St. Mary Development Corporation

What St. Mary Development Corporation does

St. Mary Development Corporation is a faith-based nonprofit founded in 1989 that develops and operates affordable apartment communities for low-income older adults (55+) and families across 11 states. The organization has built a portfolio of 87 apartment communities encompassing 6,200 housing units over its 36-year operating history, with total development cost exceeding $500 million. Its core offering combines accessible apartment design (zero-step entries, roll-in showers, with units rated more accessible than 99% of housing in the country) with the St. Mary Connect resident services program that connects residents to healthcare, social services, transportation, and government agencies.

The organization's underlying operating model is built on a network of development and service partnerships rather than proprietary technology. It leverages Low Income Housing Tax Credits through long-standing partnerships (notably with Ohio Capital Corporation for Housing, which has provided nearly $200 million in equity over 30+ years), HUD subsidies, and federal grants to finance development. Resident-facing technology consists of WiFi infrastructure and Amazon Echo smart home devices deployed via a partnership with Trillnovo, rather than in-house platforms. A dedicated Resident Services Department, created in 2014, employs Service Coordinators and community health workers who serve over 1,000 residents in the greater Dayton area.

St. Mary Development generates revenue through affordable rental income (rents set 20-40% below market rate for households earning 50-80% of Area Median Income), LIHTC equity, government subsidies, philanthropic donations, and corporate sponsorships from the annual Business of Aging conference. Its go-to-market relies on referrals from healthcare providers, social service agencies, faith-based organizations, and community foundations rather than traditional sales channels, reflecting a community-led, trust-based distribution model typical of mission-driven affordable housing developers.

Name

St. Mary Development Corporation

Legal name

St. Mary Development Corporation

Website

https://stmarydevelopment.org

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

St. Mary Development Corporation is a faith-based nonprofit that develops and operates affordable apartment communities for low-income seniors (55+) and families, with 6,200 units across 87 communities in 11 states, integrated with resident services coordination addressing social determinants of health.

Ownership category

akta.pro rank

Product category

Affordable Senior Housing

NAICS

Other Residential Care Facilities (6239), Services for the Elderly and Persons with Disabilities (624120)

SIC

Operators Of Apartment Buildings (6513), Services-Social Services (8300)

akta.pro primary industry

Affordable/Subsidized Independent Living (HUD/LIHTC) Communities (HLADAAAB)

akta.pro secondary industries

Faith-Based / Nonprofit Assisted Living Providers (HLADABAH), Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH), Senior Living & Assisted Living Facility Construction (IMAFACAJ), Elder Services & Aging Support (BPAGAEAF)

Keywords

• Affordable housing
• Senior housing
• Resident services
• Affordable apartments
• Senior living

Headquarters

HQ city

Dayton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Rental Income: Affordable apartment rents typically 20% to 40% lower than market-rate rents. Revenue from housing operations serving low-income seniors and families.
2. Low Income Housing Tax Credits: Federal tax credit program used to finance the development and rehabilitation of affordable housing communities. Partner Ohio Capital Corporation for Housing has provided nearly $200 million in equity through this mechanism.
3. Government Subsidies and Grants: HUD-subsidized housing and various federal/state grants for affordable housing development and resident services. Federal funding and tax credits support rehabilitation projects.
4. Donations and Philanthropic Support: Individual and corporate donations support the St. Mary Connect resident services program. Partnerships with foundations like Dayton Foundation provide grant funding for technology infrastructure and programs.
5. Event Sponsorships: Business of Aging annual conference generates sponsorship revenue from corporate partners at various tier levels ranging from $2,500 (Copper) to $20,000-$25,000 (Foundational).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

St. Mary Development Corporation develops, owns, and operates affordable apartment communities for low-income older adults (55+) and families across 11 states, with 6,200 housing units in 87 communities developed over 36 years. The organization combines physically accessible housing (zero-step entries, roll-in showers, 99% more accessible than typical U.S. housing) with the St. Mary Connect resident services program, which coordinates access to healthcare, social services, transportation, nutrition, and government benefits for residents.

Product overview

St. Mary Development Corporation is a faith-based non-profit providing affordable housing and supportive services for seniors 55+ and families in Southwest Ohio. The organization operates apartment communities as its core offering, supplemented by the St. Mary Connect resident services program that connects residents to healthcare, social services, and community resources. Additional offerings include the annual Business of Aging conference and the Hope! book publication documenting resident stories. The organization does not offer a traditional technology product; its services are focused on housing development, property management, and resident support.

Differentiator

Problem solved

Functional benefit

Products and services

• Affordable Apartment Communities Safe, affordable apartment homes for older adults (55+) and families, designed with accessibility features such as zero-step entries and roll-in showers, enabling residents to age in place. Includes 6,200 housing units across 87 communities in 11 states, with rents 20-40% below market rate for income-qualified households (typically 50-80% of Area Median Income).
• St. Mary Connect Resident Services Program Service coordination program connecting residents to healthcare, social services, transportation, nutrition, and government benefits, helping them live independently. The team supports over 1,000 low-income seniors in the greater Dayton area.
• Business of Aging Annual Conference Premier annual conference exploring innovative ways to improve senior lives through housing, healthcare, and technology, bringing together industry leaders, healthcare professionals, and technology experts for thought leadership and partnership development.
• Hope! Book Book sharing stories of seven older people living in St. Mary affordable apartment communities, demonstrating the impact of affordable housing combined with service coordination.

Quantifiable outcome

• 6,200 housing units developed across 87 communities in 11 states
• +5 more outcomes

Named customers6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core and minor.

• NeighborWorks AmericacoreStrategic or Co-development PartnerCongressonally commissioned nonprofit supporting U.S. community development. St. Mary is a member and receives fiscal support, professional training, development, nonprofit leadership, and business strategy evaluation. Consistently receives 'Exemplary' rating indicating exceptionally strong and innovative organization.
• Related AffordablecoreStrategic or Co-development PartnerAffordable housing arm of Related Companies (global real estate firm). Partnership to rehab Biltmore Towers and revitalize five more affordable housing communities in Dayton including Mad River Manor, Asbury, Pinewood Gardens, Northcrest, and Albright Apartments. $48 million project to modernize 567 units.
• Pivotal Housing PartnerscoreStrategic or Co-development PartnerNational affordable housing developer with focus on developing quality affordable housing for those who need it most. Developed broad spectrum of housing types: multi-story apartments for families and seniors, villas, and single-family developments.
• United Church HomescoreChannel Partner/ Reseller/ DistributorFaith-driven provider of healthcare and senior living services. Provides property management services in many Dayton area senior communities, helping properties build financial stability, achieve occupancy goals, and become sustainable and thriving.
• Grow AmericaminorImplementation/ SI/ Consulting PartnerInnovative lending and entrepreneurial support, advisory support for community and economic development and professional education and training provider. Partners to build development finance capacity in professionals and support local governments, nonprofits, and developers.
• Ohio Department of Mental Health and Addiction Services (OhioMHAS)coreStrategic or Co-development PartnerOhio state department providing statewide leadership of high-quality mental health and addiction prevention, treatment, and recovery systems. Partnership to expand prevention program with evidence-based WISE curriculum, launching group of statewide Master Trainers for older adults.
• Charitable Healthcare Network (CHN)coreStrategic or Co-development PartnerNonprofit 501(c)3 strengthening and ensuring high-quality healthcare for vulnerable people. Partnership to grow Ohio's healthcare safety net through member development, resource sharing, advocacy, and capacity building. Funds supportive services staff.
• Dayton FoodbankcoreStrategic or Co-development PartnerNonprofit relieving hunger through food distribution. Provides regular monthly commodity boxes to residents supplying nearly three weeks of food. One community is also a mobile food site where residents and neighborhood residents get monthly food including produce, meat, and dairy.
• Montgomery County Alcohol Drugs Mental Health & Addiction Services (MCADMAS) BoardcoreStrategic or Co-development PartnerRegional board responsible for planning, funding, and monitoring public mental health and addiction treatment services. Partnership to provide prevention programs and strategies promoting health and safety by reducing likelihood of behavioral health problems including substance abuse, mental illness, and social isolation.
• Goodwill Easter SealsminorStrategic or Co-development PartnerNonprofit empowering people with disabilities and disadvantages to achieve independence. Offers services to visually impaired including older adults through Radio Reader program, 24/7 broadcast transmitting news and important updates to those unable to read print and online media.
• St. Vincent De Paul District CouncilminorStrategic or Co-development PartnerFaith-based nonprofit providing emergency shelter, food, clothing, and more to homeless and impoverished. Helps provide furniture including beds and couches, and household items like dishes and silverware to furnish residents' new homes. Also assists with emergency food distribution.
• Harvard University Joint Center for Housing StudiesminorStrategic or Co-development PartnerResearch partnership through NeighborWorks America collaboration. St. Mary's work highlighted in research report on Resident Services Funding & Delivery Models Among Affordable Housing Nonprofits.
• Health Management Associates (HMA)minorStrategic or Co-development PartnerHealthcare consulting firm collaborating with NeighborWorks America on Community Health Worker Learning Lab. Developed CHW toolkit supporting implementation of sustainable community health worker program model.

Scale indicators12 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Pivotal Housing Partners: National affordable housing developer focused on quality affordable housing for families and seniors through multi-story apartments, villas, and single-family developments. Direct development partner with St. Mary, comparable in scale, LIHTC-driven model, and senior housing focus.
• National Church Residences: Faith-based nonprofit serving seniors through affordable housing, assisted living, memory care, and home health services nationwide. Closely comparable mission, faith-driven identity, and integrated housing-plus-services model serving low-income older adults.
• Related Affordable: Affordable housing arm of Related Companies, the large global real estate firm. Comparable LIHTC-driven affordable housing developer partnering with St. Mary on the $48M renovation of 567 units in Dayton, Riverside, and Trotwood.
• United Church Homes: Faith-driven provider of senior living and healthcare services that operates as St. Mary's property management partner in many Dayton-area communities. Directly comparable in faith-based identity, senior focus, and service integration.
• Mercy Housing: National nonprofit providing affordable, program-enriched housing for families, seniors, and individuals with disabilities. Comparable mission-focused nonprofit developer combining affordable housing with resident services, similar LIHTC/HUD funding model.
• Preservation of Affordable Housing (POAH): National nonprofit that preserves and develops affordable housing for low-income families and seniors through LIHTC-financed acquisitions and rehabs. Comparable nonprofit developer focus on affordable housing preservation and resident services, with similar multi-state geographic reach.
• The NHP Foundation: National nonprofit affordable housing developer and owner serving families, seniors, and individuals with special needs in urban communities. Comparable nonprofit structure, LIHTC-financed development, and emphasis on resident services and community building.

Broad incumbents

• Enterprise Community Partners: One of the largest U.S. nonprofit affordable housing developers with broader portfolio (rental, homeownership, community development) and impact investing arm. Wider scope than St. Mary but comparable LIHTC-driven affordable housing model with resident services integration.
• Volunteers of America: Faith-based national nonprofit providing affordable housing, senior services, behavioral health, and veteran support across hundreds of programs. Comparable faith-based identity and senior housing focus, though with significantly broader service portfolio.

Regional players

• BRIDGE Housing: California-based nonprofit affordable housing developer providing homes for low-income families, seniors, and formerly homeless individuals through LIHTC and HUD financing. Comparable nonprofit affordable housing model, but geographically focused on the West Coast rather than the Midwest.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/StMaryDev
• LinkedInlinkedin.com/company/st.-mary-development-corporation

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

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 St. Mary Development Corporation