Herbert Newman was born and raised in Akron, Ohio, and originally focused his career in northeast Ohio. He graduated from Ohio State University and received his Juris Doctor from the University of Akron School of Law.
After practicing law, he then served as director of Akron Metropolitan Housing Authority for five years. During his tenure as Director, he pioneered several project concepts now used nationwide. Newman devised the use of tax-free financing of subsidized housing by using revenue bonds sold under Federal Housing Regulation 811(b) which he partially authored. He wrote many of the laws now governing HUD/FHA financing and the development of housing during the late 1970’s and early 1980’s and consulted with housing authorities nationwide. His background and knowledge is now used by Summit MultiCapital to obtain favorable debt financing through FHA/Fannie Mae, Freddie Mac and other financial institutions.
Summit Management Services, Inc. (SMSI), who employs 120 full-time staff, was created by Newman, and he remains the majority stockholder. This company manages over 3,000 multifamily units comprised of conventional market rent apartments and federally assisted housing units for families, seniors and students, which are owned by Newman and related entities. He is also president and principal stockholder of Multifamily Mortgage Corporation, a company specializing in the financing of FHA multifamily mortgages.
Newman is also an owner/developer of retail shopping areas geared to national tenants with his partner, Robert L. Stark.
Newman has experience in zoning issues, bond issues, subsidized housing, market rent multifamily projects and shopping centers. He is also experienced in aspects of the non-profit world, having assisted charities in creating and operating their own housing projects. Newman’s non-business interests include the Akron Art Museum, Aspen Music Festival, Cleveland Orchestra and Jewish Community Center of Akron.SMSI Principals