First Housing Development Corporation of Florida completed the Credit Underwriting, Davis-Bacon & Section 3 Monitoring and Administration as well as the Construction Administration for Florida Housing Finance Corporation for the construction and permanent financing of St. John Paul II Villas, a 32 unit development located in Arcadia Florida.
First Housing is now conducting Permanent loan servicing and is the Compliance Monitoring agent for the agency.
Construction to Permanent Financing included a First Mortgage Private Loan through SunTrust Bank of $320,000, a Florida Housing HOME Loan of $3,520,000, and a $10,000 grant from Our Lady of Mercy Parish.
St. John Paul II Villas contains 16 one bedroom and 16 two bedroom units within 8 Single Story Residential buildings on 3.9 acres. The project is a 100% Elderly Income Restricted community.
Standard Unit Amenities include energy star rated appliances, central heat and air conditioning, and water conservation toilets, shower-heads and faucets. At least 5 of the units contain roll-in showers, and 2 units are equipped for hearing or vision impaired tenants. Resident Programs include on-site supervised, structured activities at no cost to residents; Assistance with light housekeeping, grocery shopping and/or laundry; and finally a resident assurance check-in program to ensure the well-being of the tenants.
The project completed construction ahead of schedule in June 2019.
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