Michael Levitt, Affordable Housing Pioneer, Dies at 94

Affordable housing developer Michael Levitt, who pioneered several facets of the sector, died recently at 94 years old, the Michaels Organization announced.

Levitt was born in Philadelphia and grew up nearby in New Jersey. He got his start in real estate by selling homes during the summer, ultimately bypassing his law school dreams in pursuit of commissions and deals.

Levitt and partner Jack Soble launched Soble Construction together, a business that suffered after Soble died in a plane crash in 1972. Levitt sold the business and started the Michaels Organization the following year.

Over the last half-century, the organization grew into one of the nation’s most prominent affordable housing developers. The company’s portfolio — which includes student housing, military housing, workforce housing and market-rate units — spans more than 75,000 units and $12 billion in assets across the country.

“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,” said Michaels chief executive officer John O’Donnell, who took day-to-day management over from Levitt in 2013.

According to the company, Levitt was one of the first to embrace government-assisted housing programs following the passage of the Housing and Community Development Act of 1974. Michaels seized on tax credit-financed housing, public housing revitalization, Choice Neighborhoods and even a partnership with the Department of Defense.

The company was also the first in affordable housing to launch a scholarship program for residents and first to offer supportive services on-site for affordable housing communities. For his efforts, Levitt was inducted into the Affordable Housing Hall of Fame in 2012.

Outside of real estate, one of Levitt’s biggest passions was sports fishing. Levitt nabbed more than a dozen records in light tackle marlin fishing and went into the International Game Fishing Hall of Fame in 2017; his firm financed and developed International Game Fish Association headquarters in Dania Beach, Florida.

Levitt is survived by his wife, Pat, three children, eight grandchildren and four great-grandchildren. A cause of death was not noted.