Related Companies announces preservation of 1,570 units of affordable housing in 2014 and recognition by Environmental Protection Agency for ENERGY STAR Certification in two New York City affordable properties

Related Companies, the nation’s preeminent privately-owned real estate developer, today announced the long-term preservation of an additional 1,570 units of affordable housing across six states in 2014. The firm also announced recognition by the Environmental Protection Agency (EPA) for earning ENERGY STAR certification across two of their properties in New York City. These two affordable properties are among the first multifamily developments to earn this certification and are more energy efficient than 75% of similar properties nationwide. Related has renovated more than 26,000 units of affordable housing and continues to own and manage over 45,000 units while never taking a single unit of affordable housing to market rent.

“As the nation’s largest preserver of affordable housing, we are pleased to announce that we have preserved another 1,500 units this year to add to our already amassed 45,000 units of affordable and workforce housing,” said Matthew Finkle, president of Related Affordable. “We continue to expand our portfolio across new cities, and are honored to be able to assist our residents in becoming energy-efficient and helping to lower their utility bills in the process.”

“We are thrilled to be among the first owners recognized with the ENERGY STAR multifamily certification,” said Jeff Brodsky, president of Related Management. “It is a great acknowledgement of our continued commitment to environmental responsibility across all asset classes and we are especially proud that these apartments are not only more sustainable, but also affordable.”

Terrific Tenements at 423 West 48th Street and 527 West 47th Street, along with 30-50 21st Street, recognized for superior energy performance, are among the first multifamily housing properties to earn ENERGY STAR certification. Some of the features include installation of new high-efficiency condensing boilers, bi-level lighting systems in public spaces and high-efficiency ventilation fans. With these cost-saving, energy-efficient installations, buildings use an average of 35% less energy than their counterparts and are responsible for 35% fewer carbon dioxide emissions than similar properties.

“Related Management’s achievement demonstrates that it’s possible to overcome the many traditional barriers to energy efficiency in the multifamily housing market and reap significant energy and cost savings,” said Jean Lupinacci, chief of the ENERGY STAR program for commercial and industrial buildings. “Through the example they’ve set, we see how we can all help to make properties more cost-effective for renters while cutting greenhouse gas emissions and protecting human health.”

In 2013, Related Affordable was placed second on the nationwide “Top 50 Affordable Housing Owners” list, with 26,263 units owned, and “Top 10 Companies Completing Acquisitions” list, with 5,692 units acquired, by the Affordable Housing Finance Staff. In 2014, Related Affordable has closed on affordable developments in New York, Illinois, New Jersey, Florida, Virginia and Wisconsin. In 2015, Related Affordable expects to close on, rehabilitate and preserve more than 2,800 units of affordable housing across 16 properties.

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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 Dhab, London and Shanghai and an existing portfolio of real estate assets, valued at over $20 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.

About ENERGY STAR:
ENERGY STAR is the simple choice for energy efficiency. For more than 20 years, people across America have looked to EPA’s ENERGY STAR program for guidance on how to save energy, save money and protect the environment. Behind each blue label is a product, building or home that is independently certified to use less energy and cause fewer of the emissions that contribute to climate change. Today, ENERGY STAR is the most widely recognized symbol for energy efficiency in the world, helping families and businesses save $300 billion on utility bills, while reducing greenhouse gas emissions by two billion metric tons since 1992. Join the millions who are already making a difference at www.energystar.gov.