NEW YORK, June 22, 2016 /PRNewswire/ -- The Orbach Group today announced the launch of its new subsidiary, Orbach Affordable Housing Solutions, committed to the investment in and preservation of affordable residential units in New York City and across the country. The new subsidiary has $150 million of new acquisitions in the pipeline to expand its existing affordable portfolio. For each property acquired, Orbach Affordable Housing Solutions plans to sign the maximum allowable Section-8/HAP or other applicable government extensions to ensure the buildings remain affordable. Orbach Affordable Housing Solutions will be led by Jay Reinhard, an industry expert with nearly two decades of experience, including 12 years as a Vice President at Related Companies.
"Our commitment to ensuring high-quality housing for New Yorkers of all income levels is unwavering," said Meyer Orbach, Chairman of the Orbach Group. "Today's announcement signifies both an expansion of our affordable housing portfolio, as well as a pledge to continue preserving the affordability of these units for generations to come."
"Working in affordable housing for nearly two decades has been a tremendously rewarding experience," said Jay Reinhard, President of Orbach Affordable Housing Solutions. "Rehabilitating buildings, making them current, working to make sure that everybody has a nice place to live is my life's passion – and I am thrilled to take the next step in my career with Orbach Affordable Housing Solutions."
This new subsidiary, Orbach Affordable Housing Solutions, will have more than 2,000 affordable units, and an approximate portfolio value of $400 million. The Orbach Group's other properties – including more than 4,000 additional multifamily units – will continue to be managed by the parent company. Most of these properties are located in New York City, though others are located in New Jersey, Pennsylvania, and California. The Orbach Group, and now Orbach Affordable Housing Solutions, has a long history of renewing Section-8/HAP contracts to preserve housing for people of all income levels.
Prior to joining the Orbach Affordable Housing Solutions, Reinhard served as the President of the Affordable Housing Group at Cammebys International. During his time at Cammebys and Related, Reinhard completed roughly $1.5 billion in acquisitions, dispositions, and refinancing of affordable housing properties. He earned a dual degree in accounting and finance from the NYU Stern School of Business. He was born in Brooklyn.
SOURCE Orbach Group