CHERRY HILL, N.J., Jan. 14, 2020 /PRNewswire/ -- Low-income residents of Broward County in South Florida will have additional affordable housing options in 2021. The Housing Authority of the City of Fort Lauderdale (HACFL) will revitalize Suncrest Court a 66-unit public housing community, by replacing it with 116 new, modern and affordable apartment units.
TD Bank, America's Most Convenient Bank's®, Commercial Real Estate business provided a $16 million construction loan and the Community Capital Group provided $12.6 million in low income housing tax credits to the Fort Lauderdale Housing Authority to finance the redevelopment. The project also received a State Apartment Incentive Loan ("SAIL") from the Florida Housing Finance Corporation.
The project involves the demolition of the existing buildings, which were built in 1962, containing 66 units of public housing. The new Suncrest Court 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's median income and 104 units for residents making up to 60% of the area's median income.
During construction, current residents were offered vouchers to nearby affordable housing communities. Upon completion, existing residents will have the right to return to the community and live in the new, modern units.
"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, Commercial Real Estate at TD Bank. "We are proud to be the financial institution for organizations like the Housing Authority of the City of Fort Lauderdale that are working hard to break the cycle of poverty and to provide clean, safe and affordable housing for those most in need."
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.
"TD Bank's funding of the Suncrest Court development supports our mission to increase housing opportunities for low-income residents of Broward County," said Tam English, the Executive Director of the Housing Authority of the City of Fort Lauderdale. "This project is replacing a dilapidated community with 116 modern, clean units where residents will feel empowered to contribute to society and their communities."
The Housing Authority of the City of Fort Lauderdale has been committed to providing affordable rental housing to the residents of Broward County, South Florida since 1938.
TD Bank creates strong relationships with customers by understanding their industry and their business.
This project reinforces TD Bank's The Ready Commitment, a multi-year program designed to open doors for a more inclusive tomorrow through community giving in four areas – financial security, vibrant planet, connected communities and better health.
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