TD Bank Provides $28.6M in Construction Financing for Affordable Housing Complex in Fort Lauderdale
FORT LAUDERDALE, FLA. — TD Bank has provided $28.6 million in funding for the Housing Authority of the City of Fort Lauderdale (HACFL) to redevelop Suncrest Court, a 66-unit public housing community, by replacing it with 116 modern and affordable apartment units. TD Bank has provided a $16 million construction loan and its subsidiary Community Capital Group has provided $12.6 million in low income housing tax credits (LIHTCs). HACFL also received a State Apartment Incentive Loan (SAIL) from the Florida Housing Finance Corp. for the project, which involves the demolition of the existing buildings that were built in 1962. The new Suncrest Court will include seven buildings with 12 units reserved for residents who earn less than 30 percent of the area’s median income (AMI). The remaining 104 units will be reserved for residents making up to 60 percent of AMI. During construction, current Suncrest Court residents were offered vouchers to nearby affordable housing communities. Upon completion in 2021, existing residents will have the right to return to the community.