Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, announced today it is streamlining its affordable housing business line operations under a single umbrella called the Habitat Affordable Group. The new Habitat Affordable Group strategically brings together the firm’s public housing and affordable housing management divisions with its community development operations to more effectively serve and grow its affordable portfolio.
“Since our first affordable housing development 46 years ago, The Habitat Company has always been forward-thinking in our commitment to create and preserve affordable housing opportunities,” said Matt Fiascone, president of The Habitat Company. “Establishing the Habitat Affordable Group is about more than a new name; Habitat is consistently seeking to identify best practices when it comes to our affordable housing investments, and blending the operational and development functions of this core business will help achieve greater efficiencies.”
Established in 1971, Habitat began as an affordable housing developer in Chicago and has since grown into one of the largest multifamily developers, owners and managers in the country. Today, the company’s management portfolio comprises more than 22,000 units across five states, including more than 10,000 affordable housing residences. In addition, Habitat is currently the largest property manager for the Chicago Housing Authority and also ranked 45th on the National Affordable Housing Management Association (NAHMA) 2017 Affordable 100 list, which features the country’s largest affordable multifamily property management companies.
“As a real estate company that essentially does it all, Habitat is uniquely positioned with the knowledge and foresight to mine new opportunities to not only grow our business, but more importantly, better serve our residents,” said Charlton Hamer, senior vice president of the Habitat Affordable Group. “Each year, Habitat continues to raise the bar on our affordable housing efforts, and merging our business lines gives us a stronger foundation to build upon our work.”
In the last year, Habitat has significantly advanced its affordable housing portfolio:
- Last month, Habitat announced it had acquired and assumed property management of an affordable rental development in Chicago’s Englewood neighborhood and also assumed management of two additional affordable housing communities in the Chicago area. The three properties total 500 residences in Chicago and suburban Chicago Ridge.
- Earlier this year, Habitat announced the $16 million acquisition and rehabilitation of a 153-unit single room occupancy community in Chicago’s East Garfield Park neighborhood. Work to renovate East Park SRO, located at 3300 W. Maypole Ave., will focus on preserving the affordability of the development, adding enhancements for residents and helping reduce the building’s carbon footprint by adding energy efficiencies.
- As part of Habitat’s 45th anniversary in 2016, the company founded Generations Housing Initiatives (GHI) as a separate nonprofit entity that increases access to much-needed funding for the redevelopment of affordable housing communities. In addition, the nonprofit provides social services programs, allowing residents of Habitat communities to enjoy quality housing options.
- In fall 2016, Habitat completed the renovation of Casa Heritage, a 142-unit affordable housing community in suburban Melrose Park and donated the property under the state of Illinois’ Affordable Housing Tax Credit program to The Resurrection Project, a Chicago-based nonprofit developer. As a result, the only family-designated affordable housing option in a nine-municipality area was preserved.
“While there may never be enough affordable housing to meet its demand, the creation of the Habitat Affordable Group will allow us to pool our resources and teams to work on providing more solutions to affordable housing in Chicago and other areas of the country where affordability is acute,” Fiascone added.
Hamer will lead the new Habitat Affordable Group along with other key team members, including Shangwé Parker as vice president of affordable housing, with responsibility for property management for all properties in the affordable portfolio, and Jeff Head as vice president of community development, a role in which he will lead affordable housing development efforts.
For more information about Habitat, visit www.habitat.com.
About The Habitat Company:
Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with more than 22,000 units, valued at over $3 billion, under management across five states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence. For more information, visit www.Habitat.com.
Matt Fiascone, president of The Habitat Company
Charlton Hamer, senior vice president of the Habitat Affordable Group.