Affordable Senior Communities - ASC, and you shall receive

Cities and counties will often donate under utilized land to a non-profit based a promise to provide more affordable housing. The non-profit then re-zones the land for affordable housing. Once rezoned, the land is worth much more. Your non-profit then sells the land to a developer (ideally for RDA development) at a profit.

Follows is an example of such a project. 

Gandolf was formed in August, 2000 by PSC Funding, an investment group with previous experience in the  creation of assisted-living facilities in the greater Minnesota area through a company called Prairie Senior Cottages. Gandolf's initial management team consisted of managers with several years experience in both the real estate market and the affordable housing industry. Gandolf's primary mission is to develop affordable housing projects in the central United States. To date, Gandolf has developed projects in Kentucky, North Dakota, South Dakota, Iowa, and Wisconsin.

In 2004, Gandolf's plans call for developing additional projects in North Dakota, Oklahoma, Tennessee and to further penetrate into the Southeast and far western states.

Gandolf has experience in developing both senior and family affordable housing projects. Gandolf's management team has previous experience in the development of affordable housing projects in Oklahoma, Arizona, Kansas, West Virginia, and Kentucky. We have joint ventured projects with local non-profits and housing authorities.

Typically Gandolf forms a separate partnership for each property with a newly formed General Partner and another of Gandolf's entities serves as the developer.

Columbia Residential