Related scion launches new affordable housing company

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

Miami /
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

arrow_forward_ios
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
South Florida by the numbers: Miami developers stay nimble
South Florida by the numbers: Miami developers stay nimble
South Florida by the numbers: Miami developers stay nimble
Jorge Pérez vs Stephen and Louise Kornfeld with a rendering of Icon Marina Village (Related Group, Getty, Wikipedia)
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Tricap's David Edelstein, Related's Nick Perez and a rendering of NoMad Residences Wynwood (Getty, Related)
Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
2621 Flamingo Drive in Miami Beach with Mike Hezemans and Rita and Roman Shukhman (Compass, Wikipedia, Getty, LinkedIn)
Pro race car drivers sell Miami Beach spec house for $10M
Pro race car drivers sell Miami Beach spec house for $10M
Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
Rishi Kapoor, Eric Fordin, Suzanne Amaducci-Adams with The Crosby and Urbin
Investors flock to short-term rental condo projects in Miami
Investors flock to short-term rental condo projects in Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...