First Housing Development Corporation of Florida
Tampa, FL 33606
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Emerald Villas Phase II
Project Information
- Project Location:
- Pine Hills, FL
- Approx Contract:
- $20,000,000
- Status:
- In-Progress - Jul 2020
- Structure Type:
- Apartments & Condominiums
References
- Owner:
- Emerald Villas Phase Two, LLC
- Architect:
- Fugleberg Koch, LLC.
- General Contractor:
- Fortune Urban Construction, LLC
- Client:
- Emerald Villas Phase Two, LLC
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 Emerald Villas Apartments, a 96 unit development to be located in Pine Hills Worth 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 Florida Housing Tax-Exempt Mortgage Revenue Bonds of $10,000,000, a Florida Housing State Apartment Incentive Loan of $4,950,000, a Florida Housing State Apartment Incentive Loan for Extremely Low-Income of $426,200, an Orange County NSP Loan of $3,200,000, an Orange County Ship Loan of $75,000 and an award of Housing Tax Credits.
Emerald Villas will contain 87 one bedroom and 9 two bedroom units within 1 3-story low rise residential building. The project will be 100% income restricted at or below 60% AMI at completion and 77 are restricted to Elderly residents.
Unit amenities will include balcony/patio, garbage disposal, blinds, dishwasher, and washer/dryer hookups. Development amenities include business center/computer lab, elevators, central laundry, onsite management, clubhouse/meeting room/community room, exercise facility, off-street parking, and recreation area. Services offered to the residents include housekeeping, personal assistance, and adult education.
For more information on First Housings’ Services contact us at loanadmin@firsthousingfl.com.