Related Apartment Preservation (RAP) LLC was created in 2002 and is an affiliate of Related, one of the largest owners of multifamily apartment complexes in the country. As its name implies, RAP was formed with the express purpose of providing a vehicle for the acquisition and preservation of affordable housing. We are looking to enhance our existing portfolio of affordable properties through acquisitions and refinancing of other low and moderate-income properties around the country and maintaining the affordable housing stock, which is in danger of disappearing, given current legislative and financial trends.

RAP is primarily interested in the following types of properties:

Section 8 properties with project-based contracts that are facing expiration

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

Other assisted properties - HODAG, HOME, federal or state financed public housing

Many of these properties, given their age, are in need of upgrading and preservation to continue to serve the tenant base for which they were originally intended. Often, current owners - both general and/or limited partners - lack the technical know-how, financial resources, and knowledge of currently available sources of financing or expertise to recapitalize these properties effectively and quickly. The housing markets have changed considerably from when these projects were first conceived and built; programs available then no longer provide the ability to solve today's problems and new programs are harder to access. With Related's 30+ years' experience and expertise in debt and equity financing, as well as management of government-assisted properties, RAP is especially well positioned to buy out existing owners who wish to exit the affordable housing arena.

RAP has acquired over 8,300 units valued in excess of $980,000,000. RAP currently has under contract 1,000 units with a value in excess of $50,000,000.