Hunt Capital, Development Partners Secure $4M LIHTC Financing for Affordable Housing Project in Merritt Island, Florida
MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million.
Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent loan and RBC Capital is the underwriter of the publicly sold bonds issued by Brevard County Housing Authority.
Tropical Manor is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Brevard County. The acquisition and rehab project of the two-bedroom/one-bathroom units will preserve nine two-story garden-style apartment buildings, a one-story community building and a one-story maintenance building. The units are restricted to households earning up to 60 percent of area median income (AMI).
In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be Americans with Disabilities Act accessible.
After the renovation, the in-unit amenities will include garbage disposals, in-unit flat screen TVs and cable and Wi-Fi that will be included in the rent. Community amenities include a community room, business center, exercise facility and onsite management. After the renovation, the common area amenities will also include a central laundry facility, basketball court, picnic area, playground, barbecue grills and a splash pad.
Other partners in the project include NDC Asset Management as the apartment operator, FTK Construction Services LLC as the general contractor and Benton Design Group as the architect. Construction is slated to be completed in seven months. Hunt Capital Partners syndicated the tax credits through its proprietary fund, Hunt Capital Partners Tax Credit Fund 42.