Each of the three properties will set aside 20% of their rental units for families earning no more than 50% of the area median income and an additional 55% of the units for families earning no more than 80% of the area median income. Company VP Marc Yavinsky of the Boca Raton retail loan origination office along with Newman & Associates arranged the transaction. The Taylor Community Development Corp. owns the three properties.

The financing involved long-term Fannie Mae credit enhancement totaling $24.97 million of weekly variable rate tax-exempt bonds, including $10.18 million for the Ponds, $8.23 million for the Parks, and $6.55 million for the Courtyards. The company also provided supplemental loans of $735,000 on the Parks and $1.295 million on the Courtyards through its Fannie Mae DUS program, bringing the total financing to $27 million.

"These multifamily housing communities were a major concern to the city of Taylor, because of deferred maintenance and high crime rates. These rental communities have become a source of local pride," says John Kuykendall of Newman & Associates.