SRM Development launching new division to develop affordable housing units.
Conor Hansen has joined SRM Development as the Managing Director of Affordable Housing
Spokane – June 21, 2021 – West Coast developer and builder SRM Development (www.srmdevelopment.com) is expanding its development and construction services to include affordable housing. SRM has hired Conor Hansen to lead the new division that will focus on projects in the Western United States.
“SRM has a great track record in multi-family, senior housing and commercial development and construction. We are excited to expand our efforts to develop affordable housing for lower and moderate-income households,” said Jim Rivard, Managing Principal – Real Estate. “Conor’s experience, entrepreneurial mindset, and tenacity make him a great fit to lead SRM’s efforts in this area.
Conor has been an affordable housing developer since 2008. He comes to SRM with experience of acquiring, renovating, entitling, and/or constructing more than 1,500 affordable housing units. He was also instrumental in creating the Urban Brownfields program with the Washington State Department of Ecology that allows affordable housing developers access to funding and liability protection for projects that have contaminated land.
“It is an amazing opportunity to join forces with a group like SRM to help address the nation’s affordable housing crisis. SRM is uniquely positioned as a vertically integrated real estate development and construction company with deep expertise in urban infill housing,” said Conor Hansen, Managing Director of Affordable Housing. “Cost control is one of the biggest issues when it comes to bringing these projects to fruition and it’s exciting to think about the types of results we can produce.”
SRM will initially focus on Low Income Housing Tax Credit bond deals for new construction housing, which generally provides housing for earners with 50%-60% of the Area Median Income (AMI). SRM will also be pursuing creative housing solutions for the “missing middle” housing problem, which is housing for families and individuals earning 60%-120% AMI.
“Initially we will be focused on transit-oriented development sites in markets that haven’t had as much new affordable housing created over the last decade. Based on our combined experience, SRM is uniquely positioned to work with local municipalities and corporations to bring projects online that are desperately needed,” Conor said. “There is a lot of interest and capital out there that want to help solve the problem, and it is our goal to connect all the dots.”
For more information on SRM, the new affordable housing division (https://srmdevelopment.com/affordable-housing/) or Conor Hansen, please contact Ryan Leong, Managing Principal – Real Estate, Finance & Operations, at Ryan@SRMDevelopment.com, or 509-944-4557.