Hunt Capital Partners announced that it has closed on the financing for The Pines, a new low-income housing tax credit (LIHTC) development for families in DeLand, Fla.
This is the second development on which Hunt Capital Partners is partnering with Roundstone Development. Once constructed, The Pines will offer 100 affordable housing units spread across six two- and three-story residential buildings as well as one single-story community building.
“We are glad to work with the Roundstone Development team again on another affordable housing development,” said Dana Mayo, executive managing director at Hunt Capital Partners. “The Pines serves to address the housing crisis in Florida and provide more quality, affordable housing to low-income families.”
A town with over 27,000 residents. DeLand is home to Stetson University. DeLand and the surrounding communities are plagued by a shortage of affordable housing. According to the 2016 U.S. Census, the poverty rate in DeLand was 21.3%, notably higher than the national average of 12.7%.
With DeLand’s current affordable housing properties leasing at the maximum allowed rents and having no vacancies, The Pines will be an important development that provides 100 new, high-quality affordable apartment homes to the area.
Construction for The Pines began at the end of 2017 and is scheduled for completion by Jan. 31, 2019. When finished, the development will offer 24 one-bedroom, 32 two-bedroom, 24 three-bedroom, and 20 four-bedroom units. The homes will be set aside for households earning up to 40% and 60% of the area median income. Five units will have a preference for special-needs households, or households consisting of a family that is considered to be homeless, a survivor of domestic violence, a person with a disability, or youth aging out of foster care.
All units will have the standard complement of appliances and amenities. The Pines also will feature on-site management, a clubhouse with a community kitchen, a business center, a library/meeting room, a fitness room, a laundry room, a swimming pool, and a playground.
The development cost for The Pines is $18.6 million. Hunt Capital Partners facilitated an investment of $13.4 million in federal LIHTC equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. The property manager is Sunchase American; the general contractor is Bradley Construction Co. of Clearwater, Fla.; and the architect is Brian Rumsey of McKinney, Texas.
Hunt Capital Partners, the syndication division of Hunt Cos., specializes in the syndication of federal and state low-income housing, historic, and solar tax credits.