Related scion launches new affordable housing company

It’s separate from Related Urban, the company’s affordable housing arm

Nov.November 22, 2019 10:30 AM
Jon Paul Perez and Patrick Plunkett

Jon Paul Pérez and Patrick Plunkett

The Related Group’s Jon Paul Pérez is partnering with an affordable housing developer to launch a new venture focused on Section 42 housing.

Pérez, executive vice president at Related, is working with Patrick Plunkett on Perez Housing Associates. The company will operate independently from Related, and will focus solely on buying, rehabbing and running properties under Section 42 of the low income housing tax credit program, according to a release.

The Section 42 housing program provides tax credits to developers who build affordable housing.

Plunkett founded Federal Housing Solutions, a firm that acquires affordable and workforce housing projects that receive federal subsidies, including Section 8, 236, 202 and 42 properties, all under the low income housing tax credit program. He was also the director of acquisitions for The New York-based Related Companies’ affordable housing division. (Related Cos. owner Stephen Ross owns a minority stake in the Related Group.)

Plunkett said in the release that Section 42 “serves the country’s most vulnerable families and individuals” and that most of the existing housing stock is older and at risk of becoming market-rate.

Perez Housing Associates, or PHA, is aiming to acquire at least 1,000 units per year that will be renovated and repositioned within a year to 36 months.

The announcement comes as Jorge Pérez, president and CEO of Related and Jon Paul Pérez’s father, plans to hand over the title of Related’s president to his son within a year and the title of CEO within two years.

The Section 8-focused venture is separate from Related’s affordable housing arm, Related Urban Development, which is led by Albert Milo.

Earlier this month, Miami-Dade County, Related Urban and SunTrust unveiled plans for the 22-acre River Parc master plan in Little Havana. They also broke ground on the Gallery at River Parc, a 150-unit affordable and workforce housing project. The master plan will add 1,800 of such units to the three public housing projects that already exist on site, currently totaling 800 units.

Related Articles

Nick Perez and the site at 1116 North Ocean Boulevard (Credit: Google Maps)

Related to launch Pompano condo sales in Q1 2020

CAPTION: Rendering of Residences by Armani/Casa, Jorge Pérez and Gil Dezer

Gil Dezer, Related complete Residences by Armani/Casa

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator

Federation Gardens and Federation Towers (Credit: Google Maps)

Miami Jewish federation sells affordable housing for $60.5M

Jorge Pérez and Jon Paul Pérez (Credit: Wikipedia)

Miami’s condo king will hand crown to son next year

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

LeBron James with a rendering of Unknwn Wynwood (Credit: Getty Images)

Renderings revealed: River Parc master plan, Unknwn’s Wynwood store

Daily Digest Miami

1111 Lincoln inks retail lease with Yoyoso, Miami-Dade and Related Urban reveal massive affordable housing plan