Top 50 Affordable Housing Owners of 2016 Management & Operations Posted on: April 17, 2017 AFFORDABLE HOUSING FINANCE Top 50 Affordable Housing Owners of 2016

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AFFORDABLE HOUSING FINANCE

Top 50 Affordable Housing Owners of 2016

The Michaels Organization again tops the list with the most housing units as of Jan. 1.

RANK
(VS. 2015)
COMANY INFO EXECUTIVE CONTACT AFFORDABLE UNITS/PROJECTS OWNED REGION(S) ORG. TYPE
1 (1)

THE MICHAELS ORGANIZATION

3 E. Stow Road, Suite 100; P.O. Box 994; Marlton, NJ 08053

(856) 596-3008 | www.themichaelsorg.com

The Michaels Organization tops the owners list based on the number of affordable housing units owned as of Jan. 1.

John O’Donnell, president 44,539 / 367 National For-profit
2 (2)

DOMINIUM

2905 Northwest Blvd., Suite 150; Plymouth, MN 55441

(763) 354-5500 | www.dominiumapartments.com

Dominium hit a major milestone in 2016, with its portfolio exceeding 25,000 units owned, including market-rate apartments.

Paul Sween and Armand Brachman, managing partners 23,181 / 196 MW, SC, SE, W For-profit
3 (5)

MERCY HOUSING

1999 Broadway, Suite 1000; Denver, CO 80202

(303) 830-3300 | www.mercyhousing.org

Celebrating its 35th anniversary this year, Mercy Housing is the largest nonprofit owner on the list.

Jane Graf, president and CEO 22,255 / 323 National Nonprofit
4 (9)

THE MILLENNIA COS.

8111 Rockside Road; Cleveland, OH 44125

(216) 520-1250 | www.mhmltd.com

The Millennia Cos. continued to concentrate on the 4% credit to preserve projects in its pipeline.

Frank Sinito, CEO 20,009 / 189 MW, NE, SC, SE For-profit
5 (3)

VOLUNTEERS OF AMERICA

1660 Duke St.; Alexandria, VA 22314

(703) 341-5095 | www.voa.org

Volunteers of America acquired six properties with 572 affordable housing units in 2016.

Patrick Sheridan, executive vice president of housing 19,809 / 492 National Nonprofit
6 (4)

GHC HOUSING PARTNERS

15301 Ventura Blvd., Suite 570; Sherman Oaks, CA 91403

(818) 808-0600 | www.ghchousing.com

GHC Housing Partners expanded ownership to Maryland last year, increasing its presence to 27 states.

Monique Lawshe, executive vice president 19,667 / 175 National For-profit
7 (6)

NATIONAL CHURCH RESIDENCES

2335 N. Bank Drive; Columbus, OH 43220

(800) 388-2151 | www.nationalchurchresidences.org

The nonprofit will continue to focus on preservation in the coming year, with plans to acquire eight projects with 727 units.

Mark R. Ricketts, president and CEO 18,406 / 269 National Nonprofit
8 (8)

SOUTHPORT FINANCIAL SERVICES

5403 W. Gray St.; Tampa, FL 33609

(813) 288-6988 | www.sphome.com

Southport Financial Services acquired 15 developments with 1,441 units last year.

Paul C. Fortino, senior vice president 16,726 / 183 National For-profit
9 (14)

WINNCOMPANIES

6 Faneuil Hall Marketplace; Boston, MA 02109

(617) 239-4554 | www.winnco.com

The firm plans to expand its Mid-Atlantic development pipeline this year, entering Maryland.

Lawrence H. Curtis, president and managing partner, WinnDevelopment 15,634 / 109 NE For-profit
10 (10)

McCORMACK BARON SALAZAR

720 Olive St., Suite 2500; St. Louis, MO 63101

(314) 621-3400 | www.mccormackbaron.com

McCormack Baron Salazar was awarded two Choice Neighborhoods implementation grants, in Louisville, Ky., and St. Louis.

Vince R. Bennett, president 14,537/ 124 National For-profit
11 (15)

PEDCOR COS.

1 Pedcor Square, 770 Third Ave., S.W.; Carmel, IN 46032

(317) 587-0320 | www.pedcorcompanies.com

The firm is active in 16 states, with a primary focus on metro areas with populations over 100,000.

Phillip J. Stoffregen, COO and executive vice president 14,019 / 128 MW, SC, SE. W For-profit
12 (13)

CONIFER REALTY

1000 University Ave., Suite 500; Rochester, NY 14607

(585) 324-0500 | www.coniferllc.com

Beyond its affordable housing work, Conifer gave back to the community by recently building a homeless shelter in Rochester, N.Y.

Timothy D. Fournier, chairman and CEO 13,812 / 214 MW, NE For-profit
13 (11)

HIGHRIDGE COSTA COS.

330 W. Victoria St.; Gardena, CA 90248

(424) 258-2800 | www.housingpartners.com

The firm has acquired 18 properties under its acquisition–rehab program in California since 2013, completing 10 acquisitions last year.

Michael Costa, president and CEO 13,720 / 131 MW, SC, SE, W For-profit
14 (19)

HERMAN & KITTLE PROPERTIES

500 E. 96th St., Suite 300; Indianapolis, IN 46240

(317) 805-1980 | www.hermankittle.com

Herman & Kittle Properties acquired five developments with 449 units in 2016.

Jeffrey Kittle, president and CEO 13,558 / 132 National For-profit
15 (12)

RETIREMENT HOUSING FOUNDATION

911 N. Studebaker Road; Long Beach, CA 90815

(562) 257-5100 | www.rhf.org

The nonprofit opened two new communities, acquired one, and started construction on two more last year.

Laverne R. Joseph, president and CEO 13,440 / 158 National Nonprofit
16 (new)

THE CORNERSTONE GROUP

2100 Hollywood Blvd.; Hollywood, FL 33020

(305) 443-8288 | www.cornerstonegrp.com

The developer plans to continue to improve operations and incorporate green features into its communities this year.

Mara S. Mades, partner 13,438 / 60 SE For-profit
17 (21)

THE NRP GROUP

5309 Transportation Blvd.; Cleveland, OH 44125

(216) 475-8900 | www.nrpgroup.com

The firm expanded its footprint to include seven high-barrier–entry markets, including Boston, New York City, and Washington, D.C.

J. David Heller, CEO 13,244 / 108 MW, NE, SC, SE For-profit
18 (17)

BEACON COMMUNITIES

2 Center Plaza, Suite 700; Boston, MA 02108

(617) 574-1100 | www.beaconcommunitiesllc.com

Beacon Communities entered into an acquisition agreement for a large portfolio in 2016.

Pamela Goodman, CEO 13,037 / 87 MW, NE, SE, W For-profit
19 (16)

OMNI NEW YORK

885 Second Ave., 31st Floor; New York, NY 10017

(646) 502-7192 | www.onyllc.com

In 2016, the firm acquired an affordable housing project in the Bronx as well as the general-partner interest of a new Maryland project.

Megan Thomas, executive vice president and COO 13,002 / 66 NE, SE, W For-profit
20 (20)

AMERICAN COMMUNITY DEVELOPERS

20250 Harper Ave.; Detroit, MI 48225

(313) 881-8150 | www.acdmail.com

American Community Developers acquired two projects with 318 units last year.

Gerald A. Krueger, president 12,133 / 90 National For-profit
21 (22)

PENNROSE PROPERTIES

1301 N. 31st St.; Philadelphia, PA 19121

(267) 386-8600 | www.pennrose.com

Pennrose Properties opened offices in Atlanta and Boston last year. This year, the developer plans to enter Louisiana.

Mark H. Dambly, president 12,132 / 188 MW, NE, SC, SE For-profit
22 (38)

THE WODA GROUP

229 Huber Village Blvd., Suite 100; Westerville, OH 43081

(614) 396-3200 | www.wodagroup.com

The Ohio-based developer purchased a 52-project portfolio with properties in Illinois, Indiana, Kentucky, and Wisconsin in 2016.

Jeffrey Woda and David Cooper Jr., principals 11,779 / 301 MW, NE, SE For-profit
23 (25)

USA PROPERTIES FUND

3200 Douglas Blvd., Suite 200; Roseville, CA 95661

(916) 773-6060 | www.usapropfund.com

USA Properties Fund is creating a home health-care pilot program for its low-income senior residents.

Geoffrey C. Brown, president 11,492 / 87 W For-profit
24 (23)

GENE B. GLICK CO.

P.O. Box 40177; Indianapolis, IN 46240

(317) 469-0400 | www.genebglick.com

The firm plans to complete a capital-needs assessment of its portfolio this year.

David O. Barrett, president and CEO 11,310 / 89 MW, NE, SC, SE For-profit
25 (18)

L+M DEVELOPMENT PARTNERS

1865 Palmer Ave., Suite 203; Larchmont, NY 10538

(914) 833-3000 | www.lmdevpartners.com

The firm’s New York Affordable Housing Fund I, launched six years ago with Citi, fully realized its investments in 2016.

Lisa Gomez, COO 11,294 / 81 NE, SC, W For-profit
26 (new)

LEDIC REALTY CO.

105 Tallapoosa St., Suite 300; Montgomery, AL 36014

(334) 954-4458 | www.ledic.com

In 2016, LEDIC acquired a five-property portfolio with 660 units in Virginia. The properties are undergoing substantial rehabilitation.

W. Daniel Hughes Jr., chairman 11,170 / 75 National For-profit
27 (24)

BRIDGE HOUSING CORP.

600 California St., Suite 900; San Francisco, CA 94108

(415) 989-1111 | www.bridgehousing.com

The nonprofit completed 21 real estate closings, including construction and permanent financing, acquisitions, and sales, last year.

Cynthia A. Parker, president and CEO 10,900 / 104 W Nonprofit
28 (26)

SILVER STREET DEVELOPMENT CORP.

33 Silver St., Suite 200; Portland, ME 04101

(207) 780-9800 | www.silver-street.net

Silver Street more than doubled its LIHTC development activities from 2015 (with 226 units) to 2016 (with 497 units).

Christopher Poulin, COO 10,258 / 70 National For-profit
29 (27)

THE COMMUNITY BUILDERS

185 Dartmouth St.; Boston, MA 02116

(617) 695-9595 | www.tcbinc.org

TCB plans to start construction on three new projects and expand its work in existing markets this year.

Bart Mitchell, president and CEO 10,071 / 134 MW, NE, SE Nonprofit
30 (34)

VITUS GROUP

1700 Seventh Ave., Suite 2000; Seattle, WA 98101

(206) 832-1315 | www.vitusgroup.comfbsesdcddxsaytabdcdbfawudeaq

During 2016, Vitus completed a major IT migration, which has led to greater corporate efficiency.

Stephen R. Whyte, managing director 9,835 / 97 MW, NE, SE, W For-profit
31 (36)

RELATED CALIFORNIA

18201 Von Karman Ave., Suite 900; Irvine, CA 92612

(949) 660-7272 | www.relatedcalifornia.com

Related California expanded its presence in Los Angeles and San Francisco counties last year.

Frank Cardone, president 9,776 / 82 W For-profit
32 (31)

THE HALLMARK COS.

3111 Paces Mill Road, Suite A-250; Atlanta, GA 30339

(770) 984-2100 | www.hallmarkco.com

The firm plans to continue its preservation efforts, with an emphasis on providing energy retrofits, this year.

Martin Petersen, president and CEO 9,712 / 236 SE For-profit
33 (37)

THE PACIFIC COS.

430 E. State St., Suite 100; Eagle, ID 83616

(208) 461-0022 | www.tpchousing.com

The Pacific Cos. completed the disposition of its first tax credit project developed last year.

Caleb Roope, president and CEO 9,447 / 159 W For-profit
34 (28)

MILLER-VALENTINE GROUP

9349 Waterstone Blvd.; Cincinnati, OH 45249

(513) 588-1000 | www.mvg.com

The firm had a record year for affordable housing deal closings, with 14 in 2016.

Brian McGeady, president, MV Affordable Housing Development 9,341 / 101 MW, SC, SE For-profit
35 (35)

PRESERVATION OF AFFORDABLE HOUSING

40 Court St., Suite 700; Boston, MA 02108

(617) 261-9898 | www.poah.org

Celebrating its 15th anniversary in 2016, the nonprofit exceeded $1 billion in real estate asset value.

Aaron Gornstein, president and CEO 8,933 / 76 MW, NE, SE Nonprofit
36 (29)

PICERNE REAL ESTATE GROUP

247 N. Westmonte Drive; Altamonte Springs, FL 32714

(407) 772-0200 | www.picernerealtygroup.com

Picerne plans to acquire and rehab three developments with over 500 units this year.

Robert M. Picerne, COO 8,728 / 47 National For-profit
37 (44)

SECURITY PROPERTIES

701 Fifth Ave., Suite 5700; Seattle, WA 98104

(206) 622-9900 | www.securityproperties.com

Security Properties’ sale of legacy affordable properties last year has generated significant liquidity to make the firm stronger.

Bryon Gongaware, managing director 8,707 / 64 National For-profit
38 (new)

CAPITAL REALTY GROUP

86 E. Route 59; Spring Valley, NY 10977

(845) 356-7773 | www.thecapitalrealty.com

The firm entered six new states in 2016.

Moshe Eichler and Sam Horowitz, principals 8,583 / 61 National For-profit
39 (40)

EDEN HOUSING

22645 Grand St.; Hayward, CA 94541

(510) 582-1460 | www.edenhousing.org

Eden owns and manages properties in 15 counties and 49 cities, providing homes to more than 22,000 low-income Californians.

Linda Mandolini, president 8,553 / 128 W Nonprofit
40 (42)

WALLICK COMMUNITIES

6880 Tussing Road; Reynoldsburg, OH 43068

(614) 552-5605 | www.wallick.com

Wallick closed or began working on the acquisition of 23 projects consisting of 1,791 units last year.

Tom Feusse, CEO 8,104 / 112 MW, NE, SC, SE For-profit
41 (new)

PEAK CAPITAL PARTNERS

4956 N. 300 W; Provo, UT 84604

(801) 341-0300 | www.peakcapitalpartners.com

The firm’s goal for 2017 is to acquire more affordable and market-rate apartment communities.

Jeff Danley, CEO 7,884 / 54 National For-profit
42 (new)

FITCH IRICK PARTNERS

1714 East Blvd.; Charlotte, NC 28203

(704) 335-9112 | www.flatirondevelopment.com

Fitch Irick acquired GEM Management in 2016, making it one of the largest affordable housing firms in the Southeast.

Hollis M. Fitch, CEO 7,843 / 191 SE For-profit
43 (41)

EAH HOUSING

2169 E. Francisco Blvd., Suite B; San Rafael, CA 94901

(415) 258-1800 | www.eahhousing.org

EAH is strengthening its development efforts throughout California with the expansion of offices in Morgan Hill and Santa Monica.

Mary Murtagh, president and CEO 7,769 / 96 W Nonprofit
44 (new)

WISCONSIN HOUSING PRESERVATION CORP.

2 E. Mifflin St., Suite 801; Madison, WI 53703

(608) 663-6390 | www.whpccorp.org

The nonprofit preserves, provides, and protects affordable housing for low- and moderate-income residents of Wisconsin.

Mary R. Wright, president 7,381 / 148 MW Nonprofit
45 (33)

LHP CAPITAL

900 S. Gay St., Suite 2000; Knoxville, TN 37902

(865) 549-7448 | www.lhp.net

LHP, which has developed more than 11,400 units in its history, sold 13 properties with 2,413 units from its portfolio last year.

W. Carr Hagan III, president, LHP Development 7,273 / 54 MW, NE, SC, SE For-profit
46 (43)

JAMBOREE HOUSING CORP.

17701 Cowan Ave., Suite 200; Irvine, CA 92614

(949) 263-8676 | www.jamboreehousing.com

The nonprofit plans to increase its presence in the Inland Empire, Sacramento, and Northern California.

Laura Archuleta, president 7,217 / 81 W Nonprofit
47 (new)

COLUMBIA RESIDENTIAL

1718 Peachtree St., N.W., Suite 684; Atlanta, GA 30309

(404) 419-1432 | www.columbiares.com

Celebrating its 25th anniversary, the firm ramped up activity substantially to seven projects under construction by the end of 2016.

Noel Khalil and Jim Grauley, principals 7,009 / 56 SC, SE For-profit
48 (45)

MIDPEN HOUSING CORP.

303 Vintage Park Drive, Suite 250; Foster City, CA 94404

(650) 356-2900 | www.midpen-housing.org

The nonprofit is poised to complete construction on 414 affordable housing units by the end of the year.

Matthew O. Franklin, president 6,847 / 98 W Nonprofit
49 (new)

AVANATH CAPITAL MANAGEMENT

17901 Von Karman Ave., Suite 150; Irvine, CA 92614

(949) 269-4700 | www.avanath.com

Avanath acquired seven properties with 787 units in 2016.

Daryl J. Carter, chairman and CEO 6,591 / 42 National For-profit
50 (46)

AHC

2230 N. Fairfax Drive; Arlington, VA 22201

(703) 486-0626 | www.ahcinc.org

AHC completed two new-construction developments and one substantial-rehab project in 2016.

Stephen Smith, senior vice president 6,544 / 47 NE, SE Nonprofit
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Carson: HUD-Funded Projects Will Grow Jobs For Low-Income Americans “… something that they can carry with them for the rest of their lives.”

By Jack Davis on April 22, 2017 at 10:28am  Western Journalism

Low-income Americans will no longer be passed over when the federal government pays the bill for construction projects, HUD Secretary Ben Carson said Thursday.

Carson said using a rule that has been ignored for much of the past 50 years is part of his different approach to running the Department of Housing and Urban Development.

“It’s not how many people we can get into public housing,” Carson said during an interview with Newsmax TV. “It’s how many people we can get out of it.”

To that end, he said, HUD will require that contractors who build projects funded by HUD to work with the communities where those projects are being built to employ local low-income residents.

“We’re going to put much more emphasis on Section 3, which requires HUD builders to use low-income residents as employees during the construction of these various developments and in the redevelopment of places,” Carson said on The Joe Pags Show, referring to a law created in 1968.

“It’s largely ignored right now. We’re going to change that by emphasizing it in a different way and incentivizing people to use it,” Carson said.

Carson said that while architects and engineers are in the planning phase of a project, training providers can use that time to teach nearby residents the construction skills needed to work on those projects when the building begins.

“Most major construction and reconstruction projects are known about well more than a year in advance,” Carson said. “If you know that already, why not prepare the people, begin to train the people, ahead of time — so that when you’re ready to do it, you have the workforce that’s necessary?”

Carson said that approach not only rebuilds a community, it helps those in it rebuild their lives.

“If you give them those skills, you’re giving them something that they can carry with them for the rest of their lives,” he said.

Carson said HUD was created to be more than just a housing agency, and he wants to tap its full potential.

“It was designed because it was recognized that there were a number of people in our country who were disadvantaged but who were still very much in need of housing and in need of security,” Carson said.

“We’re expanding that mission to developing communities and neighborhoods in a way that they can be nurturing places that can really help to develop a full potential of all of our people,” he added. “That means working across silos and basically having a holistic approach to the way we do things — education, jobs, healthcare, transportation. All of those things are involved in creating the right kind of atmosphere.”

Carson said that once Democrats see what he is doing, they support his efforts.

“I’ve talked to a lot of people on the other side about some of these programs,” he said. “They, for the most part, actually like them. When they actually sit down and listen and we engage in a dialogue, they begin to see what the real effects are.”

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