I am pleased to be able to give this report as to the recent joint activities between our Company, MACO Management, its affiliates, and DLH.

Over the past forty years, MACO has been engaged in the acquisition, development, construction and management of affordable housing complexes. These various activities over the past four decades have resulted in our company having a current presence spanning geographically over 10 states and consisting of over 450 properties containing approximately 13,000 apartment units. These complexes have been developed, financed and managed utilizing the financial  resources and guidelines of HUD, USDA, Rural Development and various state agencies administering Low Income Housing Tax Credits.

While admittedly these properties have served their lower income tenants extremely well for many years, many of these properties have gotten to the point that they are near the end of their viable expected useful life and not able to continue to provide their original intended purpose without modernization. Many of these properties need moderate updates in order to compete with the newer competing housing stock being placed into the market with all the fresh amenities available.

By working with DLH we have been able to transfer the ownership of approximately 25 properties in 4 states. DLH has taken advantage of these older complexes utilizing the tools available to the Not for Profit and have preserved much of this housing stock for the Low Income and Senior Occupants.

I am proud of our joint accomplishments in the preservation of affordable housing. In my opinion, you are serving a great need in the affordable housing arena. You and your group should be commended for your accomplishments. Keep up the good work.

 

 

Ken Maddox
The MACO Companies