Related scion launches new affordable housing company

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

TRD 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
From left: Henry Torres, Jorge Perez, Alicia Cervera Lamadrid, Gil Dezer and Joseph Kavana (iStock)

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami

“Anything and everything is negotiable”: Incentives for condo buyers mount in Miami
Related Group Senior VP of Development Bill Shewalter and a site plan of the project (Related Group)

Related plans low-rise multifamily project in Hollywood

Related plans low-rise multifamily project in Hollywood
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
Charles and Daneen Stiefel with One Park Grove (Getty)

Pharma mogul Charles Stiefel buys Coconut Grove penthouse

Pharma mogul Charles Stiefel buys Coconut Grove penthouse
Alex Rodriguez, Tom Murphy, Jorge Pérez, Gil Dezer, and Jackie Soffer (Credit: Michael Loccisano/Getty Images)

Money in the bank: Here are the South Florida real estate players who got PPP loans

Money in the bank: Here are the South Florida real estate players who got PPP loans
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
arrow_forward_ios

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

Loading...