First Housing Development Corporation of Florida

Owner:

Millenia Jacksonville FL TC, LP

Architect:

DIMIT Architects, LLC

General Contractor:

NEI General Contracting, Inc.

Scope Of Work

First Housing Development Corporation of Florida completed the Credit Underwriting for Jacksonville Housing Finance Authority for the acquisition, rehabilitation and permanent financing of four (4) multi-family affordable housing projects located in Jacksonville Florida.   First Housing will perform construction administration, permanent loan servicing, as well as compliance and financial monitoring for the Jacksonville Housing Finance Authority as it relates to all four (4) developments.  

Combined Construction to Permanent Financing includes $81,600,000 in Tax Exempt Mortgage Revenue Bonds and Housing Credit Equity.  The projects are under Section 8 HAP contracts which will remain in place after completion of rehabilitation and 100% of the units will be restricted to tenants making 60% or less than area medium income.

Valencia Way (f/k/a Eureka Gardens), an existing multifamily project containing 100 1/1 units, 196 2/1 units & 104 3/1 units, was built in 1968 & expanded in 1970.   Proposed renovations include removal & replacement of kitchen cabinets, counter tops, bathroom vanities, floor finishes, drywall patch/repair, new interior doors, new door hardware, interior paint, new appliances, new fixtures & new lighting. Each unit will receive new supply plumbing & fixtures, new electrical devices & HVAC equipment. The community building will be renovated & expanded to include new fitness room, business center, leasing office, community room, ADA compliant kitchen & bathrooms. Outdoor seating will include a trellis structure & new patio. The existing leasing office / laundry building will be reconfigured into one large laundry facility & the maintenance shop will also receive upgrades. Other onsite amenities are proposed to include: a carwash facility, (6) new picnic pavilions, (2) mail kiosks, new monument signage, playgrounds, benches & waste receptacles across the property. The renovation work is scheduled to be completed in 18 phases over a 22-month period. 

The project is estimated to be complete around late August 2020.

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