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Foundation for Affordable Housing
The Foundation for Affordable Housing was established in 1988 by Thomas L. and Deborrah A. Willard, who structured the nonprofit not as a passive grantmaker...
Foundation for Affordable Housing
The Foundation for Affordable Housing was established in 1988 by Thomas L. and Deborrah A. Willard, who structured the nonprofit not as a passive grantmaker but as an active, portfolio-driven owner of low-income and senior housing. The Willard family remains embedded in day-to-day leadership, with son Darrin Willard serving as CEO. FFAH explicitly targets California and the Mountain West, building a footprint that stretches from Los Angeles to Omaha, Nebraska. FFAH accumulates properties through direct acquisitions and joint-venture developments, almost exclusively within the LIHTC framework. Its deal partners include Meta Housing Corporation, Highridge Costa Development Co., Integrity Housing, and Legado Companies — a recurring group of for-profit developers that handle construction and tax-credit syndication while FFAH retains long-term ownership stakes. Confirmed holdings include 1723 Corinth Apartments in Los Angeles, Washington Court in Watts, Paces Run in Omaha, and Village at Broadstone Station Apartments in Apex, North Carolina. Geographically, the portfolio concentrates in California, but stretches into Texas, Arizona, Colorado, Nebraska, South Carolina, and Florida. Altss estimates the portfolio at approximately $106 million in assets, though FFAH does not publicly disclose its AUM. In 2024, the foundation executed a portfolio trade that illuminates its investment cycle: it sold a 6,000-unit multifamily portfolio to partner Standard Communities, a transaction the buyer described as valued near $1 billion. Unlike many LIHTC nonprofits that hold assets to infinity, FFAH appears willing to recycle capital through large-scale dispositions and redeploy into new development partnerships. The organization maintains active membership in the Affordable Housing Tax Credit Coalition, where it holds a board seat, and participates in the ACTION Campaign to defend the LIHTC program at the federal level. FFAH occupies an unusual structural niche — a family-founded, family-operated nonprofit that thinks and trades like a for-profit developer but holds its assets under charitable ownership. This hybrid governance gives it the flexibility to partner with market-rate developers on complex layered-capital projects without the liquidity pressure that drives for-profit sponsors to exit early. The Willard family's multi-generational involvement creates a decision-making timeline that can span decades, making FFAH a permanent counterparty in deals where tax-credit compliance periods and affordability covenants extend beyond typical fund lives.
General information
Firm type
Endowment / Foundation
Year founded
1988
AUM
$106M (Altss estimate)
Location
Region
North America
Country
United States
City
Bend
Corporate office
Bend, Oregon, United States
Principals
Deborrah A. Willard
President
Darrin Willard
CEO
Thomas L. Willard
Founder
Mark Hiatt
President
Sector focus
Frequently asked questions
Who controls investment decisions at FFAH?
The Willard family manages the organization directly. Deborrah A. Willard serves as President, her son Darrin Willard is CEO, and co-founder Thomas L. Willard remains involved. Unlike many housing nonprofits governed by an independent board, FFAH's founding family retains operational control, which enables rapid decision-making on acquisitions and partnership deals.
Is FFAH a developer or an investor?
FFAH acts primarily as an owner and acquirer rather than a ground-up developer. It typically enters as the long-term nonprofit general partner in joint ventures, leaving construction and tax-credit syndication to for-profit developer partners like Meta Housing Corporation and Highridge Costa. Its 2024 sale of a $1 billion portfolio to Standard Communities further reinforces its role as a portfolio aggregator that occasionally harvests assets.
How does FFAH source its deals?
Deal flow comes through a defined network of repeat joint-venture partners. FFAH has co-invested alongside Meta Housing, Highridge Costa, Integrity Housing, Legado Companies, and Standard Communities across multiple properties. This partner-dependent sourcing model works like an invitation-only development club — developers bring FFAH into deals when they need a nonprofit co-owner to qualify for LIHTC allocations or local affordability requirements.
What happens to FFAH's properties after the tax-credit compliance period ends?
FFAH does not hold all properties indefinitely. The foundation has demonstrated a pattern of selling stabilized portfolios to recapitalize and fund new acquisitions. In 2024, it sold a pooled 6,000-unit portfolio to Standard Communities at a scale that suggests an institutional exit strategy, not a hold-forever mandate.
What is the connection between FFAH and The Embrace Foundation?
The Embrace Foundation is a related philanthropic vehicle linked to FFAH. Specific operational details — whether Embrace serves as a supporting organization, a fundraising arm, or a separate grantmaking entity — are not publicly documented. Institutional counterparties conducting due diligence should clarify the legal separation and control relationships between the two entities.
Does FFAH operate outside the LIHTC program?
The entire disclosed portfolio is LIHTC-dependent. FFAH advocates for the program through its board seat on the Affordable Housing Tax Credit Coalition and membership in the ACTION Campaign. There is no evidence of market-rate holdings, meaning the foundation is fully exposed to federal tax-credit policy — a concentration risk that distinguishes it from mixed-income housing operators.
Why does FFAH have two presidents listed in some records?
Altss research identifies Deborrah A. Willard as President of FFAH, while Mark Hiatt is also listed as President in some partnership documentation. This likely reflects title variance or a division of operational versus external-facing responsibilities. Allocators evaluating the entity's governance should verify the current officer slate and signing authority directly with the organization.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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