The Housing Authority of the City of Fort Lauderdale is replacing a 66-unit public housing community with 116 new, modern, and affordable apartments for low-income residents in South Florida.
The project involves the demolition of the existing buildings at Suncrest Court, which were built in 1962. The new development will include seven buildings in a combination of two- and three-story buildings totaling 116 units serving households with a range of incomes, including 12 units for residents who earn less than 30% of the area median income (AMI) and 104 units for residents making up to 60% of the AMI.
TD Bank’s Commercial Real Estate business announced it is providing a $16 million construction loan and the Community Capital Group is providing $12.6 million in low-income housing tax credit equity to help the housing authority finance the redevelopment. The project also received a State Apartment Incentive Loan from the Florida Housing Finance Corp.
During construction, current residents have been offered vouchers to nearby affordable housing communities. Upon completion, the residents will have the right to return to the community and live in the new apartments.
“Suncrest Court is a new affordable housing development that will address the shortage of quality affordable housing for our most vulnerable individuals and families in Broward County,” said Nathan Perlmutter, vice president in TD Bank’s Commercial Real Estate group.
The new property is conveniently located near Interstate 95, local retailers, and grocers. With a spacious location, Suncrest Court will have easy access to public transportation, and residents will have ample parking spaces.
