Arbour Valley Communities is pleased to announce three Low Income Housing Tax Credit awards from Florida Housing Finance Corporation. The awarded projects include Arbours at Quincy, an 80-unit family project in Quincy, Arbours at Merrillwood, a 40-unit senior project in Alachua, and Retreat at Cocoa Commons, a 96-unit senior project in Cocoa.
Arbours at Quincy will feature one, two- and three-bedroom units. The project will serve residents earing 33-60% of Area Median Income. SAIL funds will be leveraged with 4% Low Income Housing Tax Credits and an FHA mortgage.
Arbours at Merrillwood, a joint venture with the Alachua County Housing Authority, will have both one- and two-bedroom units and will serve seniors earning 33-60% of Area Median Income. The project will have an FHA mortgage.
Retreat at Cocoa Commons will have both one- and two-bedroom units for seniors earning 35-80% of Area Median Income. Financing will include an FHA mortgage.
“We are ecstatic to receive these allocations and to be partnering with Florida Housing again,” said Steve Lowitz, Principal, Arbour Valley Communities. “These awards will allow us to develop much needed high-quality, affordable housing throughout the State of Florida.”
All three projects will incorporate high performing and energy efficient building design and materials and will highlight healthy living and resource conservation practices. The amenity-rich developments will include a swimming pool, playground, computer and business centers, community rooms and fitness facilities.
Arbour Valley Communities (AVC) develops, owns, and manages multifamily communities throughout the Southeast United States. Utilizing financing sources ranging from institutional equity, HUD/FHA debt programs, and federal tax credits, to HOME funds and conventional bank debt, AVC newly constructs or acquires and rehabilitates energy-efficient wellness-oriented apartment communities perfectly suited to their communities and residents.