First Housing Development Corporation of Florida

Owner:

RST The Pines, LP

Architect:

Brian Rumsey, NCARB

General Contractor:

Bradley Construction Co., Inc.

Client:

RST The Pines, LP

Scope Of Work

First Housing Development Corporation of Florida completed the Credit Underwriting for Florida Housing Finance Corporation for the construction and permanent financing of The Pines, a 100 unit development to be located in DeLand 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 a Private First Mortgage up to $13,900,000, a Florida Housing State Development Viability Loan of $1,000,000, a Volusia County Ship Loan of $170,000 and an award of Housing Tax Credits.

The Pines will contain 24 One-Bedroom, 32 Two-Bedroom, 24 Three-Bedroom and 20 Four-Bedroom units within 6 Garden Style Residential buildings on 10 acres.  The project will be 100% income restricted at or below 60% AMI.  

Standard Unit Amenities will include energy star rated appliances, central heat and air conditioning, a playground, community center with computer room, and an exercise facility.  Resident Programs will include Literacy Training, an Employment Assistance Program and an After School Program for Children.  

The project is estimated to be complete around late January or early February 2019.

For more information on First Housings’ Services contact us at loanadmin@firsthousingfl.com.