Real Estate Development
Famicos Foundation provides full real estate development services for projects that serve our mission, primarily the development of affordable housing for communities in the greater Cleveland region. Rebuilding homes one at a time gave Famicos the practical experience to realize more can be done to stabilize neighborhoods. By 1980 Famicos had renovated over 200 units and built 10 new homes. In 1982, Famicos was involved in the development of Lexington Village, which transformed a blighted area of Hough. In 1994 Famicos renovated the Crawford Tilden Apartments, originally built in 1912 into 19 units of affordable housing using the Low Income Tax Credit financing. Since then Famicos has invested over $95,000,000 and has preserved 729 affordable housing units.
We continue to develop projects using Low Income Housing Tax Credits as well a Historic Tax Credits to develop multifamily buildings. The Real Estate Development Department is in charge of acquiring properties, developing plans and securing project financing for construction and permanent loans. Often these projects require multiple sources of financing that include government entities and private foundations. We select the architects, contractors and other team members to develop the project.
The Real Estate Development Department is staffed by Project Managers who have a broad experience in Architecture, Construction Management, Real Estate Development, Urban Planning and Economics. We work in coordination with Community Outreach staff that help organize and build neighborhood consensus around not only our projects, but other projects that affect the neighborhood. Our objectives are to identify resources, redevelop buildings and vacant land in distressed neighborhoods and to provide quality housing for families, seniors and chronically homeless persons.
Famicos’ Real Estate Development Department is committed to quality design and construction. We pride ourselves in innovative and creative financing strategies that make challenging projects work and we integrate new development standards, such as Green Building techniques into our projects. We have acted as co-developed on projects throughout the region, always working as a team to develop quality housing products.
real estate development portfolio
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Famicos Foundation’s is a member of the Midwest Affordable Housing Management Association, a professional association representing owners and managers of affordable housing throughout Indiana, Illinois, Ohio, Michigan, Minnesota and Wisconsin. As members of this organization Famicos benefits from legislative work provided by a network of industry professionals, HUD offices, government officials, community agencies and national affiliation with NAHMA.
As a professional Property Management team, Famicos employs the best in the industry. With over 30 years of experience in the knowledge and trade of managing affordable housing. Famicos managers are well seasoned in their craft and hold professional certifications with the Institute of Real Estate Management, National Affordable Housing Management Association, National Association of Home Builders, and many other professional organizations that facilitate training and education. Many of these certifications require continued education, keeping the management team always trained and ready for industry changes.
Famicos currently employs seven property managers who oversee a variety of portfolios. Most of Famicos portfolios were made possible through the use of Low Income Housing Tax Credits. Which include single family, multi-family and hi-rise properties. Famicos also has housing with HUD subsidies and housing designed to address the needs of elderly, disabled and homeless people.
As a real estate owner and managing agency Famicos offers safe, decent and affordable housing. Many of our properties have on site security and social service staff to provide valuable resident support services.
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