Rancho Cucamonga, CA – National CORE, one of the nation’s leading nonprofit developers of affordable housing, is launching the first phase of a strategically planned national expansion centered in Texas and Florida.
The award-winning developer, based in Rancho Cucamonga, will pursue a mix of acquisitions as well as its first-ever construction of new developments outside of California.
Already, it has initiated plans to build two developments totaling 230 apartments in Florida and a 104-apartment community in Texas. In July, it completed the purchase of a 204-apartment community in Fort Worth.
“The time is right,” National CORE President Michael Ruane said. “Over the last 20 years, our teams have created extensive partner networks and deep relationships in both states. These developments will demonstrate how National CORE can help Texas and Florida address the nation’s devastating housing crisis.”
Across the U.S. there are just 34 affordable and available homes for every 100 extremely low-income renting households, according to the National Low Income Housing Coalition’s Gap 2024 report. In Texas and Florida, that number drops to 25; in California it is 24.
National CORE, founded in 1992, owns and operates the bulk of its properties – 98 – in California. It owns five more communities in Florida and, with July’s purchase of The Residences at Diamond Hill in Fort Worth, six in Texas.
The expansion is being supported in part by National CORE’s 2022 issuance of $100 million in bonds. The company pursued the bond issue after securing an A+ credit rating from Standard & Poor’s Global Ratings in 2021. The credit rating was most recently reaffirmed in 2024.
“Our bond funding is a significant element of a comprehensive strategy for creating a nimble, flexible financial model that allows us to quickly capitalize on new opportunities,” Ruane said. “We are able to swiftly bring new developments to market, acquire properties and rehabilitate existing housing. All of this benefits the communities we serve by expanding and preserving affordable housing.”
National CORE is vertically integrated, possessing in-house expertise for managing acquisitions, development, construction and property management. A partner nonprofit, the Hope through Housing Foundation, was formed in 1998 to provide resident services.
National CORE is experiencing unprecedented growth across its portfolio.
In 2024, the company’s construction teams completed five new developments in California. Ten California developments are under construction and some 30 more are in phases of pre-construction development.
National CORE repeatedly ranks among the top 10 nonprofit developers nationwide and has received more than 200 awards for the quality of its developments and strength of its teams. National CORE developments are lauded for their beauty, environmentally sustainable design and service to residents. In 2024 alone, National CORE has been honored regionally, across California, nationally and internationally for the design and community impact of its developments.
“This is an incredibly exciting and pivotal moment for National CORE,” said National CORE Vice President Ariana Brendle, who heads the company’s Florida and Texas development teams.
“We’ve done the hard work of establishing ourselves in Florida and Texas, showing people National CORE’s exceptional focus on residents and our expertise in all aspects of affordable housing. Now, we’re ready to take our role in these states to the next level.”
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About National CORE
National CORE is one of the largest nonprofit developers in the nation, with a more than 30-year history of being an innovator in the field. In 2021, National CORE became one of only two affordable housing developers to earn an A+ credit rating from Standard & Poor’s Global Ratings. In 2022, National CORE issued $100 million in Series 2022 Social Bonds to accelerate the development of critically needed affordable housing. Serving 30,000 residents, National CORE strives to be a launching pad, not a landing pad, for families struggling financially. The Hope through Housing Foundation, a philanthropic nonprofit, was formed in 1998. A partner with National CORE, the foundation provides resident services that promote educational attainment, economic mobility and overall well-being as part of a mission to end the cycle of generational poverty.
About Hope through Housing Foundation
Hope through Housing believes that affordable housing can be a platform for transformational change at the individual and neighborhood level. For more than 25 years, the Hope through Housing Foundation has provided more than 2 million hours of transformational social services helping children and teens achieve success, improving families’ financial well-being and promoting seniors’ health and wellness. For more information, please visit www.hthf.org.
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