TD Bank Funds Fort Lauderdale Public Housing Renovation
“Adding new affordable housing has been a major focus of the bank.”
FORT LAUDERDALE, FL—The Housing Authority of the City of Fort Lauderdale will revitalize Suncrest Court, a 66-unit public housing community, by replacing it with 116 new, modern and affordable apartment units.
TD Bank’s Commercial Real Estate business has provided a $16 million construction loan and the Community Capital Group provided $12.6 million in low income housing tax credits to the Fort Lauderdale Housing Authority to finance the redevelopment. The project also received a State Apartment Incentive Loan from the Florida Housing Finance Corporation.
The project involves the demolition of the existing buildings, which were built in 1962, containing 66 units of public housing. The new Suncrest Court will include seven buildings in a combination of two- and three-story buildings totaling 116-units serving households with a range of incomes including 12 units for residents who earn less than 30% of the area’s median income and 104 units for residents making up to 60% of area’s median income.
During construction, current residents have been offered vouchers to nearby affordable housing communities. Upon completion, existing residents will have the right to return to the community and live in the new, modern units.
Nathan Perlmutter, VP Commercial Real Estate at TD Bank, tells GlobeSt.com that Fort Lauderdale is one of the least affordable cities in America where monthly housing costs exceed 30% of income for more than half of the households in this area, according to recent reports.
“Higher home costs coupled with higher construction costs results in a perfect storm for an expensive rental market and rent-burdened residents,” Perlmutter says. “Adding new affordable housing has been a major focus of the bank and a part of our commitment to strengthen and improve the communities in which we live and work.”
Permutter says construction will be completed in about 16 months.
The new property is conveniently located near Interstate 95, local retailers and grocers. Suncrest Court will have easy access to public transportation, and residents will have ample parking spaces.
“TD Bank’s funding of the Suncrest Court development supports our mission to increase housing opportunities for low-income residents of Broward County,” said Tam English, executive director of the Housing Authority of the City of Fort Lauderdale. “This project is replacing a dilapidated community with 116 modern, clean units where residents will feel empowered to contribute to society and their communities.”