Phipps Houses is the nation's oldest and one of its largest not-for-profit developer/owners of affordable housing. It is a multi-faceted real estate organization, involved in the construction of new housing, rehabilitation of existing apartment buildings, residential and some commercial property management, and community building, all in New York City and its environs. Its wholly owned 501(c)(3) subsidiary, Phipps Community Development Corporation (Phipps CDC), provides human services to our communities. Phipps Houses Services, Inc. (PHSI) provides property management services, and is a for-profit wholly owned subsidiary of Phipps Houses. The Phipps Houses mission is to create and sustain enduring communities through housing development, attentive property management, and residentially and community based human services.
The organization was started in 1905 with a $1 million investment by Henry Phipps, a partner of Andrew Carnegie in his steel business (more on Phipps history). From this initial investment more than a century ago, Phipps Houses has created over $1 billion in affordable housing assets. Phipps Houses' mission is to build and maintain affordable housing and healthy, enduring New York City neighborhoods. Our affordable housing development, coupled with our community building human services and high quality property management, create communities that assist our residents and their neighbors to realize their dreams and fulfill their potential as individuals, family members, workers and citizens of New York City.
Throughout its history, Phipps has developed nearly 6,000 affordable apartments; it continues to own over 4,600, providing homes to more than 15,000 people in eight communities across the Bronx, Manhattan and Queens. The organization has an active pipeline of new development projects totaling over 2,600 units representing a total development value of $660 million. Including its own property, Phipps manages an affordable housing portfolio of nearly 13,000 apartments throughout New York City.