Pennrose Properties started construction on 14 new developments with 1,070 affordable units last year to capture the No. 1 spot on Affordable Housing Finance’s upcoming list of top developers.

A steady flow of low-income housing tax credit capital and continued low debt helped make deals feasible. Developers were also pushing hard to break ground on as many projects as possible in the last year and half in order to meet the deadlines for using the temporary 9 percent fixed rate on housing credits. The tax credit floor has since been extended by Congress.

However, developers are much less optimistic about finance conditions than they have been the past two years. Only 9 percent of all the firms surveyed expect conditions to be better in the coming months while the rest think they will be worse or remain the same.

The Top 10 developers, ranked by the number of affordable units started in 2012, are:

  1. Pennrose Properties: 1,070
  2. The NRP Group: 944
  3. L+M Development Partners: 897
  4. Carlisle Development Group: 768
  5. Mercy Housing: 739
  6. St. Anton Partners: 722
  7. The Community Builders: 697
  8. McCormack Baron Salazar: 675
  9. The Woda Group: 640
  10. The Michaels Organization: 582

Look for the full list in the April/May issue, which will be arriving in mailboxes and on in the coming weeks. The results are based on a survey.