Allen “Kelly” Sands
Kelly began his construction career as an electrician learning his trade during summer breaks from high school. In 1979 at the age of 19 he took the helm of his family’s small electrical contracting business, and soon after in 1981 he purchased the business.
In 1984, while running his electrical business, Kelly formed ICON Builders (ICON} to focus on building developments that he had a financial interest in or had syndicated. He also served as Partner in ICON Properties from 1984 to 1990 when it dissolved.
In 1989, Kelly partnered to form TPI Financial, a hard money lending company. This business allowed Kelly to expand on his Real Estate and Financing knowledge, with emphasis on loan underwriting, valuations and the legal intricacies of real estate lending.
In 1999, Preservation Partners awarded ICON the Los Angeles HUD Office’s largest Affordable Housing renovation project of the year with a loan of $25 million. The property included 410 units, in 108 buildings, spanning across 30 acres. ICON was tasked with temporarily relocating 1,250 Residents twice from their homes. The project was completed in 7 months, with HUD paying the final retention in a record time of just 30 days.
The renovation of occupied units comes with some interruption to Residents lives. ICON has successfully relocated over 23,000 individuals, approximately 40% were Seniors. We have renovated over 17,000 units and built over 6,000 units of Affordable Housing valued at $1.3 billion. Travelers Insurance, the world largest Bond Company, has rated ICON as one of only seven companies in the United States to achieve a Zero risk score.
In 2001 Kelly decided that ICON would specialize strictly in the renovation of occupied Affordable Housing. Starting in 1994, his new construction business operated primarily under a joint venture, Westport Construction – ICON Builders, and continues today under the name WPIC Construction.
Kelly is an expert in General Contracting, yet his knowledge and interests extend to finance, sustainability, due diligence, and other layers of development deals. He works with top Developers, Non-Profits, Financial Advisers, Tax Credit Equity Partners and Syndications, Public Agencies, HUD Officials, Attorneys, Accountants, Architects, Consultants, and Historic Consultants. This broadened him to financing structures and complexities of LIHTC and Historic tax credits, funding sources and regulations. The experience, creativity and diligence required to see a project to the closing table, inspired and challenged Kelly to master the process. Today over 13,000 units are listed on his HUD 2530 Previous Participation Certificate.
Kelly was born in Los Angeles, California and raised in nearby San Gabriel Valley. He and his wife, Mona, raise a blended family of four children and reside between Scottsdale, AZ and Los Angeles, CA.