One way Illinois is promoting the development of affordable housing is by giving young entrepreneurs a boost.
Fifteen up-and-coming affordable housing developers recently completed the second cohort of the Next Generation Capacity Building Initiative, or Next Gen. The program, sponsored by the Illinois Housing Development Authority and the Local Initiatives Support Corporation, is designed to strengthen the pipeline of affordable housing developers across Illinois.
Next Gen participant Malik Simmons says his ultimate goal is “to increase homeownership in the Midwest by developing quality projects that are attainable, sustainable and community-focused.”
His company, Simmons Development Group LLC, is virtually based in Springfield, where most of his family lives. He is currently developing a 64-unit affordable housing project in Decatur for residents 55 and older, in partnership with IHDA.
“The project involves new construction and rehab of an existing school building,” Simmons said. “I have other deals in the pipeline in Chicago, Granite City, Springfield and Galesburg. I’m working my way through the market to find opportunities to turn them into viable projects.”
Simmons says Next Gen provided one-on-one contact with mentors and seasoned developers along with knowledge about acquiring capital for large-scale projects in the Low-Income Housing Tax Credit industry. During the program, he developed a proposal for an affordable housing project in Granite City.
As to why his business is focused on affordable housing, “Most of the work I do is purpose-driven,” he said. “You have to feel good about what you do, give back and help others.
“What I hope to accomplish is to make it possible for those who want to make home ownership a reality. Some are opting out of home ownership because of the responsibility involved, but many people want to buy a home. A typical down payment these days is from $15,000-25,000. That’s hard and not realistic for most people. I want to make that possible, to help people understand that home ownership is a wealth-building tool and gives you a lot of options in life, including long-term economic wealth for yourself and your family.”
“I’m passionate about creating pathways to wealth for the next generation,” Simmons said.
In addition to being the founder and CEO of his own business, Simmons is the youngest partner and a commercial broker and property manager with SmartEquity Inc., a commercial real estate and property management firm based in St. Louis, During the pandemic, Simmons was responsible for $10 million in commercial real estate sales. He also partnered with the brokerage firm to create an internship pipeline for students interested in commercial real estate, offering them industry experience and networking opportunities.
Simmons was recently honored as a “40 Under 40 Emerging Leader” by Harris-Stowe University, where he earned a degree in finance. As an alumnus he helped co-develop, and remains a board member of, the Hornet Housing Program – a collaboration with Royal Bank that provides students with $10,000 in down payment assistance, helping them leave college with both a degree and their first home.
Simmons later completed a master’s degree in real estate development and audit from St. Louis University. He is licensed in Illinois and Missouri and holds multiple commercial real estate certifications through the Certified Commercial Investment Member Institute. He also completed the Real Estate Diversity Initiative program through the Urban Land Institute.
Simmons said most of his family members work in the trades, and he grew up assisting in construction projects. During college and post-graduation, he was a union apprentice carpenter and acquired two investment properties.
“One was through a city program and the other (was purchased) with creative financing of capital raised from my fraternity Kappa Alpha Psi, Beta Nu Chapter,” Simmons said. “The funds to renovate these homes were gathered through scholarships, grants, part-time wages, loans and donations from family and friends, all while building relationships and gaining mentors along the way.”
He now considers those experiences as invaluable as he navigates the teamwork involved in developing affordable housing.
“I consider my youth and my experience to be advantages in developing property,” he added. “I’m young and can get into the game fresh, but I also have hands-on skills, along with experience as a commercial real estate agent and property manager.
“I used to think they’d look at me as inexperienced, but I realized it’s the complete opposite; people are surprised by all my education and experiences. I believe they’re my strongest assets, and I have a chance to grow with the market.”
Lynn Whalen has a background in broadcast journalism and higher education public relations, most recently as chief communications officer at Lincoln Land Community College. She serves as president emerita of the National Council for Marketing and Public Relations.
This article appears in March SBJ 2026.