Housing Trust Group (HTG), one of the largest developers of affordable housing in the United States, is ramping up its development activities in several new states to help meet the overwhelming demand for affordable housing in the wake of the COVID-19 pandemic.
To accelerate HTG’s growth, the company has restructured and appointed HTG executives to oversee pipeline growth and development activities in four territories: the Gulf Region (including Florida, Puerto Rico and Alabama), Atlantic Region (including Georgia, North Carolina and South Carolina), Midwest Region (including Illinois and Missouri), and Southwest Region (including Texas, Colorado and Arizona). The combined target states are responsible for administering over $608 million in 9 percent Low Income Housing Tax Credits (LIHTC) each year.
“The pandemic has exacerbated demand for affordable housing across the country so there is a tremendous need for firms like HTG with a proven track record to deliver affordable developments. We have been putting boots on the ground in local markets around the country to address each community’s unique needs,” said Matthew A. Rieger, HTG President and CEO. “HTG has excelled for over a decade as an award-winning affordable developer in Florida, and we’re excited to be able to deliver this expertise to more state and community leaders who want to tackle the housing crisis head-on using the most prudent, fiscally responsible strategies possible.”
Housing industry experts are optimistic that Congress will allocate more resources to affordable housing development in the year ahead, including potentially expanding the federal tax credit program, which gives financial incentives to private sector firms who invest in underwriting a portion of affordable housing.
“The housing crisis is a problem so large and universal that it is beyond the ability of any single municipality or state to address,” said Rieger. “Fortunately, the federal tax credit program has enjoyed broad bipartisan support from democrats to republicans alike since its inception over 35 years ago.”
In 2021, HTG will submit proposals and applications for tax credit-funded affordable development opportunities in Texas, Florida, Georgia, North Carolina, South Carolina, Colorado and Illinois. By 2025, the company intends to expand its footprint even further with development activity in Alabama, Puerto Rico, Tennessee, Nevada, Utah, Michigan and Indiana.