Silver Street Development

What Silver Street Development does

Silver Street Development Corporation is a privately held affordable housing developer founded in 1993 and headquartered in Portland, Maine, with regional offices in Wilmington, North Carolina and Warrenton, Virginia. The company acquires, rehabilitates, finances, and preserves subsidized multifamily rental properties across 14 U.S. states, employing complex capital structures that include Low Income Housing Tax Credit (4% and 9%) transactions, tax-exempt bond financing, Section 236 decouplings, RAD conversions, and HUD 221(d)(4) and 223(f) loans. Silver Street's customer base consists of property owners selling affordable housing assets, public housing authorities seeking development partners, and institutional LIHTC equity investors; the ultimate beneficiaries are low-income residents occupying the preserved affordable units.\n\nThe company operates a vertically integrated platform through four wholly owned subsidiaries: Housing Management Resources (HMR) provides property management for approximately 6,000 affordable units, Port Harbor Construction delivers general contracting and construction oversight for rehabilitation projects, The Silver Street Group (TSSG) provides asset management oversight of the stabilized portfolio, and Silver Street Solar installs photovoltaic systems offsetting 30-69% of property energy use. The company has transformed nearly 100 communities historically and currently lists 22 communities with 3,098 units on its portfolio page, with cumulative financial oversight exceeding $1 billion in total development costs and $400 million in construction expenditures. Revenue is generated through developer fees on transaction closings, recurring asset management fees on the stabilized portfolio, property management fees collected by HMR, and construction margin on rehabilitation projects — pricing scales with per-unit development costs ranging from $65,000 to $135,000 and project total development costs from $4.3 million to $135 million.\n\nThe go-to-market motion is relationship-driven enterprise field sales, with senior development officers and partners originating transactions directly with state housing finance agencies, lenders, and institutional equity partners. Lead generation is supported by participation in industry events such as the AHDC Spring Policy Conference, direct outreach to HUD officials, and referral pipelines from long-standing financing partners including Rockport Mortgage Corporation, Boston Financial Investment Management, Signature Bank, CREA LLC, and multiple state housing finance agencies. The company self-describes as one of the top 30 affordable housing owners in the United States and received American Housing Forum 'Top Affordable Housing Owner' recognition in both 2015 and 2016.

Name

Silver Street Development

Legal name

Silver Street Development Corporation

Website

https://silver-street.net

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

11–50 employees

Short description

Silver Street Development Corporation acquires, rehabilitates, and preserves affordable multifamily housing across 14 U.S. states, operating through integrated subsidiaries for property management, construction, asset management, and solar installation to serve property owners, public housing authorities, and institutional investors.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Residential Building Construction (23611), Residential Remodelers (236118), Services to Buildings and Dwellings (5617)

SIC

Operative Builders (1531), Real Estate (6500)

akta.pro primary industry

Residential Affordable Housing Development & Construction (IMAFABAI)

akta.pro secondary industries

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD), Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Affordable housing development
• Property preservation services
• HUD financing solutions
• LIHTC transactions
• Property rehabilitation management

Headquarters

HQ city

Portland

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Development Fees: Fees earned from the acquisition, development, and rehabilitation of affordable housing properties. Revenue is generated through managing the development lifecycle from pre-acquisition through stabilization, with involvement averaging about 24 months per project.
2. Asset Management: Ongoing asset management services for properties developed by Silver Street, including oversight of property management firms, investment opportunity evaluation, and capital strategy implementation. The Silver Street Group (TSSG) oversees asset management for the portfolio.
3. Property Management: Through subsidiary Housing Management Resources (HMR), the company manages approximately 6,000 units of affordable housing. HMR provides full-service property management with hands-on professionalism.
4. Construction Services: Through subsidiary Port Harbor Construction, the company provides construction oversight and general contracting services for rehabilitation projects.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Silver Street Development acquires, finances, rehabilitates, and manages affordable multifamily housing properties across the United States. The company preserves Section 8, HUD 236, and LIHTC properties, executes complex financing structures including Section 236 decouplings and tax-exempt bond transactions, and delivers integrated development, construction, property management, and asset management services through wholly-owned subsidiaries.

Product overview

Silver Street Development Corporation is an affordable housing preservation and development company that acquires, rehabilitates, and manages affordable housing properties across the United States. The company operates through its portfolio of residential apartment communities rather than a software product. Its core offerings include property acquisition and preservation of Section 8, HUD 236, and LIHTC properties; property rehabilitation and redevelopment; and property management through its subsidiary Housing Management Resources. The company also provides construction services through Port Harbor Construction and asset management through The Silver Street Group. The company's product/service portfolio consists of real estate properties and related housing services, not technology products.

Differentiator

Problem solved

Functional benefit

Products and services

• Affordable Housing Development Services
• Property Management Services

Quantifiable outcome

• Nearly 100 communities transformed over the company's history
• +3 more outcomes

Named customers5 records

Segments3 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

Seven partnerships are on record, tiered core and minor.

• Metropolitan Realty GroupcoreStrategic or Co-development PartnerJoint venture partner for Park Lake Apartments acquisition and transformation. MRG founder Scott Jaffee works to create safe, low-cost communities in the New York Metro area. MRG specializes in affordable housing with 4,200 units of project-based Section 8 housing.
• Georgetown Development Partners (GDP)coreStrategic or Co-development PartnerCreated Silver Georgetown JV, LLC (SGJV), a joint venture between Silver Street and GDP. GDP specializes in the preservation and development of affordable housing, providing development services for public and private organizations including housing authorities, housing cooperatives, and community-focused entities.
• Housing Management Resources (HMR)coreOthersFounded in 2001 by Richard Pierce, HMR is a dynamic, full-service property management company with a hands-on approach. Core values are Integrity, Respect, Enthusiasm, Accountability, Commitment and Harmony. Manages approximately 6,000 units of affordable housing, including about half of Silver Street's portfolio.
• Port Harbor ConstructioncoreOthersConstruction firm subsidiary providing construction oversight and general contracting services for rehabilitation projects. Approaches projects with a tripartite focus on sustainability, longevity and aesthetics, always balancing the three within an economically competitive business model.
• The Silver Street Group (TSSG)coreOthersAsset management arm of Silver Street Development that oversees asset management for all properties developed by Silver Street Development and Housing Management Resources. Roger Gendron serves as Managing Director of TSSG.
• 360 Cooperative AdvisorsminorStrategic or Co-development PartnerPartner committed to the preservation of affordable housing through a studied caretaking of the financial, physical and personal needs of a community, with the aim of providing a high quality of life for all.
• Silver Street SolarcoreOthersSubsidiary company handling solar panel installations at properties. Oversaw construction and installation of $3.5M of solar panels at eight properties in three states.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• The NHP Foundation: Nonprofit affordable housing owner/developer with a preservation focus and a national multi-state portfolio, comparable in mission and acquisition-rehabilitation approach to Silver Street's preservation strategy.
• Preservation of Affordable Housing (POAH): National nonprofit that preserves and operates affordable rental housing across multiple states using LIHTC and HUD financing—closely aligned with Silver Street's preservation, recapitalization, and asset management model.
• L+M Development Partners: Large New York-based affordable and mixed-income housing developer that acquires, develops, and rehabilitates multifamily affordable housing using LIHTC, tax-exempt bonds, and HUD financing—directly comparable to Silver Street's transaction model and unit-level rehabilitation focus.
• Beacon Communities: Boston-based affordable housing developer and owner with a multi-state portfolio of LIHTC and Section 8 properties, using similar financing structures and preservation-redevelopment approaches to Silver Street.
• MidPen Housing: West Coast-focused nonprofit affordable housing developer and owner that acquires, develops, and manages LIHTC and regulated multifamily properties—comparable in preservation-development model, though regionally distinct from Silver Street's Northeast/Southeast focus.
• Avesta Housing: Maine/New England affordable housing developer and owner focused on acquisition, rehabilitation, and development of LIHTC and HUD-financed multifamily properties—directly comparable in geography and product type to Silver Street's New England footprint.

Broad incumbents

• WinnCompanies: One of the largest US multifamily owners/managers/developers with significant affordable and mixed-income housing exposure; a broader incumbent with overlapping capabilities in property management, development, and asset management versus Silver Street's specialized affordable focus.
• The Related Companies: Diversified national real estate firm with substantial affordable and workforce housing development (Related Affordable) using LIHTC, tax-exempt bonds, and HUD programs—overlapping in product type but operating at much greater scale across more asset classes.
• Bozzuto Group: Mid-Atlantic-based diversified real estate developer and property manager with material affordable housing exposure alongside market-rate multifamily—a broader incumbent that competes with Silver Street in the same Mid-Atlantic geography and shares integrated development-management capabilities.

Emerging players

• LIHC Investment Group: Real estate investment group that partners with Silver Street on affordable housing acquisitions (e.g., Marble Hall JV); a frequent co-investor and LIHTC equity syndicator with comparable deal sourcing and underwriting capability in the affordable space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/silver-street-development-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries5 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 Silver Street Development