Affordable & Workforce 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 70% of our 70,000+ unit rental apartment homes participate in one or more traditional affordable housing programs, and an additional 10% of these homes provide middle market homes for the local workforce. Related’s developed or preserved portfolio of over 50,000 affordable housing units has a total value in excess of $5 billion. Currently we have over 1,500 units under development or under contract throughout the country with a value in excess of $350 million. We are proud of our award-winning affordable developments from California to Chicago, ranging from family to senior, urban to suburban and rural, LIHTC, HOPE VI, RAD and PBS8. We are also one of the nation’s largest developers of 80/20 mixed income housing in New York City, Boston, Washington DC, Chicago, San Francisco and Los Angeles. 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 almost 50 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 experience 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. Our in-house expertise across all disciplines ensures our developments consistently set new standards for creative design and financing and add value to the neighborhoods in which they are located. Our broad portfolio of affordable and mixed income developments demonstrates our continuing commitment to creating housing opportunities in geographically, economically and socially diverse communities. ?