The Intersection of Private Equity & Community
Buildings thatstay affordable.
The Federation Companies acquires, restores, and operates HUD-assisted affordable housing across North Carolina and South Carolina — keeping working families and seniors housed in communities built to last.
Company Overview
Preservation, not just ownership.
Formed in October 2019 with a single mission — to preserve and develop affordable housing while delivering risk-adjusted returns to our capital partners. Today we own and operate 17 communities that are home to more than 2,500 residents across the Carolinas.
“Preserving the homes people can afford, for the residents who need them most — today, and for generations to come.”
How We Work
A senior in Greenville.
A family in Elizabeth City.
A waitlist that never gets shorter.
That's who we're underwriting for.
Behind every acquisition is contract rent, subsidy compliance, and physical condition data — the same discipline any serious investor would demand. But behind that data is someone's home. A tenant at Gandy Allmon Manor who's lived there for a decade. A family in a 1927 landmark building in downtown Elizabeth City who has nowhere else in the market they can afford.
So we buy the way a private equity firm buys — hard-nosed, numbers-first, no shortcuts on diligence. And then we operate the way the people living in what we own would want us to. Capital improvements and HUD contract renewals move together, not one after the other. We keep asset management in-house, because "someone else's problem" isn't how you keep a building — or a promise — intact for decades.
We don't flip these communities. We don't build them to sell. Affordable isn't a phase of ownership for us. It's the whole point.
Our Origin Story
How we started — the NC HAP portfolio
In October 2019, our team acquired a foreclosed portfolio of HAP properties from HUD's Property Disposition office in Fort Worth, TX. Originally developed by a non-profit under the Section 202 program for the elderly and disabled, the properties had fallen into disrepair after the founder passed away and HUD foreclosed directly. We were selected through a public auction and detailed review process — and the portfolio has since been recapitalized into a single HUD 223(f) scattered-site loan. It is the foundation the firm was built on.
- — Public RFP / foreclosure acquisition
- — Closed 52 days after bid approval
- — Bridge loan to HUD 223(f)
- — HUD-required rehab rider
- — 20-year low-income use agreement
- — Preserved for elderly residents 62+
Our Partners
Our Portfolio
Quality Renovations. Lasting Affordability.
Every property carries a HUD Section 8 commitment — restored and operated for the long term. Select a community to open its photos and details.
BeforeGandy Allmon Manor
- Address
- Downtown Greenville
Greenville, Greenville County, SC - Type
- Senior
- Vintage
- 1986 · 2025 rehab
The best-located project-based Section 8 senior community in downtown Greenville. Acquired from a non-profit seller, Gandy Allmon Manor underwent a full 2025 interior renovation — new kitchens, finishes, and fixtures — preserving urban affordable housing while materially upgrading resident quality of life.
Featured Case Studies
Two communities that define the work.
AfterGandy Allmon Manor
Greenville, SC · Senior
“Downtown urban-infill preservation at its finest — 100% project-based Section 8, fully modernized in 2025, and kept exactly where its senior residents need it most: in the heart of the city.”
Virginia Dare Apartments
Elizabeth City, NC · Elderly
“Our elderly tower in Elizabeth City is the most beautiful HAP property in the Southeast. — AJ Casavant, Managing Principal”
Executive Team
A small firm with a long horizon.
We are intentionally lean. Every deal is touched by the people whose names are on it — from underwriting through long-term stewardship.
AJ Casavant
Managing Principal
Builder · Financier · Preservationist
Leads acquisitions, development, and capital strategy — with more than $1.1B in project experience across affordable and mixed-income housing.
Read full bio
Kristen Hand
Chief Financial Officer
Finance · Capital · Portfolio Strategy
Leads finance and capital operations — overseeing structured finance and reporting across the portfolio's acquisition and preservation pipeline.
Priyanshi Bhatnagar
Analyst
Underwriting · Research
Leads underwriting, market research, and portfolio analysis behind every acquisition and preservation decision, with a background in chartered financial analysis.
Contact
Let's talk.
Owners, brokers, housing authorities, and capital partners — reach out below and our team will follow up directly. We acquire and preserve affordable housing across the Carolinas, often without disrupting residents or existing HAP contracts.