2022 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. ** All unit data represent only units directly managed (not owned) that were rented or available to rent on Dec. 31, 2021. Down units, abated units, units under construction or rehabbing units not available for rent are not included. 

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).

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

Rank Management Company
(2021 rank shown in parentheses)
Headquarters Total Number of Units
Subsidized* Residential**
1.^ FPI Management, Inc. (1) Folsom, CA 56,457 140,271
2.^ Related Companies (4) New York, NY 55,000 70,000
3.^ WinnCompanies (2) Boston, MA 51,672 103,064
4.^ The Michaels Organization (3) Camden, NJ 42,741 61,274
5.^ Dominium (6) Plymouth, MN 36,469 37,731
6. The John Stewart Company (7) San Francisco, CA 31,097 34,120
7. KMG Prestige, Inc. (9) Mt. Pleasant, MI 27,939 31,142
8. Asset Living (11) Houston, TX 27,613 116,631
9.^ Envolve Communities, LLC (5) Memphis, TN 25,374 28,522
10.^ Mercy Housing Management Group (12) Denver, CO 24,479 24,479
11. Capstone Real Estate Services, Inc. (13) Austin, TX 23,962 34,476
12.^ Millennia Housing Management, Ltd. (8) Cleveland, OH 23,407 30,654
13.^ National Church Residences (17) Columbus, OH 22,572 23,063
14.^ MMS Group (16) Suffern, NY 22,103 40,818
15.^ Royal American Management, Inc. (21) Panama City, FL 20,875 22,592
16.^ ConAm Management Corporation (19) San Diego, CA 20,279 51,213
17.^ Edgewood Management Corporation (14) Gaithersburg, MD 17,950 20,860
18. C&C Apartment Management, LLC New York, NY 15,660 20,459
19. Birmingham, AL 15,528 19,009
20. S.L. Nusbaum Realty Co. Norfolk, VA 15,394 28,231
21. Richman Property Services, Inc. (28) Tampa, FL 15,000 19,000
21.^ Volunteers of America (10) Alexandria, VA 15,000 15,000
23. Fairfield Residential (61) San Diego, CA 14,578 34,514
24.^ Gene B. Glick Company (32) Indianapolis, IN 14,249 20,754
25. Pinnacle Property Management Addison, TX 14,069 169,000
26. Conifer Realty (29) Rochester, NY 14,014 15,174
27. Allied Orion Group (23) Houston, TX 14,000 23,000
28. The Franklin Johnston Group Virginia Beach, VA 13,945 19,676
29. Retirement Housing Foundation (30) Long Beach, CA 13,880 18,188
30. The NRP Group (18) Cleveland, OH 13,800 20,400
31. CAHEC Management, Inc. (35) Columbia, SC 13,646 13,646
32. Woda Cooper Companies, Inc. (37) Columbus, OH 13,613 13,795
33. The Cornerstone Group (31) Hollywood, FL 13,607 13,786
34. Kittle Property Group, Inc. (Previously known as Herman & Kittle Properties, Inc.) (26) Indianapolis, IN 13,554 17,000
35.^ Aperto Property Management (56) Irvine, CA 13,374 15,960
36. The Hallmark Companies, Inc. (48) Atlanta, GA 13,247 14,847
37. United Apartment Group (66) San Antonio, TX 13,200 18,000
38. Elmington Property Management (40) Nashville, TN 13,000 23,000
39.^ Wingate Companies (47) Newton, MA 12,943 17,769
40. Cambridge Management, Inc. (25) Tacoma, WA 12,714 13,468


<1-40> <41-80> <81-120><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, 2021. 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 Amber Day, TrashPro and vice chair Nathan Burnett, Watchtower Security Inc.; Guthrie Alberts, Paysafe; Joseph Anderson, The Buckner Company; Andrew Boyle, New Hampshire Housing Finance Authority; Mike Coco, Choice Property Resources Inc.; Leo Delgado, Converged Services Inc.; Rue Fox, ResMan; Janel Ganim, ResMan; Eddie Garrett, McGriff Insurance; Tracey Gray, Watchtower Security; Jenny Hidalgo, Omnia Partners; Babbie Jaco, CAHEC Management; Jennifer Kelly, MRI Software; Mark Livanec, Yardi Systems; Carlita Mendez, CMS; Scott Nelson, RealPage Inc.; Andrew Pieplow, Watchtower Security; Scott Ployer, National Property Management Strategies Group LLC; Greg Proctor, Lumina Partners LLC; Jeffrey Promnitz, Zeffert & Associates Inc.; Scott Scharlach, Columbus Metropolitan Housing Authority; Christopher Voss, Yardi Systems; 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.