Hunt Capital Partners and Cocoa Housing Authority Utilize RAD to Renovate Portfolio
LOS ANGELES, June 19, 2018– Hunt Capital Partners provided $12.65 million in low-income housing tax credit equity (LIHTC) financing for the acquisition and rehabilitation of Pineda Village. Scattered across several sites in Cocoa, Fla., Pineda Village is a 144-unit public housing development being converted to Project-Based Section 8 through the Rental Assistance Demonstration (RAD) program. Since the U.S. Department of Housing and Urban Development launched RAD in 2013, Hunt Capital Partners has been involved in the revitalization, rehabilitation and reconstruction of over 30 properties utilizing RAD.
Built between 1953 and 1965, Pineda Village was in substantial need of repairs accrued over 50 years of use. The redevelopment of Pineda Village is an important step toward updating and preserving affordable housing for low-income families in Cocoa.
“There are over 400 families on Cocoa Housing Authority’s waiting list,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “By utilizing RAD, we can ensure Cocoa Housing Authority is able to provide quality, affordable housing for years to come.”
Cocoa Housing Authority (CHA) intends to renovate its entire housing stock of 327 units under RAD. Pineda Village is the first tranche of this goal. Once renovated, the 144 units will operate under a 20-year Project-Based Rental Assistance (PBRA) subsidy provided through RAD.
Pineda Village comprises 64 buildings spread across 27 acres in Cocoa. The single-family homes and apartment complexes are located on Barlow Street, School Street, Fern Avenue and A B, & C Street. Reconstruction began in June 2018 and is scheduled for completion in June 2019. Once rehabilitated, Pineda Village will offer studio, one-, two-, three-, four- and five-bedroom units for families earning between 30 and 80 percent of the area median income. The renovated units will include new vinyl plank flooring, ceiling fans, Energy Star appliances, stackable washers/dryers, aluminum frame windows, and bathroom fixtures. The properties will also be outfitted with new walkways, ramps and entry porches to provide greater accessibility as well as general landscaping improvements. Community amenities will include a community room, picnic area and playground.
The total development cost for Pineda Village is $21.95 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 24. CHA Developer, LLC and Smith & Henzy Advisory Group Pineda Village, LLC co-developed Pineda Village. Winter Park Construction Co. is the general contractor and CHA is the property manager.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1.4 billion in tax credit equity. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. For more information on Hunt Capital Partners, please visit www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com.
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