CRA Board Approves $2 Million Development Incentive for New Hope Affordable Housing Development

The New Hope Affordable housing project is a four-story development with thirty (30) rental apartment homes and ground floor parking. The apartments average 900 square feet and are all two bedrooms each, hold two bath units with a kitchen, living room, dining area and outdoor balcony. Unit amenities include ceramic tile floors and wall to wall carpeting, kitchens with designer crafted wood cabinets and natural stone counter tops and breakfast bar, Energy Star stainless steel appliances, stylish bathrooms, high efficiency AC and heating, ceiling fans in bedrooms and living room areas, LED lighting, and other designer, energy efficiency and construction features . The average rents are projected to be $1,500 to $1,700 per month and the apartment units will be affordable to and leased to households with incomes not to exceed 120% of the area median income (AMI) as adjusted by family size for a minimum of five years.

The proposed development will be constructed on the 12,115 square foot (0.278 acre) overflow parking lot of New Hope Church that is across the street from the church. The minority developer, New Hope Development Corporation, is a partnership between NHB Sistrunk CDC and Land America Development Corporation. NHB Sistrunk CDC is a non-profit Community Development Corporation started by New Hope Church. Land America Development Corporation will take the lead in the project and will serve as the general contractor and through its affiliates will provide architectural and engineering design service, construction management and project management services. Their team includes Jason Shlonsky, Architect and General Contractor, Lou Campanile Jr, P.E., and Hilary Reid, along with consultants Jarvis Wyandon Architecture, ARC Engineering and International Consulting Engineers and Design, LLC. Land America is led by Vincent Prince, a CPA and General Contractor and former senior financial manager with a twenty-year career and a portfolio of numerous commercial and residential projects in the US and abroad.

The total project cost will be approximately $6.43 million with CRA funding representing approximately 31% of the total project cost. CRA funding will take the form of a forgivable loan secured by a mortgage on the property, subordinate to first mortgage construction and permanent financing. CRA funding will be applied to project construction cost. Funding will be provided over two fiscal years with $1,000,000 provided in this fiscal year and an additional $1,000,000 provided in the next fiscal year after September 30, 2023.This project will result in forty-five to fifty construction jobs, in addition to three permanent jobs. The project is estimated to start construction in 2023 and be completed in 2024. The project will bring much needed affordable housing to the City of Fort Lauderdale and the Northwest-Progresso-Flagler Heights (NPF) Community Redevelopment Area.

Consistency with the NPF CRA Community Redevelopment Plan

The Redevelopment Program seeks to preserve and expand affordable housing, commercial development and job opportunities. The NPF CRA Community Redevelopment Plan is designed in part to stimulate private development of areas. The Project is consistent with the NPF CRA Plan which provides for direct physical improvements to enhance the overall environment, improve the quality of life, promote public private partnerships, and investment in the area. In addition, per the Future Land Use Plan and CRA Plan, redevelopment and housing opportunities for low, very low, and moderate income households within the Northwest CRA should be encouraged.