First Housing Development Corporation of Florida completed the Credit Underwriting for Florida Housing Finance Corporation for the construction and permanent financing of Luna Trails Apartments, an 86-unit development to be located in Titusville 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 Viability Loan (to be funded at completion) of $1,250,000, an award of Housing Tax Credits, and a TD Bank loan of $14,060,000.
Luna Trails Apartments will contain 69 One-Bedroom, 5 Two-Bedroom and
12 Three-Bedroom units within 1 Residential building with elevator on
6 acres. The project will be Elderly set-aside with 100% of the units
income restricted at or below 60% AMI at completion.
Standard Unit amenities include full appliance package (with microwaves) and washer/dryer hook-ups. Common amenities include a clubhouse, fitness center, swimming pool, community room, shuffle board courts, outside picnic areas and elevators. The property will offer 24 Hour Support to Assist residents with Handling Urgent Issues, Literacy Training, Daily Activities and Assistance with Light Housekeeping, Grocery Shopping and/or Laundry as the residents need.
The project is estimated to be complete around January 2020.
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