The Millennia Companies® (Millennia) is ranked No. 1 on Affordable Housing Finance’s (AHF) annual list for Top Companies Completing Substantial Rehabilitations and No. 4 for Top Affordable Housing Owners in the United States.
“This recognition is a result of our steadfast commitment to the rehabilitation and preservation of affordable housing, said Frank T. Sinito, Founder and CEO of Millennia. “I am proud of our mission-driven team members, lenders, investors, housing partners and stakeholders for their role in achieving this milestone and enriching residents’ lives, especially during a year that amplified the need for affordable housing more than ever.”
In 2020, Millennia completed 14 substantial rehabilitation projects to modernize 2,743 affordable housing units at some of the nation’s most distressed apartment developments. The scope of work for a substantial rehabilitation generally includes extensive renovations to the interiors and exteriors of the buildings, enhancing the grounds and security features, upgrading the electrical and mechanical systems, and creating community spaces to house resident programs.
“Assembling the capital, closing preservation transactions and completing construction projects are complex processes, particularly given the issues related to the pandemic. We are appreciative of our team and partners for remaining focused on creating positive outcomes for residents,” said Lee J. Felgar, Chief Operating Officer at Millennia Housing Management, Ltd.
Throughout its history, Millennia has facilitated this rehabilitation and preservation process at 103 apartment developments, consisting of 12,555 units. As of January 1, 2021, Millennia managed 30,603 affordable housing units at more than 275 apartment developments in 26 states.