MEMPHIS, Tenn., June 15, 2006 (PRIMEZONE) -- The National Affordable Housing Management Association (NAHMA) has rated ALCO Management of Memphis among the nation's 50 largest affordable property managers based on its diversified portfolio.
ALCO Management is a privately held real estate firm that has specialized for more than 30 years in the development, financing, ownership and management of conventional and government-assisted apartment communities.
The company, along with sister company ALCO Properties, owns and/or manages multi-family communities with more than 7,000 residential units in Alabama, Arkansas, Georgia, Kentucky, Missouri, Mississippi, North Carolina, South Carolina and Tennessee.
The creation of the NAHMA Affordable 50 list and the recognition of ALCO Management and its peers comes as part of a coordinated effort by the National Affordable Housing Management Association to build broader public and Congressional support for programs intended to help keep affordable housing affordable.
"Members of Congress need good information if they are going to make sound decisions about the preservation of affordable housing in America," said ALCO Management President, Frank Z. Jemison, Jr. "We're pleased to support the NAHMA as it works to promote the development and preservation of decent and safe affordable housing."
The federal government's key housing subsidies include:
-- Housing and Urban Development project-based assistance -- Section 42 LIHTC -- HOME funds -- U.S. Agriculture Department Section 515
In today's housing market, the NAHMA says most affordable multi-family community operators must rely on multiple subsidy sources to serve America's lowest income households.