2020 NAHMA Affordable 100

How many housing units receive at least one form of federal subsidy in the United States today? The annual NAHMA Affordable 100 list provides this important data!

The NAHMA Affordable 100 comprises the largest affordable multifamily property management companies, ranked by affordable unit counts. The NAHMA Affordable 100 list contributes vital data to the ongoing national dialogue on the future of federal funding for affordable housing. In an effort to accurately determine the portfolio of affordable units receiving federal subsidy in the United States, NAHMA publishes this annual listing of affordable units containing at least one of the following federal subsidies: HUD Project-based Assistance, Section 42 LIHTC, HOME funds, USDA Section 515, or Bonds.

Companies in bold provided data for NAHMA’s Affordable 100 survey. All others are based on industry estimates. 

NAHMA also presents two specialty lists – the 25 largest housing credit (LIHTC) property management companies, and the 25 largest Rural Development program property management companies (see the link below for more details). The specialty lists include only companies that provided data for NAHMA’s Affordable 100 survey, and does not include industry estimates. 

<1-40> <41-80> <81-120> <121-140> <Specialty Lists – LIHTC and RD>

Rank Management Company
(2019 rank shown in parentheses)
Headquarters Total Number of Units
Subsidized* Residential**
1.^ Boston, MA 55,100 105,214
2. FPI Management Inc. (2) Folsom, CA 47,942 122,000
3.^ Camden, NJ 45,310 54,387
4. Related Companies (4) New York, NY 37,119 78,500
5. ^ Dominium (6)​ Plymouth, MN 30,771 35,207
6. The John Stewart Company (7) San Francisco, CA 30,114 33,337
7. Envolve Communities LLC (fka LEDIC Realty Company LLC) (8) Memphis, TN 26,510 33,395
8. KMG Prestige Inc. (10) Mt. Pleasant, MI 25,116 29,694
9.^ Volunteers of America  (17) Alexandria, VA 25,000 25,000
10.^ Mercy Housing Management Group (12) Denver, CO 23,933 23,933
11.^ Millennia Housing Management Ltd. (11) Cleveland, OH 22,691 30,515
12.^ Gaithersburg, MD 22,398 26,345
13. Dallas, TX 22,319 29,308
14. Capstone Real Estate Services Inc. (14) Austin, TX 22,201 33,745
15.^ National Church Residences (13) Columbus, OH 21,992 22,045
16.^ New York, NY 21,121 38,180
17. The NRP Group (22) Cleveland, OH 20,000 40,000
18.^ ConAm Management Corporation (18) San Diego, CA 19,126 50,246
19.^ Royal American Management (20) Panama City, FL 18,611 19,323
20. McCormack Baron Management Inc. (5) St. Louis, MO 18,435 22,224
21. Tacoma, WA 15,565 16,081
22. Richman Property Services Inc. (23) Tampa, FL 14,615 15,415
23. Grenadier Realty Group Corporation (24) Brooklyn, NY 14,581 17,523
24. Pinnacle Property Management (16) Addison, TX 14,069 169,000
25.^ Capital Realty Group Inc. (28) Spring Valley, NY 14,029 14,029
26. Allied Orion Group (21) Houston, TX 14,000 23,000
27. Retirement Housing Foundation (25) Long Beach, CA 13,880 18,088
28. The Cornerstone Group (27) Hollywood, FL 13,607 13,786
29. Herman & Kittle Properties Inc. (29) Indianapolis, IN 13,501 15,556
30. Conifer Realty LLC (31) Rochester, NY 13,365 15,341
31. Independent Management Services (37) Fenton, MI 13,304 13,304
32. Pedcor Management Corporation (30) Carmel, IN 13,275 16,745
33.^ Gene B. Glick Company (32) Indianapolis, IN 13,256 19,747
34. Columbia, SC 12,999 12,999
35. Birmingham, AL 12,926 13,768
36.^ Rockville, MD 12,583 13,322
37. The Habitat Company (50) Chicago, IL 12,226 22,897
38. Wilhoit Properties (35) Springfield, MO 12,146 12,930
39.^ Beacon Communities (40) Boston, MA 12,026 17,473
40. Preservation of Affordable Housing (POAH) (48) Boston, MA 12,014 12,134


<1-40> <41-80> <81-120> <121-140> <Specialty Lists – LIHTC and RD>

^ A NAHMA Communities of Quality National Recognition Program Participant

* and ** All unit data represent only units directly managed (not owned) that were rented or available to rent on Dec. 31, 2019. Down units, abated units, units under construction or rehabbing units not available for rent are not included.

* Total affordable units managed. Federal programs only, including HUD, LIHTC, USDA, HOME and Bond programs. Data do not include state or local subsidy, public housing, tenant-based vouchers (Section 8 or RD tenant-protection vouchers), or federal mortgage insurance or loan guarantee programs. If a unit has more than one subsidy, it is counted only once.

** Total residential units managed (including market or affordable).

NAHMA would like to extend its sincere thanks to the NAHMA Affordable 100 Task Force, without whose hard work and support this survey would not be possible. In particular, sincere appreciation goes to task force chair Mike Coco, Choice Property Resources Inc. and vice chair Amber Day, TrashPro; Evelyn Arias, RealPage Inc.; Boone Atkins, Yardi; John Broderick, US Housing Consultants; Eric Cole, Converged Services Inc.; Rue Fox, ResMan; Janel Ganim, ResMan; Dori Garmeiser, Hessel Aluise & O’Leary PC; Mike Jhagroo, Converged Services Inc.; Jennifer Kelly, MRI Software; Greg Proctor, RealPage Inc.; Jeffrey Promnitz, Zeffert & Associates, Inc.; and John Yang, RentalHousingDeals.com Inc.

If you believe your company should be included in next year’s survey, please contact Jennifer Jones, jjones@nahma.org.