2021 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, 2020. 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). 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> <Specialty Lists – LIHTC and RD>

Rank Management Company
(2020 rank shown in parentheses)
Headquarters Total Number of Units
Subsidized* Residential**
1.^ Folsom, CA 50,432 129,492
2.^ WinnCompanies (1) Boston, MA 46,687 101,233
3.^ The Michaels Organization (3) Camden, NJ 37,957 54,387
4.^ Related Companies (4) New York, NY 37,119 62,728
5. ^ Envolve Communities LLC (7) Memphis, TN 32,623 32,623
6.^ Dominium (5) Plymouth, MN 31,366 34,784
7. The John Stewart Company (6) San Francisco, CA 30,429 33,315
8.^ Millennia Housing Management Ltd. (11) Cleveland, OH 26,096 30,649
9. KMG Prestige Inc. (8) Mt. Pleasant, MI 25,202 28,901
10.^ Alexandria, VA 25,000 25,000
11. Houston, TX 24,510 103,063
12.^ Mercy Housing Management Group (10) Denver, CO 24,014 24,014
13. Capstone Real Estate Services Inc. (14) Austin, TX 23,733 37,000
14. Edgewood Management Corporation (12) Gaithersburg, MD 22,398 26,345
15. Formerly Alpha Barnes Real Estate Services (13), now owned by Asset Living Dallas, TX 22,319 29,308
16.^ Suffern, NY 21,803 40,133
17.^ National Church Residences (15) Columbus, OH 21,210 21,735
18. The NRP Group (17) Cleveland, OH 20,000 40,000
19.^ ConAm Management Corporation (18) San Diego, CA 19,930 50,177
20. McCormack Baron Management Inc. (20) St. Louis, MO 18,435 22,224
21.^ Royal American Management Inc. (19) Panama City, FL 17,099 18,083
22. Birmingham, AL 16,648 19,982
23. Allied Orion Group (26) Houston, TX 16,513 24,529
24.^ Capital Realty Group Inc. (25) Spring Valley, NY 16,152 16,152
25. Tacoma, WA 15,475 16,809
26. Kittle Property Group Inc. (29) Indianapolis, IN 14,642 17,687
27. Grenadier Realty Group Corporation (23) Brooklyn, NY 14,581 17,523
28. Richman Property Services Inc. (22) Tampa, FL 14,000 19,800
29. Conifer Realty (30) Rochester, NY 13,933 15,141
30. Retirement Housing Foundation (27) Long Beach, CA 13,880 18,188
31. The Cornerstone Group (27) Hollywood, FL 13,607 13,786
32. Gene B. Glick Company (33) Indianapolis, IN 13,337 19,843
33. Independent Management Services (31) Fenton, MI 13,304 13,304
34. Pedcor Management Corporation (32) Carmel, IN 13,275 16,745
35. Columbia, SC 13,225 13,225
36.^ POAH Communities (40) Boston, MA 12,583 12,782
37. Woda Cooper Companies Inc. (42) Columbus, OH 12,580 12,802
38. The Habitat Company (37) Chicago, IL 12,512 22,897
39.^ Rockville, MD 12,421 13,822
40. Elmington Property Management (66) Nashville, TN 12,257 31,630


<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, 2020. 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.; Mike Coco, Choice Property Resources Inc.; Leo Delgado, Converged Services Inc.; Naren Dhamodharan, Hampden Park Capital & Consulting; Rue Fox, ResMan; Janel Ganim, ResMan; Charles Holloway, Haven Connect; Ryan Kim, ProLink Solutions; Scott Nelson, RealPage Inc.; Andrew Pieplow, Watchtower Security Inc.; Scott Ployer, National Property Management Strategies Group LLC; Scott Precourt, US Housing Consultants; Greg Proctor, RealPage Inc.; Jeffrey Promnitz, Zeffert & Associates Inc.; Scott Scharlach, Specialty Consultants Inc.; Sarah Wattick, Converged Services 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.