COMPANY PROFILE Milo: The initial step of our re-development efforts at Liberty Square was an extensive commu-nity engagement process to gather input from the residents and the community stakeholders. This is how we determined that the com-munity wanted the Jessie Trice Community Health Center and the Miami-Dade Chamber of Com-merce to be built within the new Liberty Square. These facilities are being fi nanced as community service facilities under the LIHTC program with 4 percent tax credits. MAHB: In the market-rate de-velopment arena, many industry experts are saying the pipeline is going to dry up in 2024 and 2025 due to the higher interest rate en-vironment and other factors. Is the same true for the affordable hous-ing development pipeline? Milo: On the contrary, Related had more than 90 projects in the pipeline across several of the company’s portfolios at the beginning of 2024. Within Related Urban, we are in the process of developing 12,000 units of mixed-income housing valued at $3.2 billion, 2,040 units of which were started in 2023 alone. As a vertically integrated com-pany, we’re able to tap the Related Urban construction division where we have closer working relation-ships with subcontractors and sup-pliers, which ultimately keeps our projects viable and on schedule. MAHB: What does the near future hold for RUDG? Milo: The conversation around affordable housing has evolved in the more than 34 years that I have been in the real estate busi-ness. There was a time when that conversation was centered on resi-dents who were in the lower in-come brackets, which is no longer the case. Due to the rising costs for all es-sential goods and services along with rising housing costs, many middle-income families are strug-gling to fi nd quality housing op-tions. Related Urban is poised to continue to lead on public policy initiatives along with our elected offi cials at the local and state levels to address these needs. www.MultifamilyAffordableHousing.com MAHB: What inspires you about the work you do? What keeps you going? Milo: I have always had a passion for real estate, so I view my career as fun, not as a job. It also provides me an opportunity to make a posi-tive impact on the many families that reside within the develop-ments that we build. That is why I do what I do every day. This dog is looking for bed bugs. We know, because we insure him. When you need insurance, it’s crucial to work with a carrier that really understands your industry. HAI Group has catered solely to the multifamily affordable housing industry for more than 35 years, so we’re not surprised when we’re asked to insure things like a dog that can sniff out bed bugs. Want to work with a carrier that really gets you? Call us today at 800-873-0242 or visit us online at haigroup.com HAI Group® is a trademark for the property and casualty insurance operations of Housing Authority Risk Retention Group, Inc. All products and services are written or provided by subsidiaries or affiliates of Housing Authority Risk Retention Group, Inc. Products or services may not be available in all jurisdictions. Certain property and casualty coverage may be provided by a risk retention group or a surplus lines insurer or by a third party. Risk retention groups and surplus lines insurers do not participate in state guaranty funds and their insureds are not protected by such funds. For a complete list of HAI Group companies, visit www.haigroup.com. January/February 2024 | Southeast Multifamily & Affordable Housing Business | 17
Southeast Multifamily & Affordable Housing Business January / February 2024: Page 17
