Blackstone, a private equity firm already known for its large investments in single-family rental housing, launched an affordable housing arm last week.

To be called “April Housing,” the entity will oversee a portfolio of 90,000 housing units Blackstone Real Estate Income Trust Inc. recently bought from AIG and The Cornerstone Group. These units are located throughout the U.S. in cities including Austin, Dallas, Denver, Fort Lauderdale, Houston, Los Angeles, Miami and San Francisco.

April Housing has a “commitment to preserving the affordability of this critical housing stock on a long-term basis,” Blackstone said in a statement, thanks the Low Income Housing Tax Credit restrictions placed on these properties. The rent restrictions have, on average, 20 years of remaining term, the company said.

“The need for quality affordable housing has never been greater, and I’m honored to step into this role to identify innovative solutions and bring additional capital to the affordable housing crisis,” April Housing’s new head Alice Carr said in a statement. “Blackstone’s unwavering dedication to this space is clear, and I am energized and excited by the opportunity to work alongside a truly best-in-class team to preserve and expand the affordable housing stock in the U.S.”

Blackstone also signaled it plans a $500 million investment over the next decade “to improve communities while maintaining the affordability of the properties.” Blackstone has approximately $279 billion in investor capital under management.