AFFORDABLE HOUSING 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 72% of the more than 31,000 residential units under our management are part of one or more affordable housing programs.
To date, Related has developed or acquired over 58,000 affordable housing units, valued in excess of $2.5 billion. Currently, we have over 8,000 units under development or under contract throughout the country with a value in excess of $600 million. Our expansive 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.
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.
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 thirty-five 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 know-how to recapitalize, and therefore wish to exit the affordable housing arena. In addition, with our extensive development experience, we bring the know-how to expertly rehabilitate the units, thus assuring the continued viability of these projects for years to come.
We continue to actively look for affordable housing opportunities through the development, acquisition and refinancing of low, moderate and mixed-income properties around the country. This is a key aspect of our commitment to help maintain the stock of affordable housing, a socially critical inventory which is in danger of disappearing, given current legislative and financial trends.
