Target Market

Our Target Market

Which States

Gandolf is active in several states. We have established a list of states in which we are seeking land for new developments. Contact us if you know of a good piece of zoned land in any of these states. All brokers are protected.

Our Niche

Gandolf specializes in creating affordable housing. The housing we create offers rents which are targeted to people who make about 60% of the average medium income of the county. Residents who fall into this income category normally are policemen, firemen, teachers, and factory workers. To meet the needs of our tenant base we are normally able to provide rents which are at least 10% below market. Because of the various financing programs that we utilize, we require that residents qualify based upon income.

Gandolf's Target Market Is Growing Fast....

The ever-increasing need for affordable housing in America has created a strong demand for both family and senior independent-living housing.

Affordable housing is especially needed for “baby-boomers” who are rapidly approaching retirement age. Gandolf understands this niche market. Demand studies generated by local and regional governments throughout the country repeatedly indicate a severe shortage of quality, affordable housing to satisfy existing demand by seniors for affordable housing.

The typical Gandolf senior resident earns 60% or less of the area average household income - often significantly less than 60%. The typical Gandolf senior resident will spend between thirty and forty percent (30% - 40%) of household income on rent and utilities. The typical annual household income for a senior ranges from $15,000 to $35,000. These are independent senior citizens who are retired, live on social security, who may have a small pension and limited assets, but are healthy and want to live independently. They are not yet in need of congregate or managed care.

The need for low to moderate income family housing is also well documented. Many communities across the country are facing barriers to economic development because there is insufficient affordable housing for families earning moderate incomes. Typically, these families are spending from forty to fifty percent (40% - 50%) of their income for housing. The typical Gandolf family will have an annual income from $18,000 to $35,000. They may be employed full time, many with two adult workers paying taxes and supporting a family.

Finally, the supply of affordable housing is shrinking due to market rate conversions of existing affordable housing. Many providers of affordable housing, who used low interest rate HUD financing, have been exiting the affordable housing market and converting their projects to market rates. This is a result of expiring obligations to provide units at below market rate under the HUD financing program and the strength of the rental market.

Why GANDOLF?

Gandolf's management team has several years experience in the affordable housing market. They have successfully developed in over 12 states and produced over 1,500 units.

Gandolf has experience in both senior and family affordable housing. Their management team has taken projects from the concept stage through city approvals, construction and lease up. They are experienced at managing projects from afar and have a hands-on management style that produces a successful result whether it is for their own portfolio or in conjunction with a local housing authority, CHDO or another non-profit group.