HomeBusinessDeer Creek Senior Housing Community groundbreaking scheduled for April 29
Deer Creek Senior Housing Community groundbreaking scheduled for April 29
April 27, 2021
Press release from Neighborhood Housing & Development Corporation
Neighborhood Housing & Development Corporation (NHDC) will celebrate the groundbreaking of Deer Creek Senior Housing Community, an affordable 55+ apartment community located at 2166 NW 55th Blvd at 10:00am on Thursday April 29, 2021. The development is a five-story building consisting of 62 apartment units with community and office space totaling 67,000 sq. ft. on a 3.29-acre site. NHDC partnered with Rural Neighborhoods Inc (RNI) of Florida City, FL to develop the site. The project was designed by Hoffman & Facundo Architects of LaBelle, FL. Verdex Construction is the General Contractor. Tentative completion is early spring of 2022.
“This project is a true testament of the collaborative spirit needed to undertake major projects that greatly impact our community,” said Corey Harris, NHDC Executive Director. Both NHDC and RNI are NeighborWorks America affiliates. NeighborWorks America is a congressionally chartered national nonprofit with over 240 charter members.
Funding for these types of projects are multi-layered and multifaceted. NHDC and RNI utilized the Florida Housing Finance Corporation Pre Development Loan program, commonly referred to as PLP, to underwrite the project design and site work. The main source of funding for the project is the Low Income Housing Tax Credits program-LITHC-9%. Community Housing Capital will provide construction and permanent financing. The project was awarded the local government preference to accompany the LITHC application. These funds come through the City of Gainesville Connect Free Program, which will be used to offset some of the connection fees. Harris continues, ”LITHC-9% funding is extremely competitive, but the funding awarded by the City of Gainesville really increased our odds of securing funding through the program.” Low Income Housing Tax Credit in the State of Florida is based on a lottery system, and local jurisdiction contribution preference provides additional weight to applications. Each year, the local government can select one project by providing additional funding of support for LITHC applications.
NHDC builds five to six single family homes and provides services to over 500 families annually. Currently NHDC is developing two subdivisions in Alachua County: Lana’s Place, which has 16 homes, and Bella Meadows, with 41 homes. Deer Creek represents the first multifamily development for the organization, which hopes to build more projects in the area.