The I.M. Sulzbacher Center for the Homeless and Vestcor Cos. have closed on the financing for a new development that will house homeless women and children in Jacksonville, Fla.
The Sulzbacher Center for Homeless Women and Children (Sulzbacher Village) will provide 70 permanent housing units for homeless women and children through the low-income housing tax credit (LIHTC) program as well as 54 units for emergency housing and medical respite.
It has an estimated total development cost of $19.9 million. The Florida Housing Finance Corp. awarded the development $9.2 million in 9% federal LIHTCs and $3.5 million in State Apartment Incentive Loan (SAIL) funds.
Alden Capital Partners facilitated the investment of federal LIHTCs through its multi-investor fund, Alden Capital Partners Tax Credit Fund 24.
“We are excited to partner with the Sulzbacher Center and Vestcor Cos. on the Sulzbacher Village initiative,” said Dana Mayo, executive vice president at Alden Capital Partners, in a statement. “Many homeless women and children will now have access to affordable housing. They will also receive education programs like literacy training, employment assistance, health and wellness services, and financial management to help them acclimate back into society. This development will positively impact the Jacksonville community for years to come.”
According to the Sulzbacher Center, there are 3,000 people who are homeless in Jacksonville. Each day, the center provides shelter for 360 individuals, health care for 200 patients, and over 1,500 meals through its downtown Jacksonville and Jacksonville Beach campuses.
However, having run at capacity for several years, the Sulzbacher Center sought to construct a new community for women and children, who represent the fastest-growing groups in the homeless population. The Sulzbacher Center partnered with Vestcor, one of Florida’s premier affordable housing developers, and Alden Capital Partners, a national LIHTC investor, to realize this vision.
The ground breaking for Sulzbacher Village, which sits on 3.1 acres of land, took place in April. Construction is scheduled for completion in spring 2018. When finished, the three-story building will offer a mix of studio and two-bedroom LIHTC units. Eleven units will be restricted to households at or below 33% of the area median income (AMI), and 59 units will be restricted to households at or below 60% of the AMI.
Sulzbacher Village will also provide an impressive array of on-site amenities including a playground, a day care, a computer lab, a children’s library, a children’s behavioral therapy center, on-site management, 24-hour security, and medical, vision, and dental offices.
The Sulzbacher Center is the general partner, guarantor, and co-developer of the development. Vestcor Cos. is also a co-developer of Sulzbacher Village. This is the second affordable housing deal Vestcor and Alden Capital Partners have partnered on in the last six months. The first development is Quest Village in Orlando, a 48-unit affordable housing property designed to accommodate individuals with intellectual disabilities.