First Housing Development Corporation of Florida completed the Credit Underwriting for Florida Housing Finance Corporation for the purchase, rehabilitation and permanent financing of Choctaw Village, a 48 unit development located in Fort Walton Beach Florida. First Housing is conducting construction administration, permanent loan servicing and be the compliance monitoring agent for the Florida Housing Finance Corporation.
Financing includes Florida Housing Tax-Exempt Mortgage Revenue Bonds of $6,720,000, a Florida Housing State Apartment Incentive Loan of $2,500,000, a Florida Housing State Apartment Incentive Loan for Extremely Low-Income of $396,300, an award of Housing Tax Credits.
Choctaw Village contains 32 two bedroom and 16 three bedroom units within 6 garden style residential buildings. The project will be 100% income restricted at or below 60% AMI at completion and leased to a family demographic.
Immediate repairs included installing GFCI outlets at wet locations, making the outside corridor stair breezeway railings the required height, installing carbon monoxide detectors, replacing bathroom exhaust fans and repairing moisture damage due to mold on bathroom ceilings, repairing the poor ventilation in the mechanical closets, which is causing condensation and damaging the drywall; Repairing/replacing the subflooring and the flooring at unit hallways, patching/repairing the stucco at building exteriors, installing new mini blinds, replacing toilet tank components, replacing aging unit systems/equipment/finishes in the units. This includes countertops, cabinets, doors, flooring, appliances, HVAC, hot water heaters, etc.
504 ADA Compliance upgrades will also be included. Unit amenities include dishwashers, ceiling fans, oven, refrigerators, and blinds. Common amenities include central laundry, clubhouse, playground, business center, picnic area, recreation area, and on-site management.
The project is estimated to be complete around February 2020.
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