Related Affordable preserved 45 affordable housing developments with 4,026 units across eight states last year.
The firm also completed the rehabilitation of 1,483 units in properties acquired earlier.
“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, in a statement. “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.”
The firm acquired properties in Connecticut, Florida, Georgia, Illinois, North Carolina, South Carolina, Tennessee, and 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.
Part of the Related Cos., 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: Sec. 8 properties with project-based contracts; Sec. 236 properties in need of rehabilitation; Sec. 42 LIHTC properties with expiring low-income restrictions; Sec.515 properties with loans that can be prepaid; or other assisted properties.