First Housing Development Corporation of Florida completed the Credit Underwriting for Florida Housing Finance Corporation for the construction and permanent financing of Palos Verdes Apartments, a 120 unit development to be located in Kissimmee 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 $11,000,000, a Florida Housing Viability Loan of $975,000, a Florida Housing State Apartment Incentive Loan of $5,200,000, a Florida Housing State Apartment Incentive Loan for Extremely Low-Income of $552,300, an Osceola County HOME Loan of $650,000 and an award of Housing Tax Credits.
Palos Verdes will contain 60 one bedroom, 48 two bedroom and 12 three bedroom units within 1 three story residential building on 6.7 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 and swimming pool. Resident Programs will include Literacy Training, Computer Training, Assistance with Light Housekeeping, Grocery Shopping and/or Laundry, and 24 hour support to assist residents in handling urgent issues.
The project is estimated to be complete around late October or early November 2019.
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