Millennia Housing Development, Ltd.
Winter 2016 Update
With the start of the new year, the Millennia Housing Development team has many new closed acquisitions and updates. The Millennia Companies has expanded its portfolio to four new properties in Arkansas, two new properties in North Carolina, a new property in Kansas, and a new property in Missouri.
Villages at Franklin Crossing, a 444-unit community located in Kent, Ohio, was most recently awarded a 4% Low Income Housing Tax Credit and Ohio Housing Trust Funds financing. The property will undergo a rehabilitation that will dramatically improve the community and apartment units.
In the past months, the MHD team submitted three 9% Low Income Housing Tax Credit applications for Cherokee Hills (KY), Valley View (KY), and Maple Hills (IA). If awarded, these apartment communities will be preserved and redeveloped, creating better communities for Millennia residents. Looking forward, the MHD team will be submitting a total of nine 9% Low Income Housing Tax Credit applications in Ohio, Alabama, Arkansas, Pennsylvania, Texas, and South Carolina.
In 2015, MHD acquired over 4500 units and is officially operating in 21 states. In the most recent months, the MHD team has grown and is proud to welcome Mark Ciepel, Ken Fischer, and Rafael Torres. Welcome to our new MHD members and keep up the good work!
Fall 2015 Update
It has been an exciting few months for Millennia Housing Development. Most recently, MHD closed the Southeast Portfolio on August 28th, 2015. This portfolio of 650 units expanded Millennia’s company footprint into Georgia, South Carolina, and Alabama. Millennia has already started making impactful minor improvements to these properties with future plans of larger scale improvements. In addition to the Southeast Portfolio, MHD closed Central Park Place, an 88-unit family property located in Cleveland, Ohio. The property will be preserved and redeveloped using 4% Low Income Housing Tax Credits (LIHTC) and Bonds.
In July, Galion East and International Towers, both Ohio properties, were awarded 9% LIHTC from the Ohio Housing Finance Agency. Both properties will undergo rehabilitations that will dramatically transform each property and improve the communities’ amenities for the residents. In October, MHD will be closing Kirksville Heights Apartments, a 50-unit elderly property located in Kirksville, Missouri. MHD is using a 9% LIHTC award from the Missouri Housing Development Commission and other financing to preserve the property.
The MHD team submitted a 9% LIHTC application for St. Regis Apartments in Kansas City, Missouri. If awarded, St. Regis will be preserved and redeveloped.
The MHD team also expanded in August and is proud to welcome Andrew Bailey aboard as the new Executive Vice President of Development. Andrew comes to the Millennia Companies from the Ohio Housing Finance Agency, where he had worked since 2011. Over the last two fiscal years, Andrew has allocated over one billion dollars in tax credits, loans, and grants; managed an annual 200+ project pipeline; and oversaw the planning and development of three Qualified Allocation Plans, as well as more than ten other development program guidelines. Andrew’s vast experience makes him a valuable asset to the MHD team.
Millennia Housing Development, Ltd. ("MHD") was formed in 1995 by Frank T. Sinito, President. Since 2004 MHD has redeveloped thousands of apartment units. MHD's stated mission is to acquire, preserve and rehabilitate multi-family residential rental properties receiving rental or other subsidies under Section 8, Section 202, or Section 236 of the National Housing Act, Rural Development, and expiring tax credit properties utilizing the 4% and 9% low income housing tax credits.
Over the years MHD and its affiliate, Millennia Housing Management, Ltd. ("MHM") (together "The Millennia Companies"), have grown into economically diverse organizations with operations in eight states-Ohio, Michigan, Missouri, Indiana, Iowa, West Virginia, Kentucky and New York. In keeping with the vision created by Frank T. Sinito nearly twenty years ago, The Millennia Companies will aggressively continue its growth.
The Millennia Companies News
Historic Downtown Cleveland Building slated for conversion to apartments. READ MORE>>
Spotlight on MHM
Millennia Housing Management, Ltd, is ranked 37 (up 12 places from 2013) in NAHMA's Top 100 Affordable Management Companies in the United States for 2014! READ MORE>>
Each year, the US Trade & Commerce Institute (USTCI) panel identifies firms that have demonstrated excellence in their respective fields and achieved commercial recognition. Millennia Housing Management is please to be included among their 2013 honorees. READ MORE>>
Affordable Housing Finance ranks The Millennia Companies number 5 in Top 10 Companies Completing Acquisitions READ MORE>>
Award Winning Properties
Affordable Housing Finance announced its 11th annual 2014-2015 Readers Choice Awards Finalists. We are proud to announce that the Lakewoods Apartment in Dayton is among the finalists in the Preservation category. Developed by Millennia Housing Development, the Lakewoods is currently undergoing an extensive rennovation by American Preservation Builders.
At the Kentucky Housing Conference, Brian Butz was award the Outstanding Performance: Property Maintenance award for his excellent work at Ashland Terrace.
Congratulations to Chapel Hill Towers, named one of the TOP 10 for Beacon's Best 2013. This beautiful community also received the prestigious Silver Key award for Overall Community Appearance for 2013 from the Northeast Ohio Apartment Association.