What The Paces Foundation does

The Paces Foundation is a 501(c)(3) nonprofit affordable housing developer founded in 1991 and headquartered in Smyrna, Georgia. The organization develops, owns, and manages affordable rental housing for low-income families, seniors (typically 55+), individuals with disabilities, and essential workers, with a portfolio of 36+ properties and more than 3,000 units owned, preserved, or developed across nine states (Alabama, Arizona, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas) plus New Jersey. Approximately 100,000 residents have been served and roughly $1B+ has been invested in jobs and communities cumulatively. Properties are built to LEED, EarthCraft, and ENERGY STAR green building standards, with multiple LEED Platinum and Gold certifications across the portfolio (e.g., Panama Commons, Fairfield Manor, Highland Manor, Galleria Manor).

The foundation's core products are organized into four lines: Affordable Family Housing (multi-family and single-family rentals such as Harrison Village, Tupelo Park, Auburn Square, and Meadowhill Estates), Affordable Senior Housing (age-restricted 55+ communities such as Fairfield Manor, Brownsville Manor, Highland Manor, and The Legacy at Carr Heights), Workforce Housing (e.g., Metropolitan Place in Atlanta serving 60-80% AMI), and Renovation/Rehabilitation of existing affordable housing (e.g., $30M Cooper Green Homes renovation in Birmingham). Development is structured exclusively through public-private partnerships involving state and local housing authorities, government agencies, and multiple financial institutions, financed via tax-exempt bonds, Low-Income Housing Tax Credits (LIHTC), HUD's RAD conversion program, and private subsidies.

Revenue mechanics are dual-pronged: (1) project development fees that fund foundation operations with the stated model that "the last successful project funds the work of the next," and (2) recurring rental income from the owned property portfolio, with rents set at 30-80% of Area Median Income (AMI). The go-to-market is partner-driven — the foundation pursues development opportunities through direct engagement with housing authorities and government RFPs/bond issuances. In 2020, the foundation formed a strategic joint venture with Soho Housing Partners called Paces Preservation Partners LLC, which serves as the primary development and financial structuring vehicle. Revenue is not publicly disclosed as the organization is a private nonprofit.

Name

The Paces Foundation

Legal name

The Paces Foundation

Website

https://pacesfoundation.org

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

11–50 employees

Short description

The Paces Foundation is a 501(c)(3) nonprofit affordable housing developer founded in 1991 that develops, owns, and manages 3,000+ LEED-certified rental units across nine states for low-income families, seniors, and individuals with disabilities through public-private partnerships and LIHTC financing.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Grantmaking Foundations (813211), Grantmaking and Giving Services (81321)

SIC

Services-Social Services (8300), Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

akta.pro secondary industries

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Private Foundations (BPAGAKAA)

Keywords

• Affordable housing development
• Multifamily housing
• Senior housing
• Low-income housing
• Sustainable construction

Headquarters

HQ city

Smyrna

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Development Fees: As a nonprofit developer, The Paces Foundation receives development fees for each project undertaken. These fees are used to pay project-related expenses and fund future developments. Per the organization: 'the last successful project funds the work of the next.'
2. Rental Income from Owned Properties: The organization develops, owns, and manages affordable housing properties long-term. Rental income from the 3,000+ owned/preserved units across the southeast and New Jersey generates ongoing revenue. Properties serve residents earning up to 80% of Area Median Income (AMI).
3. Public-Private Partnership Financing: Projects are financed through complex public-private partnerships combining local housing authority funds, government bonds, affordable housing financing, low-income tax credits (LIHTC), and private subsidies. The foundation contributes to the economy via professional services and building trades.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

The Paces Foundation is a nonprofit 501(c)3 affordable housing developer that acquires, develops, owns, and manages multifamily and single-family affordable rental housing for low-income families, seniors, and individuals with disabilities across the southeastern United States. The organization finances projects through public-private partnerships combining tax-exempt bonds, LIHTC equity, and government subsidies, then builds LEED/ENERGY STAR-certified properties for long-term operation.

Product overview

The Paces Foundation operates as a nonprofit affordable housing developer with a portfolio of residential properties across the southeastern United States and New Jersey. The organization offers multiple housing product lines: (1) Affordable Family Housing - apartments and single-family homes for low-income families, (2) Affordable Senior Housing - age-restricted communities (55+) for seniors on limited incomes, (3) Workforce Housing - mixed-income communities, and (4) Renovation/Rehabilitation - modernization of existing affordable housing properties. Key products include Harrison Village (120-unit family community in Gainesville, GA), Metropolitan Place (176-unit workforce housing in Atlanta), Cooper Green (227-unit renovation in Birmingham, AL), and Auburn Square (192-unit development in Atlanta). Senior housing products include Brownsville Manor (88 units, Pensacola, FL), Fairfield Manor (92 units, Pensacola, FL), and Highland Manor (Cumming, GA). The company also develops single-family affordable homes such as Meadowhill Estates (Hazlehurst, MS) and Waterford Estates (Dublin, GA). All properties are built to green certification standards (LEED, EarthCraft, ENERGY STAR). The foundation has developed and owned more than 3,000 units across Alabama, Arizona, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, and Texas.

Differentiator

Problem solved

Functional benefit

Products and services

• Harrison Village A 120-unit affordable apartment community in Gainesville, Georgia offering one-, two-, three-, and four-bedroom units for families earning 30-80% of area median income. Features include fully equipped kitchens, washer/dryer, central HVAC, walk-in closets, covered pavilion, community building with activity room and computer center, and children's play area.
• Metropolitan Place A 176-unit workforce and affordable housing community in Atlanta's Perkerson neighborhood, seven miles from downtown. Features one-, two-, and three-bedroom units with approximately 700, 1,000, and 1,300 square feet respectively. Amenities include fitness center, clubhouse, and picnic area. Serving residents earning 60-80% of AMI.
• Cooper Green A 227-apartment multifamily rental housing community in Birmingham, Alabama undergoing nearly $30 million renovation. Original construction from 1971. Includes 46 two-story buildings, community center, and playgrounds. Renovation covers new roofs, energy-efficient windows, appliances, HVAC systems, and new amenities including splash pad and gazebo.
• Auburn Square A 192-unit affordable housing community in Atlanta replacing the deteriorated Seven Courts property. Features seven residential buildings and a community center with one-, two-, three-, and four-bedroom units for households earning 30-80% of AMI.
• Tupelo Park A 47-unit affordable housing community for moderate and low-income families in Panama City Beach, Florida. Located near the beach with two- and three-bedroom units. Result of $19 million investment.
• Avery Place A 112-unit affordable housing development in Pensacola, Florida on the former Baptist Hospital site. Features one-, two-, three-, and four-bedroom apartments for individuals making 30-80% of Area Median Income. Energy-efficient appliances and fixtures.
• Kupfrian Manor A 94-unit senior housing development in Pensacola, Florida on the former Baptist Hospital site. Features one- and two-bedroom apartments specifically designed for seniors with energy-efficient appliances and fixtures.
• The Hamilton A 192-unit affordable housing development in southwest Atlanta transforming an old deteriorating apartment complex. Features seven residential buildings with one-, two-, three-, and four-bedroom units and a community center. Energy-efficient residences for working families.
• Lariat Village An L-shaped affordable housing complex on 4.8 acres in Tucson, Arizona featuring one-, two-, and three-bedroom apartments. Includes community rooms, fitness room, on-site laundry, WiFi, and exterior green spaces. Apartments include Energy Star fixtures and appliances, water-efficient plumbing, and rainwater harvesting. Serving families at 30-70% of AMI.
• Brownsville Manor An 88-unit affordable housing community for seniors 62 years and older in Pensacola, Florida. Features one- and two-bedroom apartments with pool, community room, library, computer stations, workout room, and gardening area. Energy-efficient heating, cooling, and water systems.
• Fairfield Manor A 92-unit affordable housing community for seniors in Pensacola, Florida. Features include pool, community room, hair salon, library, computer room, workout room, gazebo, and shuffleboard. LEED Platinum certified with solar photovoltaic system providing 100% energy to common areas.
• Waterside Oaks Affordable housing community in Gainesville, Georgia in the foothills of the Appalachian Mountains near Lake Lanier. Features one-, two-, three-, and four-bedroom apartment homes with retreat-like amenities.
• MaryAlice Place Eighteen new construction townhome units for families in Buford, Georgia developed via HUD's RAD conversion program and LIHTC financing. Features EarthCraft-certified energy efficiencies and EnergyStar appliances.
• Handsel Morgan Village Forty-five new construction units for seniors in Buford, Georgia developed via HUD's RAD conversion program and LIHTC financing. Features one- and two-bedroom floor plans.
• Montgomery Landing Affordable housing community in Savannah, Georgia undergoing major exterior and interior renovation including new appliances. Located in Feiler Park neighborhood. Amenities include gym and computer center.
• Meadowhill Estates Affordable single family homes for families on limited incomes in Hazlehurst, Mississippi. Features hardwood floors, two-car garages, breakfast bar, washer/dryer, walk-in closets, and fitness center. Two- and three-bedroom homes.
• Lamar Crossing Master-planned community in Memphis, Tennessee offering one-, two-, three-, and four-bedroom apartments with fully equipped kitchens, controlled access, and playground.
• The Legacy at Carr Heights New 120-unit apartment community for seniors 55+ in Charlotte, North Carolina's West Blvd neighborhood. Features modern kitchens, energy-efficient appliances, fitness center, and community room.

Quantifiable outcome

• 3,000+ units owned, preserved and/or developed across the southeast and New Jersey
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core, major and minor.

• Soho Housing PartnerscoreStrategic or Co-development Partner · 14 October 2020Strategic partnership combining Paces' industry-leading affordable housing development and preservation services with Soho's capabilities in structuring complex financial solutions for workforce housing communities. The joint venture is named Paces Preservation Partners LLC, formed in 2020. Soho was founded by Steve Bien and Kevin DiQuattro with more than 40 years of housing and capital markets experience. Steve Bien is Founder and President of Soho Housing Partners.
• Gainesville Housing AuthoritycoreStrategic or Co-development PartnerKey development partner for Harrison Village Phase I in Gainesville, GA. The partnership delivered 120 new affordable housing units and a community center through a public-private partnership. Gainesville Housing Authority issued DCA-allocated tax-exempt bonds and is a major ongoing partner in the region's affordable housing strategy, with over $220 million in investments secured by end of 2027.
• Housing Authority of the Birmingham District (HABD)coreStrategic or Co-development PartnerPartner for the $29.6 million Cooper Green Homes renovation project in Birmingham, AL. HABD is Alabama's largest public housing provider, serving 23,000 residents. The partnership rehabilitates 227 apartments on a 32-acre site with no tenant displacement.
• Olympia Construction Co.majorImplementation/ SI/ Consulting PartnerGeneral contractor for Harrison Village Phase I in Gainesville, GA. Designed and built the five residential buildings with premium amenities including fully equipped kitchens, central HVAC, and community facilities.
• U.S. Green Building CouncilminorOthersAwards LEED certifications (Platinum, Gold) to qualifying properties. Multiple Paces Foundation properties have earned LEED certification including Panama Commons (Platinum), Highland Manor (Gold), Fairfield Manor (Platinum), Galleria Manor (Gold), and Whitehall Commons/Manor (Gold).

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Mercy Housing: Nonprofit affordable housing developer serving families, seniors, and individuals with special needs across the US. Operates a similar model of developing and managing LIHTC-financed rental communities, with comparable resident services programming and emphasis on vulnerable populations.
• Enterprise Community Partners: National nonprofit affordable housing developer and CDFI that develops, preserves, and finances rental and homeownership affordable housing, similar to Paces. Comparable in using LIHTC, tax-exempt bonds, and public-private partnerships across multiple states, though operating at significantly larger scale.
• BRIDGE Housing: Nonprofit affordable housing developer that acquires, develops, and manages multifamily rental housing for low- and moderate-income households. Directly comparable in mission, financing structure (LIHTC), and operating model of long-term ownership with on-site services.
• Volunteers of America: National nonprofit that develops and operates affordable and supportive housing for low-income families, seniors, and at-risk populations. Comparable in combining housing development with supportive services, using LIHTC and government partnerships.
• Preservation of Affordable Housing (POAH): Nonprofit that preserves and develops affordable rental housing for low-income families across multiple states. Directly comparable as a nonprofit developer using LIHTC and RAD conversions, with similar emphasis on long-term affordability.
• National Church Residences: Nonprofit senior housing developer and provider serving older adults across multiple states. Comparable in operating affordable senior communities with services, using LIHTC and HUD financing, and serving similar low-income senior populations.
• The NHP Foundation: Nonprofit affordable housing developer and owner with a national footprint that develops, preserves, and manages mixed-income rental housing. Closely comparable in structure as a 501(c)(3) mission-driven developer using LIHTC and public-private partnerships.

Broad incumbents

• Habitat for Humanity International: Massive nonprofit housing organization primarily focused on homeownership for low-income families. Broader incumbent with overlapping affordable housing mission but different product (ownership vs. Paces' rental focus) and significantly larger scale.
• Local Initiatives Support Corporation (LISC): National nonprofit CDFI that finances and supports affordable housing and community development through intermediaries. Broader incumbent providing capital and technical assistance to developers like Paces, rather than direct peer-to-peer development competition.

Others

• Housing Partnership Network: Peer network of 100+ nonprofit affordable housing developers and CDFIs that collaborates on capital access, innovation, and best practices. Adjacent enabling organization rather than direct competitor, but Paces operates in the same ecosystem of mission-driven developers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/pacesfoundation
• LinkedInlinkedin.com/company/the-paces-foundation
• Xx.com/PacesFoundation

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Paces Foundation