President and Executive Director
Joseph M. Michaels has been active in all phases of multi-family development with an emphasis in affordable housing for over 30 years.
In 2000, Mr. Michaels joined Las Palmas Foundation (organized in 1991) as President/Executive Director. The 501 (c) (3) non-profit housing corporation is dedicated to helping communities rebuild for a brighter future by assisting low- and moderate-income residents with programs and assistance to address the critical needs of affordable housing. Las Palmas Foundation becomes an active partner in the projects they participate in, by including project and asset management as part of their non-profit duties.
Las Palmas Foundation is the managing general partner of 71 affordable housing projects located throughout California. The more than 6,500 units consist of senior and multi-family affordable housing. Las Palmas Foundation’s portfolio includes new construction, rehabilitation and repositioning of existing apartment buildings. As well as, the preservation of HUD project based section 8 buildings.
Since 1992, Mr. Michaels has exclusively participated in the development of affordable housing projects utilizing federal tax credits, tax-exempt bonds and public sector subordinate financing. He has personally directed the development of 75 tax credit projects. Mr. Michaels has secured construction and permanent financing through tax-exempt bonds and conventional funding sources.
Mr. Michaels’ real estate experience includes: the development of senior citizen and multifamily housing; negotiating land acquisitions; arranging and funding construction and permanent loans; marketing of investment projects; multifamily land sales; public and private syndication; land planning for mixed use projects; property management supervision and real estate consulting.
A graduate of Loyola Marymount University with a Bachelor in Business Administration degree, Mr. Michaels also received from the University of California at Los Angeles (UCLA), the Certificate of Real Estate with a specialization in Finance. He is a licensed California Real Estate Broker.