Associated Estates to Exit AH Biz

Associated Estates Realty Corp., a real estate investment trust based in Richmond Heights, Ohio, has announced plans to exit the affordable housing business.The multifamily REIT said it manages for third-party owners 30 affordable properties in Ohio, Pennsylvania, and Florida under the Low Income Housing Tax Credit, Section 8, and Section 202 provisions of federal law. It also owns or partially owns 12 Section 8 affordable properties, which have been put up for sale. The company also announced that it expects to incur approximately $200,000 in severance costs in connection with the elimination of certain positions at its corporate office. The REIT said the owner of 23 of the 30 managed properties has indicated its intention to manage those properties, and the remaining managed properties will be transitioned to other managers over the next three to six months. Associated can be found online at http://www.aecrealty.com.