Affiliated Developers

Affiliated  Developers, a non-profit group, specializing in the development and preservation of affordable housing for low and moderate income households. 

What We Do

Affiliated  Developers finances projects using Section 42 Housing Credits and grants in partnership with state housing agencies and local housing commissions.  We have an excellent relationship with the lending and syndication communities.  We structure top-notch development teams for areas in which we are developing, outsourcing architectural, engineering, construction and management.

What's New?

WE WERE RECENTLY AWARED $30 MILLION IN HOUSING CREDITS FROM MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY FOR THE EMERALD SPRINGS PROJECT, A PUBLIC HOUSING PARTNERSHIP IN DETROIT. The first two phases of construction are scheduled for completion in August 0f 2012.  These two phases consist of 158 single family townhomes with equity sources that include RHF funds, Brownfield tax credits and LIHTC.  Phase two will consist of 48 single family townhomes.  Construction is tentatively scheduled for the fall of 2012.

WE WERE AWARDED $2.5 MILLION IN ECONOMIC STIMULUS GRANTS FROM THE MONTANA BOARD OF HOUSING FOR OUR $4 MILLION ACQUISTION AND RENOVATION OF THE FRANKLIN SCHOOL APARTMENTS IN GREAT FALLS, MONTANA.  CURRENTLY, the project has been stabilized and permanent financing was put in place in October of 2011.

We are submitting an application with the Michigan State Housing Development Agency for the 4% tax credit in April of 2012.  This is an adaptive re-use project whereas, we are converting two vacant schools into affordable housing in Grand Rapids, MI.  We will be using federal historic credits, ITC energy/epact utility credits and a parklands charitable contribution deduction on this project.  In total, there will be 68 units and the project will be just under $10 million in Total development costs.

In February of 2012, we submitted an application with Iowa finance authority for the 9% tax credit.  This project consists of 70 senior/disabled units with a rental subsidy.  Other sources of funds will consist of federal historic credits and debt financing from the Iowa finance Authority utilizing their Senior Revolving Loan Program with a 1% interest rate!  The project will be renovated with approximately 50k per unit in renovations.  The awards for this projec are to be announced in April of  2012.

 We are submitting an application with the Oklahoma Finance agency for the 9% tax credit.  This is a preservation project that consists of 107 units.  We will be assuming a USDA 515 loan and securing a USDA 538 loan.  We will be submitting an application in July of 2012.