Wesley Housing to Acquire Virginia United Methodist Housing Development Corporation

Pictured: Michael Cranna, Wesley Housing Board Chair, Kamilah McAfee, Wesley Housing President/CEO, and Larry Dickenson, President, VUMHDC following the merger announcement made at Wesley Housing’s 50th Anniversary Celebration (Photo Credit: Keith Pham)

Transaction Extends Leading Nonprofit’s Affordable Housing Footprint Across the Commonwealth of Virginia

 

Alexandria, VA – November 22, 2024: Wesley Housing is merging with Virginia United Methodist Housing Development Corporation (VUMHDC), a 501(c)(4) non-profit corporation that owns and operates affordable housing units for older adults and families across Virginia. Wesley Housing’s President/CEO Kamilah McAfee announced the merger at the organization’s 50th anniversary celebration last night at The Garden in Alexandria. The addition of VUMHDC’s 1,919 units across 34 properties will nearly double Wesley’s existing portfolio.

This merger represents Wesley Housing’s first major expansion beyond the Washington, DC metropolitan region in its 50-year history. As one of the region’s leading nonprofit affordable housing developers, the organization will use its experience and expertise to drive its mission across its new footprint throughout southern and southwest Virginia. Combined with its existing properties, Wesley Housing will have ownership in 4,300+ units and provide various levels of supportive services to approximately 4,500 low-income individuals living across its owned and operated communities.

Wesley Housing’s 40 corporate team members will manage and hire consultants to oversee the organization’s real estate development, asset management, resident services, finance, and marketing/communications functions, while VUMHDC’s partner, Amurcon Realty Company, will continue to manage the acquired properties’ on-site operations.

“This merger presents a unique opportunity for strategic growth, allowing us to leverage VUMHDC’s existing assets while serving thousands of hard-working adults and children who would otherwise struggle to afford to live in their chosen communities,” McAfee said. “We look forward to further establishing relationships with local jurisdictional representatives, businesses, nonprofit service providers, and funders that will be critical to our successful growth across the Commonwealth.”

VUMHDC’s President Larry Dickenson and two existing VUMHDC board members will join Wesley Housing’s Board of Directors in 2025 to provide vital institutional knowledge and strategic insight.

“We are very excited about merging our resources, assets, and market brand with Wesley Housing,” Dickenson said. “The merger will produce a truly statewide company able to compete on a scale with major regional developers to continue our primary mission of expanding the supply of affordable housing for all Virginia residents.”

Beyond preserving VUMHDC’s affordable housing communities, Wesley Housing anticipates this merger to spur continued expansion. The organization intends to develop more communities across these new markets and will continue to champion equitable, inclusive, affordable housing across Virginia and Washington, DC.

About Wesley Housing: Wesley Housing, a leading nonprofit developer in Virginia and the District of Columbia, has expanded access to affordable housing for the past 50 years. Wesley Housing supplements housing with supportive services to build up the lives of its residents, fostering economic mobility and self-sufficiency in the long term. To learn more, visit www.wesleyhousing.org.

About VUMHDC: The Virginia Annual Conference of the United Methodist Church founded VUMHDC in 1975, and since then, the organization has operated as owners and partners in multi-family apartment communities for older adults and families. VUMHDC owns and operates 15 properties and has a stake in 19 others in partnership with private market developers, totaling almost 2,000 units. To learn more, visit www.vaumhdc.org.

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