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H Properties, a Los Angeles-based developer, is launching Haven Housing, a new platform focused on acquiring and operating older income-restricted apartment buildings and workforce housing communities. The initiative targets properties developed under the Low-Income Housing Tax Credit program that will reach the end of their 15-year compliance periods.

    Haven Housing will focus on high-growth Western U.S. markets, including Arizona, California, Colorado, Nevada, Oregon, Texas, Utah, and Washington, starting with 2,500 units. BH Properties plans to renew affordability contracts and renovate properties to create long-term value.

    The company is expanding its expertise beyond market-rate developments, targeting properties that have reached the end of their compliance periods. This strategy allows BH Properties to operate with clarity and focus in the residential sector. Connor Mortland will lead Haven Housing as managing director and head of affordable housing acquisitions, bringing a proven track record in sourcing, acquiring, and managing affordable communities.

    Western states like Arizona and Colorado have recently passed legislation incentivizing the preservation of expiring affordable housing stock. Over 520,000 federally subsidized affordable housing units are set to lose their tax credit protections between 2025 and 2038, with another 330,000 units exiting extended-use agreements in that same period.