The Tallahassee City Commission recently approved a request for funding for ECG Lake Bradford, LP for Lake Bradford Apartments in the amount of $961,300 from the City’s HOME-ARP funding.
ECG Lake Bradford, LP is proposing to build a 158-unit affordable housing development to serve low-income individuals, families, and seniors located at 1131/1139 Kissimmee Street along Lake Bradford.
Elmington Capital Group, dba ECG Lake Bradford, LP, is a commercial real estate investment, development, construction, affordable housing, and property management firm headquartered in Nashville, TN.
Construction on the $56 million project is set to begin in January 2025 and be completed in the end of October 2026.
Project Financing
Elmington Capital Group applied to and received funding through the Florida Housing Finance Corporation for 4% for Low-Income Housing Tax Credit (LIHTC) and State Apartment Incentive Loan (SAIL) funding for the construction of affordable housing, including conversion of a former commercial property located at 1131/1139 Kissimmee Street.
The developer has secured approximately $52 million in financing. Of the $4,3 million remaining financing gap, the developer will pay 75% with the remaining portion representing the request to the city.
The City has provided $188,700 in the following incentive and grant assistance, as well as in-kind services from staff facilitating federal requirement compliance.
The remaining ask of $961,300 is in the form of direct financial assistance utilizing the City’s HOME ARP allocation, bringing the total commitment from the City to $1,150,000, in addition to staff assistance.
The format for the assistance is in the form of a 55-year loan to the project. The loan carries a 0.01% interest rate. Payments are to be made based on available cash flow after all superior debt has been satisfied. This loan arrangement allows the City assistance to be seen as a “grant” and the repayment terms do not impact the debt structure of the development.
City Commission Approves $961,3000 in Funding for Southside Affordable Housing Project added by Staff on
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Does it say how many of those 158 units must be dedicated to low income housing? Generally they only need a small percentage of the units set aside to qualify…looks like more student housing to me. My guess, majority will be student housing (technically low income) with high rent that requires guarantor (mom and dad). Anyone care to place a wager?
The $56 million project is for a 158-unit affordable housing development to serve low-income individuals, families, and seniors. Try this, Subtract $10 Million for all the “What Evers” and that leaves you $46 Million for actual Construction. That makes the cost of each Apartment built at $291,139. There are new Subdivisions being built that have 100 to 500 Beautiful 3 Bed / 2 Bath Homes that are listed between $250,000 and $300,000………… Hmmmm, Live in an Apartment or live in a House
OK, once it is built for people to start moving in, HOW MUCH will the Rent be and HOW MUCH of that is the Government expected to Pay? If the Government is expected to Pay ANY OF IT, then it is NOT Affordable Housing, it is Subsidized Housing. The Tax Payers have a right to know.
Why cant the developer pay 100% of the gap? Or spend 1 mil less?
Does this mean that Jack Porter and Jeremy Matlow can no longer say the reason for our high crime rate, panhandlers on every street corner and low performing public schools is because of the absence of affordable housing?
$355k per apartment… oh yeah, that’s “affordable” alright.
“Affordable Housing”… the new PC term for The Projects
@ James Taylor = They already get help with the Rent, which is probably why the Rent is so high now.
What the City and County needs to do is cap the Help at $400 a Month, not a penny more then Rent might start coming down. Rules and Regulations must be put in place to make sure that they take care of the Home/Apartment to be able to receive the Help which means Inspections must be made at least once a Year, twice a Year is preferred. The City and County only has so much Money, unless you want them to raise your Taxes even more.
Low income housing in your neighborhood will destroy property value. My friend builds and renovated low income housing and was the superintendent when the project on south Magnolia was done a few years back. Newly completed projects are trashed out almost immediately after tenants move in. When he renovated a project, they had to give free gift cards just to get tenants to clean up their mess. You do not want any subsidized housing near your community more less your neighborhood.
Is it really wise to place all the low income housing in one locale? Wouldn’t it be better to scatter smaller groups of this through other areas ? one might expect trouble from these concentrations of low income people. What might be expected is a spread of the gun violence , etc. that is occurring in downtown Tallahassee.?
Maybe a plan could be developed to subsidize the independent landlords for rent support, and devise a plan to compensate them for extreme property damage from some of these people.