$130m in financing secured for affordable housing renovations in Florida

by   CIJ USA
2016-10-21   16:20
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The Hallmark Cos. has secured $130 million in financing that the company will use to preserve 1,058 affordable housing units in Florida. The residences are housed in 24 aged USDA Rural Development Section 515 properties in 12 counties across the state. The rehabilitation of the properties is planned for completion in 12 months and will not displace any residents. Renovations will average about $32,000 per unit, and include both interior and exterior upgrades. With the oldest of the properties now 40 years old, work will focus on modernizing the buildings and making them more accessible. Greystone’s affordable housing preservation group worked with the USDA’s Rural Housing Service (RHS) national and Florida offices, as well as with the Osceola County Housing Finance Authority (OCHFA) and Florida Housing Finance Corp., to secure the financing needed to acquire and rehabilitate the at-risk properties.

“The preservation of aging affordable housing is an ongoing challenge we continue to face within the housing industry,” added Pete Peterson, president of The Hallmark Cos. “There is a critical need for both the affordability and long-term physical viability of these multifamily housing communities in rural areas throughout the country. These homes are a valuable resource for both the elderly and families in local communities, who would otherwise not have access to safe, dependable and sanitary housing.”