No. 1 The Michaels Organization
The nation’s top owner of affordable housing moved its corporate headquarters in June 2019 to Camden, N.J., which symbolizes the commitment it makes to cities across the country to create “communities that lift lives.” The owner and developer has a long history in the community, working with the Housing Authority of Camden to revitalize neighborhoods and develop new housing, building student housing for Rutgers University–Camden campus, and recently completing the development of the first luxury apartments on the Camden waterfront in almost 15 years.
No. 2 Dominium
2019 marked a strong year on the acquisition and rehab front for this Minnesota-based firm. Dominium either acquired, closed on, or resyndicated 25 projects totaling 4,576 units, the largest in its history. This activity has landed the firm at No. 1 for companies completing substantial rehabs and No. 5 for companies completing acquisitions. This year, the firm is anticipating acquiring and substantially rehabbing another seven projects with almost 1,400 units.
No. 3 The Millennia Cos.
The Cleveland-based firm continued to acquire and rehabilitate some of the most troubled properties in the country last year. Millennia concentrated on closing two complex preservation deals that were once part of a troubled portfolio; it entered into contract on this portfolio transaction in 2016. Its development team worked with cities, states, and government offices to see each deal through to closing so construction and preservation could begin. Over the course of the next five years, Millennia plans to focus on the preservation of existing projects within its current portfolio.
No. 8 National Church Residences
Wanting to be an “employer of choice” for potential job candidates in a competitive market, National Church Residences’ leadership team took steps to provide a living wage for employees who work full-time yet still fall below federal poverty levels in their communities. As part of that strategic plan, the company’s new minimum wage was set at $13.50 per hour, and all staff members making less than that were increased to the new minimum effective Jan. 1.
No. 11 Beacon Communities
One of the Boston-based firm’s top goals for 2020 is to create and operate housing that is economically efficient through leadership in energy retrofits, resiliency, and green building practices. Projects under development are striving for a higher level of energy efficiency and low embodied carbon. Last year, it completed several energy-efficiency initiatives on its existing portfolio, including eight lighting retrofits, four communitywide toilet replacement projects, and 12 boiler replacement projects. “We are trying to think about not only the carbon emissions generated by building operations but also the emissions generated by the construction materials we use,” says CEO Dara Kovel.
No. 25 GHC Housing Partners
GHC’s philanthropic partner, the All Ways Up Foundation (AWU), continued its mission last year to assist first-generation and low-income youth get to and through college. By providing scholarships, support for other nonprofit organizations, and annual leadership summits, AWU is working to bridge the gap between ambition and opportunity to break the generational cycle of poverty. During 2019, it provided over $1 million in college scholarships to 450 students residing in affordable housing or affiliated with AWU nonprofit partners.
No. 26 Enterprise Community Development
In 2019, Enterprise Homes and Community Preservation and Development Corp. (CPDC) combined personnel, cultures, departments, functions, systems, processes, and portfolios to become Enterprise Community Development. With 60 years of collective experience between Enterprise Homes and CPDC, the nonprofit firm will continue to provide high-impact residential development, property management, and resident supportive services under the guidance of president and CEO Brian McLaughlin, who started in August.
No. 29 Vitus
Wilmington, N.C., is still recovering from the devastation of 2018’s Hurricane Florence, which left thousands of homes uninhabitable. Seattle-based Vitus is helping to bring units back online at one of the city’s largest affordable housing properties. In July 2019, the firm acquired the 204-unit Market North Apartments, which was damaged during the hurricane displacing more than 700 residents, and began major property renovations. The firm has invested $23.6 million into the community, with renovations to both the interior and exterior of the units, new roofs, repaired sidewalks, and energy-efficient HVAC systems. The phased renovation was expected to be finished by April.
No. 31 Preservation of Affordable Housing
2019 was a milestone year for POAH. The nonprofit exceeded the 11,000-unit mark, thanks in large part to two major portfolio acquisitions in the Chicago metro area, and had more than 50 active projects in the development pipeline. It also reached the midpoint in its five-year strategic plan and updated its strategies for a number of ongoing investments in people and infrastructure. Key activities include an expanded diversity, equity, and inclusion initiative; expanded training efforts for managers; and expanded investments in and use of web-based data management and workflow tools.
No. 39 Envolve Communities
LEDIC Realty Co. rebranded as Envolve Communities at the start of 2020. All aspects of the company structure remain unchanged, but the firm wanted a name that would help it move forward and grow, better reflecting its company, culture, and community. “LEDIC is evolving and growing; we wish to celebrate the positive social impact of community involvement by our residents and 1,000-plus employees,” says chairman W. Daniel Hughes Jr. “By ‘getting envolved,’ we are ‘making communities better together.’ ”
No. 42 The NHP Foundation
The NHP Foundation (NHPF) not only celebrated 30 years of providing affordable housing in 2019, but it also closed on its 100th acquisition. In addition, the nonprofit implemented a number of systematic changes aimed at decreasing staff “busy work” to enable more time for the pursuit of strong, results-producing affordable housing acquisition and rehab work. These systems included RealPage property management software and becoming a cloud-based company.
No. 44 Lincoln Avenue Capital
New to the AHF 50 owners list is Lincoln Avenue Capital, based in Santa Monica, Calif. Founded as an affiliate of the Matthew Bronfman family office, the firm is one of the nation’s fastest-growing developers, investors, and operators of affordable housing. In 2019, the firm celebrated its three-year anniversary, crossing 9,000 units and 45 properties owned. In addition, its development activities grew by 50% year over year.
