Related Companies, the nation’s preeminent privately-owned real estate developer, today announced the long-term preservation of 4,026 units of affordable housing in 45 developments across 8 states in 2013, as well as the completed rehabilitation of 1,483 units in properties that were acquired in years past. Related Affordable also pledged to continue its commitment to improving communities across the country by never taking an affordable unit to market rent.
“Related’s acquisition of 45 properties during the last year, as well as the additional renovations, is a testament to our commitment to building better communities across the country,” said Matthew Finkle, president of Related Affordable. “Related Affordable has never taken an affordable unit to market rent and we intend to keep that promise for the tens of thousands of residents living in our affordable and workforce housing properties.”
Related’s commitment to preserving affordable housing in 2013 has translated into 4,026 units remaining affordable, including 186 units at Augustana Homes in Bridgeport, Connecticut; 599 units in 4 properties in Florida; 614 units in 5 properties in Georgia; 102 units at Sheridan Park in Chicago, Illinois; 844 units in 10 properties in North Carolina; 361 units in 4 properties in South Carolina; 535 units in 8 properties in Tennessee; and 678 units in 11 properties in Virginia.
In 2014, Related Affordable expects to close on at least an additional 20 developments in Florida, Illinois, Maryland, New Jersey, New York and Virginia, ensuring that more than 3,000 units of housing are rehabilitated and remain affordable for years to come. Related will also continue to explore larger portfolio-wide acquisitions across the country.
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About Related: Related Companies is the most prominent privately-owned real estate firm in the United States. Formed more than 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, São Paulo 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.
Related Companies: communications@related.com
