First Housing Development Corporation of Florida

Owner:

BDG Banyan Court

Architect:

Forum Architecture & Interior Design

General Contractor:

Carr Builders, LLC

Client:

BDG Banyan Court

Scope Of Work

First Housing Development Corporation of Florida completed the Credit Underwriting for Florida Housing Finance Corporation for the construction and permanent financing of Banyan Court Apartment, an 85 unit development to be located in Lake Worth Florida.

First Housing is the construction administrator for Florida Housing Finance Corporation and will conduct permanent loan servicing and be their compliance monitoring agent at completion.  

Construction to Permanent Financing includes Florida Housing Tax-Exempt Mortgage Revenue Bonds of $11,200,000, a Florida Housing State Apartment Incentive Loan of $5,400,000, a Florida Housing State Apartment Incentive Loan for Extremely Low-Income of $600,000, a Palm Beach County Ship Loan of $115,000 and an award of Housing Tax Credits.

Banyan Court will contain 43 two bedroom and 42 three bedroom units within 4 Garden Style Residential buildings on 4.2 acres.  The project will be 100% income restricted at or below 60% AMI at completion.  

Standard Unit Amenities will include energy star rated appliances, central heat and air conditioning, a clubhouse.  Resident Programs will include Literacy Training, an Employment Assistance Program and a Financial Management Program.   

The project is estimated to be complete around late April or early May 2019.

For more information on First Housings’ Services contact us at loanadmin@firsthousingfl.com.