Salus Development

What Salus Development does

Salus Development LLC is a privately held affordable housing developer founded in 2015 and headquartered in Cleveland, Ohio. The firm acquires, renovates, recapitalizes, and in some cases ground-up develops subsidized rental housing serving low-income families and seniors, with a portfolio spanning more than 1,200 rehabilitated units across Northeast Ohio and Western Pennsylvania. Its core technical capability lies in the structuring of complex affordable housing finance, including 4% and 9% Low Income Housing Tax Credits, federal and state Historic Tax Credits, HUD Section 8 HAP and Section 202 PRAC contracts, FHA-insured loans, tax-exempt bond financing, and state and local housing trust fund programs. Salus completed the second PRAC-to-HAP contract conversion in the United States under HUD's Rental Assistance Demonstration program, a credential that signals unusual regulatory fluency for a five-person developer.

The company's business model is fee-based professional services: development fees, construction oversight fees, and asset management fees generated per project, plus ongoing asset management across the stabilized portfolio. Salus generates deal flow through direct relationships with nonprofit property owners (Our Lady of Angels, Sacred Heart, Northwest Neighborhoods CDC, Cardinal Housing Group, OCCH), institutional and government lenders (Bellwether Enterprise, Fannie Mae, Freddie Mac, FHA, PHFA), municipal funders (City of Cleveland, Cuyahoga County, URA Pittsburgh), and legal counsel (Pepper Hamilton LLP, Singerman Mills). Revenue is per-transaction and not publicly disclosed; the firm employs approximately five people with senior leadership carrying 15-30+ years of affordable housing finance experience.

The operating geography is regional, concentrated in Ohio (Cleveland, East Cleveland, Warrensville Heights, Lorain, Toronto, Bellevue) with a foothold in Pittsburgh, Pennsylvania established in 2023. The product surface is physical real estate rather than software, with named properties including Franciscan Village, Sheptytsky Arms, Sacred Heart Manor, Boardwalk/Glenville, Shaker Park, Terrace Towers, Riverside, Allerton Apartments (under construction), and Shevchenko Manor. The active pipeline and recent hires signal continued measured expansion of development activity and an emerging asset management function rather than technology platform development.

Name

Salus Development

Legal name

Salus Development LLC

Website

https://salusdev.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Salus Development is a Cleveland-based affordable housing developer that acquires, renovates, recapitalizes, and ground-up develops subsidized rental properties for low-income families and seniors across Northeast Ohio and Western Pennsylvania, financed primarily through LIHTC, HUD, and FHA programs.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116), Residential Remodelers (236118)

SIC

Operative Builders (1531)

akta.pro primary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

Keywords

• Affordable housing development
• LIHTC financing
• Property recapitalization
• HUD program management
• Multifamily renovation

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Others

Revenue model

1. Development Fees and Transaction Revenue: Revenue generated through development fees from acquiring, renovating, and recapitalizing affordable housing properties. The company earns fees at various stages including pre-development, construction, and project stabilization. Additional revenue comes from asset management of completed properties.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Salus Development is a real estate development firm that acquires, renovates, recapitalizes, and newly constructs affordable multifamily housing properties for low-income families and seniors. The company structures complex transactions using Low Income Housing Tax Credits (9% and 4% LIHTC), HUD Section 8 HAP and PRAC contracts, FHA-insured loans, Fannie Mae/Freddie Mac financing, historic tax credits, and state/local housing funds. It also provides ongoing asset management for completed properties in its portfolio.

Product overview

Salus Development is a real estate development company specializing in affordable housing. Their portfolio consists of multiple distinct property offerings including senior living facilities (Karam Senior Living, Franciscan Annex, Franciscan Village, Shevchenko Manor, Sheptytsky Arms, Sacred Heart Manor, Rotary Commons), family housing (Allerton Apartments, Boardwalk/Glenville, Shaker Park), and mixed-income properties (Riverside, Terrace Towers). These properties are developed, renovated, and managed using various financing mechanisms including HUD Section 8 HAP Contracts, Low Income Housing Tax Credits (LIHTC) at 4% and 9% rates, Historic Tax Credits, FHA Financing, Tax Exempt Bond Debt, and state/local funding programs. The company does not offer a software product or technology platform; all offerings are physical real estate properties for affordable housing.

Differentiator

Problem solved

Functional benefit

Products and services

• Allerton Apartments A 199-unit historic Section 8 family high-rise in downtown Cleveland, financed through Low Income Housing Tax Credits and Federal Historic Tax Credits. Developed for low-income families.
• Karam Senior Living A 51-unit new-construction senior affordable housing property developed in partnership with Northwest Neighborhoods Community Development Corporation, financed with 9% LIHTC and municipal funding.
• Franciscan Annex A new 62-unit, 4-story affordable housing building for elderly tenants financed through a 9% LIHTC award. Construction completed December 2024.
• Franciscan Village A 176-unit Section 8 property for elderly and disabled tenants, renovated using a Direct Bond Purchase Loan and Affordable Housing Tax Credits. Renovation completed December 2022.
• Rotary Commons A 40-unit planned senior affordable housing property utilizing 4% Bond Gap Financing and Low Income Housing Tax Credits, with construction commencement planned for 2026.
• Shevchenko Manor A 63-unit, 3-story Section 8 property for elderly tenants. Renovations completed in 2025.
• Sheptytsky Arms A 50-unit Section 8 senior property in Pittsburgh, PA, financed via PHFA First Mortgage, LIHTC, and URA Rental Gap Program. Renovation completed October 2023.
• Sacred Heart Manor A 50-unit senior affordable housing property in Lorain, OH, financed through FHA loans, LIHTC, and Tax Exempt Bond Debt. Renovation completed December 2023.
• Riverside A 61-unit affordable housing property in Toronto, OH, financed through FHA, LIHTC, Tax Exempt Bond Debt, and Ohio state housing funds. Renovation completed August 2019.
• Boardwalk/Glenville A 173-unit scattered-site affordable housing portfolio across 20 buildings in Cleveland, OH, financed via FHA, Historic Tax Credits, and LIHTC. Renovation completed July 2024.
• Shaker Park A 151-unit Section 8 family property across eight buildings in Warrensville Heights, OH, financed via FHA, LIHTC, and Tax Exempt Bond Debt. Renovation completed April 2020.
• Terrace Towers A 231-unit, 12-story affordable housing building in East Cleveland, OH. Renovation completed May 2021.
• Affordable Housing Development Services End-to-end development services covering acquisition, pre-development planning, financial structuring, renovation, construction oversight, and project stabilization for affordable multifamily housing, for nonprofit owners, government agencies, and institutional partners.
• Asset Management Services Post-completion asset management for affordable housing properties in the Salus portfolio, covering compliance, financial oversight, and ongoing property needs coordination.

Quantifiable outcome

• Over 1,200 affordable housing units successfully rehabilitated
• +1 more outcomes

Named customers6 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Our Lady of Angels, Inc.coreStrategic or Co-development PartnerNonprofit partner for affordable housing development, including Franciscan Village property serving elderly and disabled tenants with Section 8 HAP Contract.
• Sacred HeartcoreStrategic or Co-development PartnerNonprofit partner for Sacred Heart Manor, a 50-unit affordable housing property for elderly residents in Lorain, OH.
• Ukrainian ChurchminorStrategic or Co-development PartnerIndustry partner for affordable housing development initiatives.
• Northwest Neighborhoods Community Development CorporationcoreStrategic or Co-development PartnerDevelopment partner for Karam Senior Living project - new construction of 51 units serving elderly residents in partnership with Cleveland Public Library Walz Branch.
• Cardinal Housing GroupminorStrategic or Co-development PartnerNonprofit partner for affordable housing development initiatives.
• Rotary CommonsminorStrategic or Co-development PartnerNonprofit partner for Rotary Commons affordable housing project in Bellevue, OH.
• RHM Real Estate GroupminorStrategic or Co-development PartnerIndustry partner for affordable housing development.
• Kamber Property GroupminorStrategic or Co-development PartnerIndustry partner for affordable housing development.
• Pepper Hamilton LLPcoreImplementation/ SI/ Consulting PartnerLegal counsel for tax-exempt bond structure and sales on affordable multifamily housing projects with 40 years of experience in investment banking.
• Mistick ConstructioncoreStrategic or Co-development PartnerConstruction partner for affordable housing projects with mutual dedication to excellence and quality craftsmanship.
• Ohio Capital Corporation for Housing (OCCH)coreStrategic or Co-development PartnerStrategic partner providing collaborative partnership for property rehabilitation with strong confidence in Salus Development's team and execution capabilities.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Woda Cooper Companies: Woda Cooper is a Midwest-based affordable housing developer specializing in LIHTC, USDA Rural Development, and Section 8 financed multifamily rental projects. Comparable to Salus in product mix (LIHTC/Section 8 family and senior housing) and regional focus, with similar mid-size scale.
• Brinshore Development: Brinshore Development is a boutique affordable housing developer based in Illinois with national reach into LIHTC, Section 8, and HUD-funded multifamily developments. Comparable to Salus in scale and niche specialization on complex, partnership-driven affordable recapitalizations and new construction.
• Wallick Communities: Wallick Communities is a Midwest-based developer, owner, and operator of affordable and market-rate multifamily housing with strong Ohio presence. Comparable to Salus in regional Midwest focus, LIHTC/Section 8 family and senior housing product, and integrated development/management model.
• Model Group: Model Group is a Cincinnati-based affordable and mixed-income multifamily developer with deep LIHTC and HUD experience in Ohio and surrounding states. Closely comparable to Salus in geographic Midwest concentration, multifamily affordable product, and reliance on LIHTC and federal subsidy programs.

Others

• Cleveland Neighborhood Progress: Cleveland Neighborhood Progress is a nonprofit community development intermediary supporting affordable housing and neighborhood revitalization in Cleveland. Relevant as an ecosystem partner / capital source alongside Salus's LIHTC and HUD-driven Cleveland portfolio, though it does not develop housing directly.

Broad incumbents

• The Michaels Organization: The Michaels Organization is one of the largest national affordable housing developers, with deep LIHTC and Section 8 expertise and significant Pennsylvania footprint. Comparable to Salus in affordable multifamily product type and use of complex federal subsidy stacking, though at much larger scale.
• The Community Builders: The Community Builders is a nonprofit affordable and mixed-income multifamily developer with significant presence in Ohio and other Midwestern markets. Comparable in LIHTC/HUD product focus and nonprofit partnership model, though operating at substantially larger scale than Salus.
• Dominium: Dominium is a large national affordable housing developer and manager focused on LIHTC, Section 8, and workforce multifamily housing. Comparable in product type and use of LIHTC/Section 8 financing, though it operates at significantly greater scale than Salus.
• Pennrose: Pennrose is a mid-size multifamily developer and property manager with a strong affordable housing practice spanning LIHTC, Section 8, and HUD programs across multiple states including Pennsylvania. Comparable to Salus in affordable multifamily focus and Pennsylvania presence (e.g., Sheptytsky Arms).
• The NRP Group: The NRP Group is a Cleveland-based affordable and market-rate multifamily developer active across Ohio and nationally. It is highly comparable to Salus given shared Cleveland HQ, LIHTC/Section 8 product mix, and overlapping institutional lender relationships, though it operates at materially larger scale.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/salus-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Salus Development