Developers have secured key financing to build a 54-unit affordable housing community serving veterans and families in Palm Springs, Florida.
Village of Valor will offer 26 two-bedroom and 28 three-bedroom apartment homes. Half of the units will be set aside for residents earning no more than 50% of the area median income, and six homes will be set aside for individuals with special needs.
Merchants Capital announced that it is providing more than $33 million in financing for the project by Turnstone Development and Faith Hope Love Charity.
Village of Valor has secured a $6.5 million Freddie Mac tax-exempt loan and a $15.8 million construction loan provided by Merchants Bank. Merchants Capital also provided $11.5 million in low-income housing tax credit equity as the syndicator.
The development will feature energy-efficient units housed in two four-story buildings. Unit interiors will include washer/dryer connections, energy-efficient stainless-steel appliances, ceiling fans, and individual porches or balconies.
Community amenities will include recreational areas, a picnic area, walking paths, a basketball court, and a swimming pool. Commercial and office space will be located on the ground floor of one of the buildings for philanthropic efforts related to military veterans and their families.
“Turnstone is so proud to be involved in the development of Village of Valor. This development isn’t just housing—it’s a place where veterans can rebuild, connect, and thrive in the community they so proudly served,” said Sue Wiemer, executive director of Turnstone Development. “We know that affordable housing will meet an initial need, but through the supportive services provided by our development partner Faith Hope Love Charity, we collectively are excited to introduce services designed to support and benefit our veterans.”