Rancho Cucamonga, Calif. – National CORE has been ranked as the No. 3 nonprofit affordable housing developer in the U.S. by Affordable Housing Finance (AHF) magazine.
The prestigious “Top 50 Affordable Housing Developers of 2022” ranking, published May 25, reflects National CORE’s start of development of 760 affordable housing units and completion of 101 units in 2022. Overall, National CORE ranked 25 in the Top 50 for-profit and nonprofit developers.
The ranking moves the company up four spots among nonprofits and 13 spots overall from 2021, when National CORE started development on 468 units and completed 447.
“This significant honor reflects recognition of National CORE’s deep commitment to addressing our nation’s critical housing crisis,” National CORE President Michael Ruane said. “With the support of our partners in industry and government, National CORE’s pace of development has actually accelerated since 2022, and we look forward to continuing to deliver on our promise to transform the lives of our residents.”
National CORE, based in Rancho Cucamonga, was co-founded by affordable housing advocates Jeff Burum and Andy Wright in 1991. Today, it operates about 10,000 units in California, Texas and Florida.
In 2022, National CORE opened its 101-unit Fairview Heights development in Inglewood, Calif. Developed in collaboration with Linc Housing, Los Angeles County, LA Metro and Inglewood, Fairview Heights includes 50 homes for individuals and families who have experienced homelessness. The development also features an augmented reality, multi-dimensional, four-story mural “Rise Above” celebrating community and the cultural heritage of Inglewood.
At ground level, Fairview Heights offers 5,000-square-foot of community-serving retail space. It is located across the street from a new LA Metro station.
In the same spring issue of AHF, National CORE ranked 10th among nonprofit owners of affordable housing, maintaining its rank from 2021. The ranking reflects National CORE’s 9,684 units of affordable housing at 103 developments across the nation.
Across the nation, the top 50 developers began construction of 386 new affordable housing communities – a 15% leap over 2022. A combination of rising interest rates and inflation likely prompted developers to speed the completion of communities. Those pressures are expected to continue through 2023 and into 2024.
Already in 2023, National CORE has opened more than 250 units. The company’s construction pipeline includes 15 communities in various stages of development, including about 470 more units expected to be completed in 2023, 200 in 2024 and 400 in 2025.
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About National CORE
National CORE is one of the largest nonprofit developers in the nation, with a 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 more than 25,000 residents, National CORE strives to be a launching pad, not a landing pad, for families struggling financially. In 1998 National CORE created the Hope through Housing Foundation, a philanthropic nonprofit, whose mission is to end the cycle of generational poverty through resident services that promote educational attainment, economic mobility, and overall wellbeing.