Affordable Housing Pioneer Michael J. Levitt Dies At 94
The Michaels Organization founder Michael J. Levitt, an early affordable housing developer who built one of the largest companies in the space, has died at age 94.
The company Levitt founded in 1973 announced his death Monday in a press release, which didn't share a cause of death.
“No words can adequately express our sadness at Mike’s death or our gratitude for the opportunity to build a first-class national housing organization with him,” Michaels CEO John O’Donnell said in a statement.
“We will honor his memory by dedicating ourselves to continuing the work he loved so much.”
Based in Camden, New Jersey, Michaels has more than $12B of assets, totaling 75,000 units across 600 properties in 39 states, Washington, D.C., and the U.S. Virgin Islands.
Levitt started the companies that would become Michaels one year before the passage of the Housing and Community Development Act of 1974, which drastically altered the federal government’s role in affordable housing with new initiatives like the community development block grant program and Section 8 vouchers.
In addition to tax credit-financed housing, Michaels has revitalized existing public housing and utilized U.S. Department of Agriculture funds to build rural affordable housing.
The company also partnered with the U.S. Department of Defense to build military housing in 2004 and entered the student housing space via a partnership with Rutgers University six years later.
Levitt created a scholarship program for Michaels residents in 1991 that has since awarded $19M worth of scholarships.
Born in Philadelphia, Levitt was raised in Ventnor City, New Jersey, outside Atlantic City.
After graduating from Dickinson College, he had plans to attend Harvard Law School but changed course after a summer real estate job got him hooked on the industry, according to Michaels' press release.
Levitt went on to start a business called Soble Construction with his partner, Jack Soble. He sold it to US Homes in 1972 after Soble died in a plane crash. Levitt then founded the development and property management companies that became Michaels.
In his downtime, Levitt could often be found fishing on his boat The Jersey Devil in the waters off Atlantic City.
He held 16 world records in light tackle marlin fishing, many of which still stand today, and was inducted into the International Game Fishing Hall of Fame for his achievements in the sport and conservation efforts.
Levitt is survived by his wife, Patricia Levitt; children Dennis Levitt, Jill Ramos and AJ Bocchino; and eight grandchildren and four great-grandchildren. He was preceded in death by his son M. Andrew Levitt and two brothers.
