Fitch Irick Corporation Named on List of Top 50 Affordable Housing Developers for 2021
Fitch Irick has been named one of the top 50 developers of affordable housing in the United States in the last year, according to Affordable Housing Finance. This marks our fourth appearance on the Top 50 list since 2018. Since Fitch Irick’s formation in 2014, we’ve developed, acquired, and rehabilitated over 260 properties in the southeastern United States, and manage over 10,000 affordable housing units. We’re proud to earn such high praise for our work and to see such massive growth in just eight years. We could have done this without our talented and hardworking team.
The rankings are determined by the number of new affordable housing units that are created in that year. Affordable housing, according to the criteria of the Top 50 list, includes rental units, self-help ownership housing units, and newly-developed housing financed by the Low-Income Housing Tax Credit Program (LIHTC). Fitch Irick placed 39th on the list with 460 units breaking ground or beginning rehabilitation in 2021.
Fitch Irick considers affordable housing to be a critical need in any developing community to encourage long-term economic growth. The company is constantly moving to discover and build upon new opportunities in growing communities, while pursuing its own strategic growth that expands its footprint and ability to provide housing to middle- and low-income families
Fitch Irick was initially founded by Hollis Fitch and Charlie Irick to develop affordable housing properties in North Carolina and the surrounding southeastern states, financing developments through LIHTC. After only two years, Fitch Irick acquired GEM Management, a firm with 25 years of experience managing the same kind of affordable housing that we specialize in. At the same time, we made another acquisition of a large portfolio that put nearly 200 general partner interests in affordable housing in Fitch Irick’s hands.
The addition of GEM allowed Fitch Irick to take on the responsibilities of property and asset management in addition to development, and in 2021, Fitch Irick formally reorganized from a Limited Liability Company into the Fitch Irick Corporation, which included an asset management and investment division and the establishment of a joint venture with a confidential investor that will focus on acquiring further affordable housing developments. The Fitch Irick Corporation now employs over 450 people across the three companies making up the group. Since its founding in 2014, Fitch Irick has developed or rehabilitated over 4800 affordable housing units, acquired over 200 properties, and closed over $450 million in LIHTC equity. We own and operate properties in eight states across the southern and southeastern United States, including Texas.
Summary:
Fitch Irick Corporation (“Fitch Irick”) was formed by Hollis Fitch and Charlie Irick in 2014 as a North Carolina Limited Liability Company with the original purpose of developing affordable housing in the southeastern United States. We have since grown the scope of services by vertically integrating the property management and asset management functions. Today, the company primarily develops, manages, acquires and owns affordable housing properties financed through the Low-Income Housing Tax Credit (“LIHTC”) Program.
In 2016, Fitch Irick acquired GEM Management (“GEM”), a seasoned property management company with more than 25 years of history managing LIHTC and USDA Rural Development properties. In conjunction with the acquisition of GEM, we also acquired a portfolio of nearly 200 existing general partner interests in affordable housing partnerships.
In 2021, Fitch Irick Partners LLC was reorganized into Fitch Irick Corporation to best position the company for future growth. During our reorganization, we created a Joint Venture (“JV”) with a confidential institutional investor for the purpose of acquiring portfolios of existing affordable housing. As part of the creation of this JV, we established an in-house asset management and investment division.
Below highlights a few of our accomplishments our company has achieved since inception:
- Own and operate more than 260 affordable housing properties across AL, GA, KY, NC, SC, TN, TX, and VA
- Employ 450+ people across three companies
- Manage 10,000+ affordable housing units
- Developed 4,000+ affordable housing units since 2014
- Rehabilitated 800+ affordable housing units since 2014
- Closed $450+ million in LIHTC equity since inception
- Acquired 200+ properties