David R. McCarthy founded Heritage Housing, Inc. in 2017 and serves as its President. David has eleven years of experience in real estate development and acquisitions with a specialty in affordable housing. David developed or preserved over 1,000 units of affordable housing prior to founding Heritage Housing, Inc. and worked on projects that ranged from 10 to 400 units and from $3 million to $100 million. He is deeply familiar with 9% and 4% Low-Income Housing Tax Credits; tax-exempt bond financing; HUD Project-Based Section 8 programs and Section 236, Section 221(d)4, and Section 223(f) financing; public housing authority Project-Based Voucher and RAD programs; and HOME / state funding programs. He has worked on projects in Connecticut, New Jersey, Michigan, and West Virginia.
David was previously employed at Jonathan Rose Companies in Stamford, CT / New York, NY, a national developer and investor in affordable housing, for 8 years as a Senior Project Manager and Project Manager. Before that he worked at New Neighborhoods, Inc. in Stamford, CT, a not-for-profit Community Development Company, for 3 years as an Asset Management Associate.
Below please find news articles and information about the projects David managed prior to founding Heritage Housing, Inc.
Squire Village - Hartford Courant
Squire Village - Manchester, CT
Directed the acquisition and rehabilitation of Squire Village, a 379-unit 88% Section 8 property in Manchester, CT.
- Total project size of nearly $100 million, including approximately $13 million of rehabilitation.
- Acquired and rehabilitated with 4% LIHTCs and Tax-Exempt Bonds financed by Prudential / Freddie Mac.
- Rehabilitation scope included a 7,000-square foot community center and a 250 kW solar panel array.
Metro Green Terrace - Stamford Daily Voice
Metro Green Residential - Stamford, CT
Directed the development of Metro Green Residential, a 231-unit mixed-income community located in Stamford, CT near the train station, developed in three phases over 10 years.
- Total project size, including all three phases, of over $100 million.
- Financed with two allocations of 9% LIHTCs, City of Stamford HOME and other funds, State of CT funds, 4% LIHTCs, construction loans from J.P. Morgan Chase, and Tax-Exempt Bonds financed by Citibank.
South Norwalk Housing Program -
South Norwalk, CT
Consultant to the Norwalk Redevelopment Agency on the creation of a financing program to acquire, rehabilitate and sell to income-qualified homeowners two-family houses near the South Norwalk train station.
- Total of 10 houses / 20 units contemplated in program plan.
- Homeowners would receive training and financing support from a local not-for-profit and would rent the rental unit to low-income households.
- Financed by from City of Norwalk funds and State of CT funds.
Chamberlain Heights - Meriden, CT
Directed the redevelopment of Chamberlain Heights, a 124-unit federal public housing development in Meriden, CT, in partnership with the Meriden Housing Authority.
- All 124 units vacated and gut rehabilitated in two phases, involving a complicated tenant relocation program.
- Released from HUD public housing program through a Demolition/Disposition approval.
- Financed with 9% LIHTCs, state funds, and local sources, including Meriden Housing Authority Project-Based Vouchers and State of CT Department of Social Services Project-Based Vouchers.