Commonwealth Named Ninth Largest Developer in the U.S.
June 13, 2022
Earlier this month, Affordable Housing Finance (AHF) released the list of the Top 50 Affordable Housing Developers in the United States. A local developer, Commonwealth Development Corporation, has been ranked ninth in the nation for 2021. Rankings are based on the success of affordable housing developers across the U.S., primarily focusing on units that have started construction and units that have completed construction during the respective year.
“The last four years have resulted in our ranking bouncing around a bit,” said Dan Kroetz, Senior Vice President of Development, Commonwealth Development Corporation. “In 2018 we made a major jump from #22 to #7, following a successful merger with longtime partner, Mirus Partners. Then we moved into the 11th and 12th spots for 2019 and 2020 and are pleased to be back in the top 10 for 2021 with plans to stay here.”
In 2021, Commonwealth started construction on 1,230 units and completed construction on 755 units. In total, their portfolio includes the development of 121 affordable housing projects, creating over 7,197 units across 18 states and counting.
“It is a highly competitive process to obtain the federal and/or state tax credits that are critical in funding these developments,” said David Ritchay, President, Commonwealth Development Corporation. “The national success rate for developers obtaining these credits is 25-40% and we are proud that Commonwealth has competed at roughly a 60% success rate. Our pipeline is strong, and we will continue to chase after opportunities that support our mission and expand our development footprint.”
Commonwealth Development Corporation is part of parent company The Commonwealth Companies, which is comprised of developers, architectural designers, and construction professionals. Headquartered in Fond du Lac, Wisconsin, they also have a corporate office in Middleton, Wisconsin, and additional development offices located in Georgia, Minnesota, Ohio, Pennsylvania, Texas, and Tennessee.Back to All