PK Development Group
PK Development Group (PKD) was formed in 2006 to accommodate the growing capacity of the company in the development business. Through PKD, we have found our most fruitful growth opportunities and successful development projects through three methods: creatively using a multitude of financing programs, expanding our geographic footprint into new states across the country, and forming very strategic partnerships with both for-profit and nonprofit organizations with which we share a common vision and principles.
PKD has become the top allocated low-income housing tax credit (LIHTC) developer in Michigan, and a top five rural developer in the United States. While the LIHTC program is where we earned our stripes, PKD has syndicated, received financing for and successfully delivered projects using new market tax credits (NMTC), historic rehabilitation tax credits, tax increment financing (TIF), conventional financing products, grants and tax abatements. Several of our recent projects have used more than one of these programs to deliver a successful development.
In Detroit we work with Invest Detroit, Midtown Detroit Inc. and other organizations to deliver smaller rehabilitation projects such as Rainer Court and 439 Selden.
PK began expanding geographically in its infancy by forming partnerships and completing projects in Texas. Our development arm continues to grow our footprint by capitalizing on the right opportunities across the country. For example, PKD is currently leading a development in Branson, Missouri, on a workforce housing project. We’ve formed a partnership with a group in North Carolina to deliver affordable housing to one of the local communities. In addition, our recent acquisition of a large portfolio of properties across Indiana and Ohio will lead to the completion of several redevelopments and LIHTC bond deals. Our ability and flexibility to formulate unique financing structures, formation of strategic partnerships and geographic expansion have all lead to the success of PKD and PK Companies as a whole.