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One Community at a Time

At Heritage Affordable Communities, our approach is to acquire and develop communities one step at a time, with a focus on quality and impact. Our nationwide affordable housing footprint has been built on the principle of nurturing communities through operations and economies of scale. We are dedicated to expanding our portfolio into every state in the U.S., one community at a time, to ensure that our commitment to affordable housing reaches every corner of the nation.

KEY POINTS

NATIONWIDE FOOTPRINT | Expanding our Affordable Housing Portfolio one Region at a Time
COMMUNITIES NEAR OUR OFFICES | Economies of Scale to Enhance Performance
FEATURED PROJECTS | Different Strategies, Same Mission

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Shaded states include current projects under ownership, pipeline, and past transactions.

5 States

60 Properties

3,500+ Units

10,000+ Residents

NATIONWIDE FOOTPRINT | Expanding our Affordable Housing Portfolio one Region at a Time

With the expertise of local attorneys and consultants regarding market trends and legislation, our company has managed to penetrate new strategic markets. To date, our aggressive and ambitious expansion has involved transactions in New York, Tennessee, Alabama, Virginia, and Indiana. Our targeted new states are predicated on our partners’ CRA needs and local development incentives.

In response to growing demand and market opportunities, our real estate firm is embarking on an ambitious nationwide expansion. This strategic move aligns with our vision to diversify and strengthen our presence across the country. We are excited to extend our reach beyond our current markets, leveraging our expertise in property acquisition, development, and management. This expansion signifies our commitment to offering a broader range of affordable housing solutions to communities nationwide. As we venture into new territories, we are dedicated to upholding our core values of integrity, innovation, and excellence, ensuring that every step of our expansion contributes to the growth and prosperity of the regions we enter.

COMMUNITIES NEAR OUR OFFICES | Economies of Scale to Enhance Performance

Heritage Affordable Communities strategically implements economies of scale to enhance portfolio operations. Streamlining in-house property management across our portfolio reduces overheads while maintaining high-quality communities. HAC is rapidly growing its footprint across New York and Tennessee, where its two corporate offices reside.

Heritage Affordable NYC Neighborhood Footprint Map
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Washington Heights

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West Bronx

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Central Harlem

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East Harlem

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Mott Haven

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Inwood

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Yonkers

Heritage Affordable Communities Tennessee Footprint Map
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Chattanooga

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Lenoir City

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Sevierville

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Erwin

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Clarksville

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Johnson City

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Rockwood

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Kingsport

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Greeneville

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Maryville

Tennessee Cities

New York City Neighborhoods

New York City Neighborhoods

Heritage Affordable NYC Neighborhood Footprint Map
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Washington Heights

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West Bronx

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Central Harlem

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East Harlem

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Mott Haven

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Inwood

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Yonkers

Tennessee Cities

Heritage Affordable Communities Tennessee Footprint Map
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Chattanooga

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Lenoir City

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Sevierville

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Erwin

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Clarksville

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Johnson City

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Rockwood

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Kingsport

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Greeneville

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Maryville

FEATURED PROJECTS | Different Strategies, Same Mission

Tennessee LIHTC GP Interest Portfolio

Acquiring an 868-unit GP Interest Portfolio in Tennessee.

Heritage Affordable Communities acquires the General Partner position within a LIHTC Partnership that owns 868 units across 11 assets in 11 cities of Tennessee. The properties within the portfolio were developed through the LIHTC program between 2002 and 2020, with an average year built of 2010. To acquire the General Partner interest, Heritage Affordable Communities received Housing Agency, Syndicators, and Lender approvals. The assets are in great secondary markets such as Chattanooga, Clarksville, Erwin, Greeneville, Johnson City, Kingsport, Knoxville, Lenoir City, Maryville, Rockwood, and Sevierville.

Tennessee LIHTC GP Interest Portfolio

Acquiring an 868-unit GP Interest Portfolio in Tennessee.

Property Type

Affordable Housing (LIHTC)

Development Type

9% LIHTC

Guarantees Takeover

Operating Deficit Guarantees
Tax Credit Recapture Guarantees

Approvals

THDA Housing Agency Approval
6 Syndicator Approvals

Investment Strategy

LIHTC GP Interest Acquisition

Acquisition Date

May 2023

Syndicators

Regions Bank, April Housing, Wentwood Capital Advisors, Raymond James, PNC, First Horizon

Lenders

Fannie Mae, HUD, USDA

11

Properties

868

Units

2010

Average Year
Placed in Service

11

Properties

868

Units

2010

Average Year
Placed in Service

St. Ann’s Portfolio

Preserving the Affordability of 82 Units in the Bronx.

Heritage Affordable Communities acquired the St. Ann’s Portfolio via a nominee agreement with NYC Housing Partnership to preserve and extend the affordability of 82 units across 6 pre-war buildings located in the Bronx, New York City. The portfolio also includes a 2,500-square-foot vacant parcel, which can be developed as an individual development site. The units are affordable to households earning between 50% and 120% of AMI and several tenants are receiving Section 8 Vouchers. The affordability of these units is ensured through a regulatory agreement with HPD. The portfolio has also received a 420-C tax abatement, benefiting from the partnership with the HDFC.

St. Ann’s Portfolio

Preserving the Affordability of 82 Units in the Bronx.

Property Type

Affordable Housing (LIHTC)

Specialties

Non-profit partnership with NYC Housing Partnership through a nominee structure with an HDFC. Received 420-C real estate tax exemption.

Investment Strategy

Preservation & Extension of Affordability

Acquisition Date

December 2022

Housing Agencies

NYC Housing Preservation & Development (HPD)

6

Buildings

82

Units

2004

Average Year
Placed in Service

6

Buildings

82

Units

2004

Average Year
Placed in Service

250 W 116th Street

Preserving the Affordability of 32 Units in Harlem.

Heritage Affordable Communities acquired 250 W 116th Street via a nominee agreement with Settlement Housing Fund Inc. to preserve and extend the affordability of a 32-unit building located in Harlem, New York City. The units are affordable to households earning between 50% and 90% of AMI. The affordability of these units is ensured through a regulatory agreement with NYCHDC. The asset has also received an Article XI tax abatement, benefiting from the partnership with the HDFC. 250 West 116th Street was financed with two loans given by NYCHDC.

250 W 116th Street

Preserving the Affordability of 32 Units in Harlem.

Property Type

Affordable Housing (State Tax Credit)

Specialties

Non-profit partnership with Settlement Housing Fund Inc. through a nominee structure with an HDFC. Article XI tax abatement

Investment Strategy

Preservation & Extension of Affordability

Acquisition Date

May 2022

Housing Agencies

New York City Housing Development Corporation (NYCHDC)

1

Buildings

32

Units

2006

Year Built

1

Buildings

32

Units

2006

Year Built

Highland Senior Residences

Preserving the Affordability of 88 Units in Yonkers.

Heritage Affordable Communities is preserving and extending the affordability of Highland Senior Residences, an 88-unit building located in Yonkers, New York. The units, rented to senior residents older than 55 years old, are affordable to households earning 60% of AMI or below and several tenants are receiving Section 8 Vouchers. The affordability of these units is ensured through a regulatory agreement with HFA. The asset is currently benefitting from a PILOT tax abatement.

Highland Senior Residences

Preserving the Affordability of 88 Units in Yonkers.

Property Type

Affordable Housing (LIHTC) Senior (55+)

Specialties

PILOT Tax Exemption

Investment Strategy

Preservation & Extension of Affordability

Acquisition Date

August 2021

Housing Agencies

Housing Trust Fund Corporation (HTFC)
New York State Housing Finance Agency (HFA)

1

Buildings

88

Units

2009

Year Placed in Service

1

Buildings

88

Units

2009

Year Placed in Service

Hughes Avenue Crescent

Preserving the Affordability of 63 Units in Bronx, NY.

Heritage Affordable Communities is preserving and extending the affordability of Hughes Avenue Crescent, a 63-unit building located in Bronx, New York. 6 of the units are affordable to households earning 50%, and the remaining 56 units are affordable to 60% of AMI or below. The affordability of these units is ensured through a regulatory agreement with HTF. The property originally benefitted from a 421-a tax abatement, which was extended and converted to a 420-c upon acquisition.

Hughes Avenue Crescent

Preserving the Affordability of 63 Units in Bronx, NY.

Property Type

Affordable Housing (LIHTC)

Specialties

420-c

Investment Strategy

Preservation & Extension of Affordability

Acquisition Date

August 2021

Housing Agencies

Housing Trust Fund Corporation
(HTFC)
Department of Housing and
Community Renewal (DHCR)

1

Buildings

63

Units

2000

Year Placed in Service

1

Buildings

63

Units

2000

Year Placed in Service