After 25 years non profit developer Progressive Development Inc will be closing up shop. The Georgia based developer ran into cash flow issues during the real esate crash of 2008 and has not been able to right the ship. Through various partnerships progressive development has developed 4,188 affordable housing units.
The financial issues began in 2008 when the housing market was flooded, and “PRI had sustained too much damage to be able to raise needed capital for new projects that fed its revenue stream. Eventually, the numbers told the tale — our cash flow could not support the organization much less recapitalize our struggling properties”.
The CEO of Progressive Development Robert Gunter plans to continue to work in the field of affordable housing.