In just a few short years, PIRHL has distinguished itself as a creative, resourceful, and persistent developer of affordable housing. They have successfully developed a number of challenging projects that others, quite frankly, would not even consider. PIRHL's success is not only due to their integrated development and construction capacity but also a result of their company's leadership and culture. They take seriously their role as a trusted partner of public and private resources and relentlessly seek to maximize their benefit for low income families, seniors, and communities. And as a lender, it is a pleasure to work with them.
Tony Love, Forest City Capital Corporation, Cleveland, OH
As the percentage of household income spent on rent increases nationally, inflicting a severe rent burden on millions of working families and seniors living on a fixed income, PIRHL is committed to preserving the nation's aging and limited supply of affordable multifamily housing. Often serving the country's most vulnerable residents, these subsidized assets must be preserved to ensure safe, affordable options for those lower on the income scale.
Tenant-in-place rehabilitation is a tricky enterprise, which demands PIRHL’s deep experience from highly coordinated development, construction, finance, relocation and operations teams. PIRHL’s process with respect to rehabilitation and preservation begins with a comprehensive, 360-degree evaluation of the existing asset by a broad team of in-house professionals experienced with multifamily rehabilitation. PIRHL’s work in this area is characterized as much by a sophisticated, process-driven and multi-disciplinary approach, as it is by the dogged persistence it takes to navigate the complex transformations associated with these assets.
Working with its local development partners, PIRHL has successfully preserved and expanded thousands of affordable housing units for the long term. PIRHL has affected this preservation work through the 9% and 4% LIHTC programs, through HUD’s Rental Assistance Demonstration Program, and through the private acquisition, rehabilitation and re-capitalization of working class multifamily apartments.