Affordable housing laid the foundation of Related Companies and we continue to place a high priority on developing, acquiring and preserving housing for this sector. In fact, over 60% of our 50,000+ residential apartment homes under our management are part of one or more affordable housing programs, and an additional 20% of these homes provide workforce housing.
To date, Related has developed or acquired over 55,000 affordable housing units with a total value of approximately $3.5 billion. Currently, we have over 7,000 units under development or under contract throughout the country with a value in excess of $1.5 billion. Our broad portfolio of award-winning affordable and mixed-income developments demonstrates our continuing ability to create affordable housing opportunities in a variety of geographically, economically and socially diverse neighborhoods.
Related is one of the nation’s largest developers of 80/20 rental housing in New York City and also boasts award-winning developments in California and Chicago ranging from family, senior, urban, suburban, HOPE VI, SRO and intergenerational. Our in-house expertise in all disciplines ensures our developments consistently set new standards for creative design and financing and add value to the neighborhoods in which they are located.
In the area of acquisitions and refinancing, we pursue properties that meet one of the following criteria: Section 8 properties with project-based contracts; Section 236 properties in need of rehabilitation; Section 42 LIHTC properties with expiring low-income restrictions; Section 515 FmHA properties with loans that can be prepaid; or other assisted properties, including HODAG, HOME, federal or state-financed public housing.
Many of the buildings we encounter are in need of substantial upgrading and preservation in order to continue to properly fulfill the needs of their tenants. Given our 42 years of experience in debt and equity financing – as well as our extensive management of government-assisted properties – we are well positioned to buy out existing owners who lack the resources and experience to recapitalize and, therefore, wish to exit the affordable housing arena. In addition, with our extensive development experience, we bring the knowhow to expertly rehabilitate the units, thus assuring the continued viability of these projects for years to come.