First Housing Development Corporation of Florida

Owner:

Picerne Affordable Development, LLC and DeLand Development Corporation

Architect:

Forum Architecture & Interior Design, Inc.

General Contractor:

Picerne Construction Corporation

Client:

Laurel Court Apartments

Scope Of Work

The project, known as the Laurel Court Apartments, included the construction of a three-story apartment building, comprising of 80 multi-family affordable housing rental units.  50 of the completed units are set aside for Section 8 Project-Based Rental Assistance and  the remaining units are receiving rental assistance through an Annual Contribution Contract.  All of the units are set-aside for tenants age 62 and above.  Income restrictions apply.  The building includes a clubroom, library, computer room, kitchenette laundry room, conference room, art center, business center and offices on the first floor. A fitness center, library, laundry room and tenant storage rooms are provided on the second and third floors and a craft room and on the second floor. Free Wireless Internet is also available throughout the development.  Resident programs are offered at no cost to the tenants, including nutrition classes, health insurance counseling, health and wellness interview, chronic disease self-management program, fall prevention program, volunteer activities, monthly birthday parties, and a pet owners club.

First Housing Development Corporation provided a $2,800,000 co-First Mortgage loan through their Affordable Housing Lending Pool program for the construction and permanent financing of the project.  Deland Housing Authority and Volusia County also provided financing for the development and there was an award of tax credits.  Construction Administration was completed by First Housing during development.  First Housing is now completing permanent loan servicing. 

If you would like more information on First Housings' Affordable Housing Lending program, construction administration or permanent loan servicing services please contact us today.  We would love to assist you in your new development projects.