Hispanic Housing Development

What Hispanic Housing Development does

Hispanic Housing Development Corporation (HHDC) is a Chicago-based, 501(c)-equivalent nonprofit affordable housing developer founded in 1975 by Hipólito 'Paul' Roldán to create and preserve affordable housing in Chicago's Latino neighborhoods. Operationally, HHDC runs a vertically integrated platform spanning housing development (new construction of rental, for-sale, and senior apartments), preservation (acquisition and rehabilitation of at-risk affordable properties), property management (over 3,600 residential units and 47,000 sq ft of commercial space), and commercial development (including health clinics and Social Security office buildings). The organization executes through two wholly-owned subsidiaries: Tropic Construction Corp., a for-profit general contractor established in 1993 that has built or renovated over 3,600 housing units exceeding $120M in construction projects, and Affordable Community Energy (ACE), which provides solar and energy sustainability services. Since inception, HHDC has built or improved more than 4,633 homes across 59 distinct development projects representing $597M in development activity.

Revenue is generated through three primary streams: development fees from new construction and LIHTC/Section 202-financed projects, property management fees from a portfolio managed for HUD, IHDA, CHA, and third-party owners, and construction revenue via Tropic Construction. Combined annual revenue exceeds $96M and the underlying portfolio is valued at over $1B, supported by more than 30 institutional partners including JPMorgan Chase, Bank of America, Fannie Mae, Freddie Mac, IHDA, City of Chicago Department of Housing, the Chicago Housing Authority, the MacArthur Foundation, and Chicago Community Trust. HHDC serves family, senior, veteran (VASH), and public housing resident segments, operating across Illinois, Indiana, Michigan, Wisconsin, and Puerto Rico following its first out-of-Chicago acquisition in 2020. The organization employs 276-283 staff across real estate development, construction, property management, and energy operations.

In August 2024, Tony Hernandez succeeded founder Paul Roldán as President and CEO, bringing 30+ years of community development experience from CIBC, IHDA, and LaSalle Bank; since then HHDC has refreshed additional senior roles including Tropic Construction COO Javier Costantino (Dec 2023), VP Public Housing Sheri Tucker (promoted Sep 2021 onward), and AVP Acquisitions & Asset Management Kenneth Figueroa (Feb 2025). Strategic priorities evidenced by a deep 2025-2026 project pipeline include senior housing (1539 N. Pulaski, 61 units, Section 202 / LIHTC), family housing (Pedro Albizu Campos, 64 units; 1237 N. California, 40 units; 3251 W. Division, 44 units), adaptive reuse of historic buildings (Pioneer Arcade), Puerto Rico rehabilitation ($29.1M), and growth of third-party property management contracts via CHA and IHDA.

Name

Hispanic Housing Development

Legal name

Hispanic Housing Development Corporation

Website

https://hispanichousingdevelopment.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

51–100 employees

Short description

Hispanic Housing Development Corporation is a Chicago-based nonprofit affordable housing developer founded in 1975, providing vertically integrated housing development, preservation, property management, and construction services for families, seniors, and veterans across the Midwest and Puerto Rico, managing over 3,600 units and a $1B+ portfolio.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

Real Estate Property Managers (53131), Lessors of Residential Buildings and Dwellings (53111), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Services-To Dwellings & Other Buildings (7340), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Fair Housing, Compliance & Housing Program Oversight (FSALAKAN)

Keywords

• Affordable housing development
• Property management services
• Residential property preservation
• Commercial real estate development
• Community development

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Others

Revenue model

1. Development Fees: Revenue from developing affordable housing projects, including new construction and rehabilitation
2. Property Management Fees: Property management fees from managing 3,600+ residential units across the region
3. Tropic Construction Revenue: Revenue from Tropic Construction Corp., their for-profit general contractor subsidiary that builds affordable housing projects

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

HHDC is a nonprofit affordable housing developer that develops, preserves, and manages affordable rental and for-sale housing for families, seniors, and veterans across Chicago, the Midwest, and Puerto Rico. It operates a vertically integrated model spanning housing development, property management, preservation/rehabilitation, commercial development, and general contracting through its Tropic Construction Corp. subsidiary, and provides third-party property management for government housing authorities.

Product overview

Hispanic Housing Development Corporation (HHDC) is a nonprofit affordable housing development organization offering vertically integrated real estate services. The core offerings consist of housing development (ground-up construction of rental and for-sale affordable housing), preservation (acquisition and rehabilitation of existing affordable properties), and property management (managing over 3,600 residential units). Supporting these are subsidiaries including Tropic Construction Corp. (general contracting), Affordable Community Energy (energy sustainability), and service contracts for Chicago Housing Authority property management. The organization also operates community programs including the Roldán Scholarship Program for Latino students. The company operates across Illinois, the Midwest states, and Puerto Rico, having developed or improved more than 4,633 homes since 1975.

Differentiator

Problem solved

Functional benefit

Products and services

• Housing Development Ground-up development of affordable rental and for-sale housing including apartments, condominiums, and single-family homes for families, seniors, and veterans across Chicago, the Midwest, and Puerto Rico. Funded via LIHTC, Section 202, HOME funds, and conventional financing.
• Property Management In-house property management division managing more than 3,600 residential units and 47,000 square feet of commercial space across 261 buildings. Services include tenant relations, lease administration, maintenance, compliance, and financial management for subsidized and market-rate properties.
• Preservation Acquisition and rehabilitation of existing affordable housing properties to prevent conversion to market-rate and preserve rental affordability. HHDC owns and manages 2,300 units acquired throughout Illinois, Indiana, Michigan, and Wisconsin.
• Commercial Development Development of commercial spaces including offices, health centers, stores, and Social Security office buildings. HHDC has built more than 82,000 square feet of commercial space, including the 17,000 square foot Jorge Prieto Health Clinic for Cook County Hospital and Advocate Health Care System, and three Social Security office buildings for the General Services Administration.
• Tropic Construction Corp. For-profit general contractor subsidiary established in 1993 providing construction services for affordable housing projects, including rental housing, condominiums, single-family homes, medical facilities, schools, offices, commercial space, and solar panel systems. Completed more than 3,600 renovated or newly constructed housing units with a construction portfolio exceeding $120 million.
• Chicago Housing Authority Property Management Third-party property management services for Chicago Housing Authority properties under a private management contract awarded in September 2021, covering 19 senior high-rise communities totaling 3,262 housing units across 23 buildings and additional scattered-site contracts totaling $9.3M for 6,201 units.
• Affordable Community Energy (ACE) Wholly-owned energy sustainability subsidiary providing solar panel systems and affordable community energy solutions as part of HHDC's vertically integrated approach to community development.

Quantifiable outcome

• 4,633+ homes built or improved since 1975
• +3 more outcomes

Named customers3 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

Integration1 record

Partnerships

Nine partnerships are on record, tiered core.

• Chicago Housing AuthoritycoreStrategic or Co-development PartnerKey partner awarding property management contracts for public housing communities; HHDC manages 19 senior high-rise communities totaling 3,262 housing units
• City of Chicago Department of HousingcoreStrategic or Co-development PartnerGovernment partner providing funding and approvals for affordable housing projects
• Enterprise Community PartnerscoreStrategic or Co-development PartnerNational community development organization partner
• Housing Partnership NetworkcoreStrategic or Co-development PartnerNetwork of housing partnerships for community development
• Illinois Housing Development AuthoritycoreStrategic or Co-development PartnerState agency providing tax credits and financing for affordable housing developments; awarded On-demand Property Services contract to HHDC
• Local Initiatives Support CorporationcoreStrategic or Co-development PartnerCommunity development financial institution partner
• NeighborWorks AmericacoreStrategic or Co-development PartnerNational organization supporting community development
• US Department of Housing and Urban DevelopmentcoreStrategic or Co-development PartnerFederal agency providing Section 202 Capital Advance and Project Rental Assistance Contract; HUD-insured permanent loans
• Puerto Rico Housing Finance AuthoritycoreStrategic or Co-development PartnerAwarded Santa Juanita Housing management and provided HOME funds grant of $14,968,561

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• BRIDGE Housing Corporation: Large nonprofit developer, owner, and property manager of affordable and workforce housing, primarily in California. Directly comparable vertically integrated model (development + property management) and similar reliance on LIHTC and public agency partnerships.
• The Community Builders: National nonprofit affordable housing developer and property manager with a similarly diversified footprint of rental and mixed-income communities. Comparable in operating model, scale, and reliance on federal housing programs.
• Mercy Housing: One of the largest national nonprofit affordable housing developers and operators. Directly comparable in mission-driven model, mixed-income development, property management scale, and federal program participation.
• Preservation of Affordable Housing (POAH): Nonprofit focused specifically on preserving and operating affordable rental housing across the U.S. Closely parallels HHDC's preservation arm and its strategy of acquiring at-risk properties to maintain affordability.
• National Church Residences: Nonprofit developer and operator of senior housing, including HUD Section 202 properties. Highly comparable to HHDC's senior housing focus (e.g., 1539 N. Pulaski Section 202 project, 13 senior complexes in portfolio).
• The NHP Foundation: Nonprofit affordable and mixed-income housing developer and property manager serving the Mid-Atlantic, Midwest, and beyond. Comparable mission-driven operating model and LIHTC/HUD-financed development pipeline.

Broad incumbents

• Enterprise Community Partners: National community development organization combining development, lending, and policy work. HHDC is a listed partner; comparable in affordable housing development scope but broader in scale and includes a CDFI lending arm.
• Related Companies: Large for-profit developer with a significant affordable/workforce housing arm (Related Midwest). HHDC VP Real Estate Stephen Porras was previously at Related Midwest; comparable in workforce housing product type though for-profit and much larger.

Others

• National Equity Fund: Leading national LIHTC syndicator and a core financial partner of HHDC. Not a developer peer but a critical counterparty in HHDC's financing stack, providing equity for affordable housing transactions.

Regional players

• Volunteers of America: National nonprofit that develops and manages affordable and supportive housing, including for veterans. HHDC AVP Jasmine Peña previously worked at Volunteers of America; comparable in multifamily/subsidized property management practice.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/HispanicHousing
• LinkedInlinkedin.com/company/hispanic-housing-development-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

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 Hispanic Housing Development