Preservation of the existing stock of multifamily housing is vital to the continued success of communities across the U.S.
During the 1970’s and early 1980’s, both urban and rural areas of the United States experienced tremendous growth in multifamily housing production. At that time, these apartment communities fulfilled a need by providing a variety of housing options to families of all income levels. And these apartments homes often serve as the mainstays of their communities.
Presently, the U.S. is facing a housing crisis whereby these multifamily communities have aged with little to no reinvestment of capital, coupled with an ever-growing need for affordable housing options for low-income families. Construction of new single family homes and multifamily housing does not offer sufficient housing choices to families of varying income levels.
Pennant Housing Group (“PHG”) was formed with the objective to improve communities throughout the U.S. by preserving multifamily housing for low-income families. PHG owns, operates and develops affordable housing utilizing financing tools such as the low-income housing tax credit (“LIHTC”) and tax-exempt bond financing. PHG also advises for-profit and non-profit clients on a variety of preservation and redevelopment strategies.