 1,000 units.
“We found a nice recipe for doing suburban fringe deals in a number of different states,” says Stoffregen. “We’re benefitting from the groundwork we have laid for figuring our way through the qualified allocation plans, mostly with tax-exempt bond financing.”
Although talk of potential tax reform has cooled the jets on some of its deals in the pipeline, the developer is still positive about the year ahead.
“2017 won’t be as strong as we were hoping, but it’s still going to be a great year,” Stoffregen adds.
Pedcor anticipates starting nine affordable housing developments with 1,400 units and completing seven developments with over 1,000 units this year.