AU Associates
AU Associates is a private Lexington, KY-based affordable housing developer founded in 1990 that uses LIHTC financing and historic tax credits to develop and own over 1,700 affordable rental units across 40+ projects in Kentucky and West Virginia, serving low-income families, seniors, veterans, and special needs populations.
- Company typePrivate
- Founded1990
- HeadquartersLexington, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What AU Associates does
AU Associates Inc. is a private affordable housing developer founded in 1990 and headquartered at 159 Old Georgetown Street in Lexington, Kentucky. The company develops, owns, and operates quality affordable rental housing using Low Income Housing Tax Credits (LIHTC) — created under the Tax Reform Act of 1986 — combined with state and federal Historic Tax Credits, HOME Funds, Community Development Block Grants, Federal Home Loan Bank monies, and Affordable Housing Trust funds. Since inception, AU has been directly responsible for over 40 projects totaling more than $300 million in project costs, creating over 1,700 units of affordable rental housing across Kentucky and West Virginia.
AU's core competency is the adaptive reuse of historic structures — primarily early-20th-century school buildings — into affordable housing, alongside urban infill new construction. Notable adaptive reuse projects include Midway School, Versailles School, Buffalo School, Glasgow Graded School, Campton School, Elkhorn City School, Jenkins School, Thomas Edison School, and Sutton School apartments. The portfolio spans senior housing (55+), family housing, veterans housing (Victory Point Townhomes, Loganwood), special needs housing, and transitional/recovery housing (Recovery Point of Charleston). The Kearney Ridge Apartments (252 units, $43 million) opened in 2023 as the largest affordable housing project in Lexington in over 20 years.
The business model centers on LIHTC partnership structuring with financial institutions and tax credit syndicators (CAHEC, Ohio Capital Corporation for Housing, RedStone Equity Partners), construction and permanent financing from banks (Fifth Third, Bellwether Enterprise, Central Bank, RiverHills Bank), and state housing finance agencies (Kentucky Housing Corporation, West Virginia Housing Development Fund). AU Construction, LLC serves as affiliated general contractor for many projects, providing vertical integration. Revenue is generated primarily from rental income on owned units plus developer fees and asset management fees within the LIHTC partnership structure. Pricing is income-based with rents tied to area median income (typically 60% AMI or below); many units accept Section 8 vouchers. Day-to-day operations use RealPage property management software. Leadership includes founder Holly Wiedemann (MBA Duke) and President/Owner Johan Graham (Masters in Regional Planning from UNC Chapel Hill, formerly at CAHEC), supported by CFO Lynn Jones (CPA) and Director of Development Brandon Shetler.
AU Associates firmographics
Firmographics- Name
- AU Associates
- Legal name
- AU Associates Inc.
- Website
- https://auassociates.com
- Company type
- Private
- Founded year
- 1990
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- AU Associates is a private Lexington, KY-based affordable housing developer founded in 1990 that uses LIHTC financing and historic tax credits to develop and own over 1,700 affordable rental units across 40+ projects in Kentucky and West Virginia, serving low-income families, seniors, veterans, and special needs populations.
- Ownership category
- akta.pro rank
AU Associates industry classification
Industry- Product category
- Affordable Housing Development
- NAICS
- New Multifamily Housing Construction (except For-Sale Builders) (236116)
- SIC
- Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Agents & Managers (For Others) (6531)
- akta.pro primary industry
- Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)
- akta.pro secondary industries
- Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Affordable/Subsidized Independent Living (HUD/LIHTC) Communities (HLADAAAB)
Keywords
Where AU Associates is headquartered
LocationHeadquarters
- HQ city
- Lexington
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
AU Associates business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales
Revenue model
- Rental Income: Revenue generated from rental payments at over 1,700 affordable housing units across Kentucky and West Virginia
- Tax Credit Equity: Low Income Housing Tax Credits (LIHTC) utilized to fund capital costs of affordable housing projects through partnerships with financial institutions and syndicators
- Historic Tax Credits: State and Federal Historic Tax Credits used in conjunction with other financing to support adaptive reuse and preservation projects
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Income-based affordable housing with rents tied to area median income |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
AU Associates product offering
Product offeringCore offering
AU Associates develops safe, decent, quality affordable rental housing through new infill development and adaptive reuse of existing structures, primarily historic schools, churches, hospitals, and post offices. The company structures Low Income Housing Tax Credit (LIHTC) partnerships with financial institutions, syndicators, and government housing agencies to fund capital costs, and works with local communities to secure gap-filling funds (CDBG, HOME, FHLB, Historic Tax Credits). Its portfolio spans senior housing (55+), family housing, veteran housing, and transitional housing for special needs populations across Kentucky and West Virginia.
Product overview
AU Associates is an affordable housing development company that creates quality affordable rental housing through new infill development and adaptive reuse of existing structures (primarily historic school and public buildings). The company specializes in Low Income Housing Tax Credit (LIHTC) projects and partners with financial institutions, syndicators, and government agencies to fund development. Their portfolio includes over 40 projects totaling over $300 million in project costs, creating over 1,700 units of affordable rental housing across Kentucky and West Virginia. The portfolio spans multiple housing types including senior housing (55+), family housing, veterans housing, and transitional housing for recovery programs, with projects organized regionally: Central Kentucky, Central Kentucky I-65 Corridor, Eastern Kentucky, Lexington, Northern Kentucky, and West Virginia.
Differentiator
Problem solved
Functional benefit
Products and services
- Affordable Housing Development AU Associates' core offering: development of safe, decent, quality affordable rental housing through new infill development and adaptive reuse of existing structures, utilizing Low Income Housing Tax Credits (LIHTC) and various public-private financing mechanisms. Targeted at low-income families, seniors, veterans, and special needs populations.
- Kearney Ridge Apartments 252 affordable housing apartments for families in Lexington, KY with garden-style units, energy star appliances, clubhouse, fitness rooms, and swimming pool; AU's largest project ever and the largest in Lexington in over 20 years.
- The Oasis at Kearney Creek 96 units of affordable housing for seniors 55+ in Lexington, KY, featuring 72 one-bedroom and 24 two-bedroom units with energy-efficient appliances and modern interior aesthetics.
- Meadowthorpe Senior Housing 71-unit affordable apartment building for seniors 55+ in Lexington, KY with one and two-bedroom units, community room, fitness room, raised gardens, and outdoor walking paths.
- Parkside (Phase I, II, III) Three-phase transformation of the former Cross Keys YMCA into 108 units of affordable rental housing for families in Lexington, KY with private balconies and community courtyard across all phases.
- Victory Point Townhomes and Apartments 50 units of affordable family housing for homeless veterans and families in Lexington, KY combining historic rehabilitation (26 units) and new construction (24 townhomes).
- Richwood Bend Apartments 83 affordable housing apartments for families in Lexington, KY with garden-style units, washer/dryer hookups, energy star appliances, and laundry facilities.
- Polo Club Park Apartments 24 units of affordable senior housing in Lexington, KY with 13 one-bedroom and 11 two-bedroom units featuring energy-efficient appliances and secure building access.
- Campbell View Apartments 71 affordable multi-family rental units for families in Bowling Green, KY including 24 one-bedroom, 36 two-bedroom, and 11 three-bedroom units with washer/dryer hook-ups, ceiling fans, window coverings, and energy star appliances.
- Davis Park Station 73 affordable housing apartments for families in Lexington, KY including one, two, and three-bedroom units with garden-style construction, washer/dryer hookups, energy star appliances, a workforce training center, and management office.
- Wellington Park Apartments Planned 45 innovative apartments for seniors in Lexington, KY designed with Universal Design principles and ADA standards for aging-in-place, in collaboration with Reimagining Home, Lexington and Age Friendly Lexington.
- Midway School Apartments Historic school building adaptive reuse in Midway, KY, featuring 13 units with elevator access and modern amenities; recipient of the Blue Grass Trust Award for Historic Preservation.
- Oliver School Apartments Adaptive reuse of a historic African-American high school in Winchester, KY, featuring 11 apartments (3 one-bedroom, 5 two-bedroom, 3 three-bedroom) with elevator access.
- Versailles School Apartments Three-story historic building adaptive reuse in Versailles, KY, featuring 13 total units (6 one-bedroom, 3 two-bedroom, 4 three-bedroom) with preserved hardwood flooring and built-in bookshelves.
- Buffalo School Apartments Adaptive reuse of a 1936 WPA school building in Buffalo, KY, featuring 19 affordable apartments (11 one-bedroom, 8 two-bedroom) for seniors; completed February 2011.
- Glasgow Graded School Apartments Historic 1927 school building adaptive reuse in Glasgow, KY, featuring 23 affordable apartments (10 one-bedroom, 13 two-bedroom) for persons 55+; completed December 2010.
- St. Francis Apartments 1913 Beaux Arts building adaptive reuse in Louisville, KY, featuring 58 apartments plus 18,000 sq ft retail/office space, and St. Francis High School.
- Campton School Apartments 1942 Wolfe County High School adaptive reuse in Campton, KY, featuring 19 units (13 one-bedroom, 6 two-bedroom) for residents 55+ with a new Wolfe County Community Center.
- Elkhorn City School Apartments 1938 WPA school building adaptive reuse in Elkhorn City, KY, featuring 27 affordable units with loft, one, two, and three-bedroom options; completed January 2019.
- Harbor Hill 1946 hospital building adaptive reuse in Ashland, KY, featuring 34 apartments (15 one-bedroom, 12 two-bedroom, 7 three-bedroom) with Safe Harbor non-profit on-site programs.
- Jenkins School Apartments 1912 Consolidated Coal Company school building adaptive reuse in Jenkins, KY, featuring 26 affordable housing units for seniors with Jenkins Senior Citizens Center.
- Artek Lofts Contemporary urban housing development in Lexington, KY featuring 38 unique homes in 6 distinct floor plans with innovative architecture utilizing steel, concrete, wood and brick.
- Davis Park View New construction of 14 affordable family rental housing units in Lexington, KY, including single family homes, duplexes, and quadplexes for residents displaced by Newtown Pike Extension, with land held by Lexington Community Land Trust for permanent affordability.
- First Presbyterian Church Apartments Renovation of two historic buildings in Lexington, KY from the mid-1800s, featuring 10 affordable apartments (1 studio, 2 one-bedroom, 7 two-bedroom) in the Northside Residential Historic District.
- Thomas Edison School Apartments 1939 Art Deco school building adaptive reuse in Covington, KY featuring 26 units (14 one-bedroom, 8 two-bedroom, 4 three-bedroom) with original Art Deco details preserved.
- Glade View Apartments 33 affordable townhome units in Cowen, WV with 8 one-bedroom, 14 two-bedroom, and 11 three-bedroom options featuring Energy Star appliances and central heating/cooling.
- Logan Landing 36 affordable apartments for seniors 55+ in Logan, WV featuring one and two bedroom units with 75% of units receiving rental subsidy from the Mingo County Housing Authority.
- Recovery Point of Charleston 24 one-bedroom transitional apartments for women in recovery from substance-use disorders in Charleston, WV, integrated with Recovery Point shelter services.
- Sutton School Apartments Historic Old Sutton High School adaptive reuse in Sutton, WV featuring 23 units (15 one-bedroom, 8 two-bedroom) for seniors earning less than 60% average median income.
- Loganwood Apartments 33 affordable family apartments in Logan, WV with preference for income-eligible veterans, featuring one and two-bedroom options.
- Triadelphia Landing Planned 32 affordable multifamily units in Mallory, WV with one, two, and three-bedroom options including 10 units at 40% AMI and 22 units at 60% AMI.
- Springfield (Robertson Building) 1896 Robertson Building adaptive reuse in Springfield, KY featuring 8 luxury apartments with commercial space on the ground floor.
- Duplexes of Jenkins Duplex housing units in Jenkins, KY featuring spacious living/dining areas, washer/dryers included, and handicap accessible options.
- Liberty School Apartments 1920s school building adaptive reuse in Glasgow, KY, featuring 20 apartments (16 one-bedroom, 4 two-bedroom) with a new elevator serving all levels.
- Jackson/Federal Place Historic Post Office adaptive reuse in Jackson, KY, featuring 14 affordable housing units (10 one-bedroom, 4 two-bedroom) for seniors, listed on the National Register of Historic Places.
Quantifiable outcome
- Over 40 projects completed since 1990
- +2 more outcomes
Companies that use AU Associates
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles2 records
AU Associates technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
AU Associates partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor, major and core.
- Safe Harbor of Northeast KentuckyminorNon-profit partner at Harbor Hill property offering on-site case management, counseling, clothing and furniture assistance, programming for children, and support groups for residents.
- Lexington Community Land TrustmajorPartnership with Davis Park View project to maintain land as affordable in perpetuity for residents displaced by Newtown Pike Extension.
- Recovery Point of Huntington, Inc.majorPartner for Recovery Point of Charleston providing 24 apartments for women in recovery from substance-use disorders. Women can utilize shelter services while living in transitional apartments.
- AU Construction, LLCcoreAffiliate construction company serving as general contractor for many AU Associates projects including Versailles School Apartments, Buffalo School Apartments, and Campton School Apartments.
Scale indicators4 records
Recent moves15 records
Expansion highlights5 records
AU Associates competitors and assessment
Company assessmentBroad incumbents
- BRIDGE Housing: Nonprofit affordable housing developer with a portfolio including LIHTC and mixed-income properties; comparable on product type and resident base, but operates primarily on the West Coast.
- Mercy Housing: National nonprofit affordable housing developer serving families, seniors, and special needs populations — overlapping customer segments with AU but operating at a much larger, geographically diversified scale.
- Enterprise Community Partners: National nonprofit affordable housing developer and LIHTC syndicator with much larger scale and broader programmatic scope. Overlaps with AU on LIHTC structuring but is mission-driven and not a for-profit direct competitor.
Direct peers
- Pennrose: LIHTC-focused affordable housing developer with mixed-income and historic adaptive reuse projects. Closely comparable in combining LIHTC finance with adaptive reuse expertise.
- The NRP Group: National for-profit LIHTC developer and owner/operator of multifamily affordable housing across the U.S. Closely comparable to AU in core business model (LIHTC syndication, development, property management) but at significantly larger scale.
- Woda Cooper Companies: Affordable housing developer specializing in LIHTC, USDA Rural Development, and historic tax credit projects — directly comparable to AU's financing stack and rural/Appalachian market focus.
- Dominium: Large for-profit affordable housing developer, owner, and manager specializing in LIHTC and workforce housing. Direct peer in development model, tax-credit expertise, and property operations.
- Lincoln Avenue Capital: Mission-driven LIHTC developer and owner of affordable multifamily housing. Comparable in focus on income-restricted rental housing and tax-credit-driven development.
- The Michaels Organization: Vertically integrated affordable and market-rate housing developer and manager using LIHTC. Direct peer in affordable housing development, syndication partnerships, and on-site property management.
Emerging players
- Preservation of Affordable Housing (POAH): Nonprofit focused on preserving and operating affordable rental housing, including adaptive reuse of historic buildings. Closely comparable to AU on adaptive reuse niche and affordable operations, though structured as a nonprofit.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
AU Associates social profiles
Digital presenceAU Associates financial estimates
Financial estimateRevenue estimate
Valuation estimate
AU Associates leadership team
Management profileNumber of profiles
Profiles4 records
AU Associates funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AU Associates M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AU Associates
What does AU Associates do?
AU Associates develops safe, decent, quality affordable rental housing through new infill development and adaptive reuse of existing structures, primarily historic schools, churches, hospitals, and post offices. The company structures Low Income Housing Tax Credit (LIHTC) partnerships with financial institutions, syndicators, and government housing agencies to fund capital costs, and works with local communities to secure gap-filling funds (CDBG, HOME, FHLB, Historic Tax Credits). Its portfolio spans senior housing (55+), family housing, veteran housing, and transitional housing for special needs populations across Kentucky and West Virginia.
Is AU Associates a public or private company?
AU Associates is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was AU Associates founded?
AU Associates was founded in 1990. It employs 11 to 50 people.
Where is AU Associates based?
AU Associates is headquartered in Lexington, United States, in the North America region.
How does AU Associates make money?
Three revenue lines are on record. Rental Income is the primary driver. The others are tax Credit Equity and historic Tax Credits.
Who are AU Associates's main competitors?
Broad incumbents on record are BRIDGE Housing, Mercy Housing and Enterprise Community Partners. Direct peers are Pennrose, The NRP Group, Woda Cooper Companies, Dominium, Lincoln Avenue Capital and The Michaels Organization. Preservation of Affordable Housing (POAH) is listed as an emerging player.
Does AU Associates have an API?
No public API is recorded for AU Associates.
What industry is AU Associates in?
AU Associates's product category is Affordable Housing Development. Its primary akta.pro industry code is BPAJAFAD, Affordable & Subsidized Housing Property Management (LIHTC, Section 8), with a secondary code of FSALAKAF, Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans). Its NAICS code is 236116 and its SIC code is 6552.