NEW YORK, NY – December 18, 2012 – Related Companies, the nation’s preeminent privately-owned real estate developer, today announced the long-term preservation of 1,051 units of affordable housing in eight developments across six states in 2012. The company also rehabilitated 2,589 units acquired in years past. Related has a 40-year commitment to the creation and preservation of affordable housing and has never taken a single unit of affordable housing to market rent.
“At a time when many developers are choosing to convert affordable housing, Related continues to rehabilitate and preserve affordable housing options for American families, and is committed to never taking a single unit to market rent,” said Mark Carbone, President of Related Affordable. “The vitality of our nation’s communities depends on people having a nice place to call home, regardless of income level.”
Related’s 2012 deals include: 141 units at Riverfront in New Haven, Connecticut; 174 units at Royal Coast in Miami, Florida; 158 units at Phoenix Towers in Bloomington, Illinois; 156 units at Oxford House and 57 units at The Woods in Decatur, Illinois; 106 units at Southeast Towers in Middletown, New York; 115 units at Hampshire House in East Orange, New Jersey; and 144 units at Willow Woods in Radford, Virginia.
In 2013, Related Affordable expects to close on at least an additional ten developments in California, Connecticut, Florida, Illinois and Michigan and to rehabilitate and preserve more than 1,500 units of affordable housing.
About Related: Related Companies is the most prominent privately-owned real estate firm in the United States. Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, London and Shanghai and an existing portfolio of real estate assets, valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties.
Related Affordable develops, acquires and preserves affordable housing throughout the nation. In the area of acquisitions and refinancing, the company pursues 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. Related actively looks for affordable housing opportunities through the development, acquisition and refinancing of low, moderate and mixed-income properties around the country. Related has developed or acquired 45,000 units of affordable and workforce housing. For more information about Related, please visit www.related.com.