According to Related Beal, a fully integrated real estate firm focused on development and investment opportunities, John "Ted" Lubitz has been named as vice president. Working with both Related Beal and Related Affordable, Lubitz will endeavor to maximize affordable housing opportunities and synergies in both affordable preservation activities and market-rate developments.
"Affordable housing has been the foundation of our business for over 40 years," said Matthew Finkle, president of Related Affordable. "If you want great cities, you must build housing for all, which is why we continue to place a high priority on acquiring, revitalizing and preserving housing for this sector. We are pleased to have Ted join our platform and look forward expanding our efforts and creating and preserving even more affordable housing opportunities in New England."
Throughout its history, Related Affordable has purchased and rehabilitated affordable properties and turned them into vibrant living communities. To prove their commitment to residents, Related manages and operates all properties in its national portfolio to ensure that they continue to receive the proper attention and care long after construction has concluded. Built on ideals of preservation, Related Affordable prides itself on never having taken a single unit out of an affordable housing program and to market rate.
Lubitz's addition to the team allows Related Affordable to expand its efforts in Massachusetts and the surrounding states. Their national expertise working with government-assisted programs like the U.S. Department of Housing and Urban Development (HUD), and utilizing affordable and historic tax credits, makes it possible for Related to bring affordable housing projects to the communities that need it most. Related Affordable also has seasoned experience partnering with local housing agencies, including MassHousing, which will prove greatly beneficial in this market.
"We are thrilled to welcome Ted onboard and look forward to having him spearhead our affordable housing activities in New England," said Bruce Beal Sr., chairman of Related Beal. "Ted's wealth of knowledge in the industry will allow us to grow our footprint, create creative solutions and expand our ability to serve the local communities in the region."