Standard Communities, a leading national multifamily affordable housing investor and developer, has named Feras Qumseya as Chief Development Officer. This is a new position created to lead the New Construction division, a national platform, focused on leveraging 4% Low Income Housing Tax Credit (LIHTC) financing to build new dedicated affordable housing units in major metropolitan areas. He is based in Washington, D.C.
Standard recently launched three dedicated business lines—Acquisition Redevelopment, New Construction and Essential Housing—to better leverage and align the strengths and diversity of its people and enable them to execute faster and more efficiently.
“As Standard continues to grow, we are aligning focused, specialized teams to execute our diversified business lines. We are empowering leaders, providing them with the resources and autonomy to expand our business and leverage our expertise across the country in new and exciting ways. We are thrilled to have Feras as part of our senior leadership team with his enormous affordable development experience, in addition to his track record of leadership and scaling teams,” said Scott Alter, Co-Founder and Principal of Standard Communities.
Mr. Qumseya brings 20 years of experience working on all aspects of affordable housing, economic development, public-private partnerships, large mixed-use projects, and transit-oriented developments. He joins Standard from Foulger-Pratt, a real estate investment and development firm, where as Vice President of Development he was responsible for creating and preserving affordable housing nationwide.
“Feras brings impressive skills, insight, and diligence. We are confident that Feras will help make great things happen as he focuses on building out a national 4% LIHTC New Construction platform. We are excited to have someone with his character, experience and capabilities join our growing team,” said Jeffrey Jaeger, Co-Founder and Principal of Standard Communities. “He has already committed Standard to several exciting new construction projects in Maryland and Virginia, and we look forward to seeing them come to life, furthering our mission of providing high-quality, affordable housing,” added Jaeger.