The National Association of Home Builders today announced that Michaels Development Company has been named the 2010 Multifamily Development Firm of the Year. The award recognizes superior leadership in the multifamily housing industry and honors excellence in development strategies and practices, financial performance and innovation, and the successful achievement of the company's vision and goals.
"Michaels Development has raised the bar for affordable and mixed-income housing developments in this country," said NAHB's senior staff vice president Sharon Dworkin Bell, who noted that "despite the economic downturn, Michaels secured financing when others couldn't, and, as a result, successfully helped its housing agency partners across the country meet their housing needs."
Bell presented the award to Michael J. Levitt, who founded Michaels Development in 1973. Michaels Development Company is one of six companies dedicated to housing excellence that comprise The Michaels Organization, which is privately held by its Chairman and CEO Michael J. Levitt.
"We are gratified every day that we are able to give back to society by providing homes to thousands of people who would not otherwise have adequate housing, and we appreciate the industry's recognition of this important work by bestowing this prestigious award on our organization," Levitt said.
Based in Marlton, NJ, Michaels Development Company is ranked the most active and wide-ranging affordable housing developer in the nation, with 54 communities currently in development and a pipeline of 11,000 units. The Organization's portfolio consists of 230 properties – approximately 38,000 units – in 31 states, the District of Columbia, and the U.S. Virgin Islands. Michaels Military Housing is also developing and managing housing for the U.S. Department of Defense at four Army bases and two Air Force bases.
In presenting the Development Firm of the Year award to Michaels, NAHB said its judging panel—comprised of multifamily housing experts from across the country—found that Michaels' focus on building self-sustaining, financially viable communities and its commitment to innovative social services programs for its residents make it stand out among its peers. They also noted among Michaels' many accomplishments that it was the first affordable-housing developer to completely rebuild and reopen all of its housing sites in post-Katrina New Orleans.
As a testament to Michaels' dedication to enhancing the quality of life of its residents, Michaels Development Company offers educational scholarships to those who live in housing owned or managed by the company. All residents may apply, and the scholarships can be used towards higher education at any accredited college, university or vocational program in the country. To date, Michaels has awarded $2.5 million in grants, benefiting more than 1,200 students.
"The achievements of Michaels Development are impressive," said Charles R. Brindell, Jr., chair of NAHB's Multifamily Leadership Board and CEO of Mill Creek Residential Trust, LLC. "That's especially noteworthy given this difficult economic climate. This company's success reflects the firm's first-rate development and management capability, as well as its unwavering commitment to delivering quality affordable housing."
Multifamily Development Firm of the Year is one of the top honors bestowed annually through NAHB's Pillars of the Industry Awards Program.
ABOUT NAHB: The National Association of Home Builders is a Washington-based trade association representing more than 175,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. NAHB is affiliated with 800 state and local home builders associations around the country. NAHB's builder members will construct about 80 percent of the new housing units projected for 2010.