First Housing Development Corporation of Florida completed the Credit Underwriting for Jacksonville Housing Finance Authority for the acquisition, rehabilitation and permanent financing of four (4) multi-family affordable housing projects located in Jacksonville Florida. First Housing will perform construction administration, permanent loan servicing, as well as compliance and financial monitoring for the Jacksonville Housing Finance Authority as it relates to all four (4) developments.
Combined Construction to Permanent Financing includes $81,600,000 in Tax Exempt Mortgage Revenue Bonds and Housing Credit Equity. The projects are under Section 8 HAP contracts which will remain in place after completion of rehabilitation and 100% of the units will be restricted to tenants making 60% or less than area medium income.
Calloway Cove (f/k/a Washington Heights), an existing multifamily project containing 96 2/1 units & 104 3/1 units, was built in 1969. Exterior renovations are to include new windows, doors, entry stairs, exterior cladding & new trim. 16 buildings will receive new asphalt shingle roofs. Exterior brick veneer is to be cleaned, tuck pointed & patched as necessary. Proposed renovations include removal & replacement of kitchen cabinets, counter tops, bathroom vanities, floor finishes, drywall patch/repair, new interior doors, new door hardware, interior paint, new appliances, new fixtures & new lighting. Units will receive new plumbing & fixtures, new electrical devices & HVAC equipment. In addition to renovations at all apartment buildings, the existing community building is scheduled to receive new interior paint & the leasing office will be remodeled with updated finishes & ADA accessible restrooms. The multipurpose building will be renovated to accommodate a laundry facility, multipurpose room, fitness room, clinic rooms, ADA accessible restrooms & maintenance areas. Other on-site amenities are proposed to include: one new bike rack per building, two new picnic pavilions, picnic tables, grills, new monument signage, benches & waste receptacles across the property. The renovation work is scheduled to complete in 11 phases over a 15-month period.
The project is estimated to be complete around January 2020.
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