LOS ANGELES, May 24, 2018– Hunt Capital Partners, in collaboration with Sulzbacher, celebrated the grand opening of Sulzbacher Village on Thursday. Located at 5455 Springfield Blvd. in Jacksonville, Fla., Sulzbacher Village provides 70 permanent low-income housing tax credit (LIHTC) units for single women, female veterans, children and families who are homeless. The project will also provide comprehensive medical, educational and vocational services onsite, including respite care units for homeless individuals recently discharged from local hospitals.
Sulzbacher Village welcomed over 300 guests to its ribbon-cutting ceremony on Thursday morning. Speeches were given by Cindy Funkhouser, CEO of Sulzbacher; Mayor Lenny Curry of Jacksonville; and Denise Cleveland-Leggett, the U.S. Department of Housing and Urban Development Region IV Regional Administrator for the Southeast. Hunt Capital Partners Director James Crowder also expressed thanks. Other guests in attendance included donors, partners, volunteers, elected officials and Sulzbacher staff.
“Sulzbacher Village is a milestone not only for Hunt Capital Partners, Sulzbacher and the development team, but also for the city of Jacksonville,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “The powerful combination of providing permanent housing, medical care, education classes and job training programs serves as an effective solution to reduce homelessness and improve the quality of life for the entire community.”
“After eight years of dreaming and planning, Sulzbacher Village is finally a reality. It is truly a miracle made possible by hundreds of donors and volunteers, our co-developer Vestcor, our investor Hunt Capital Partners, the Methodist Church who provided the land, and of course, Florida Housing Finance Corporation who awarded us the tax credits. It is a game-changer for homeless women and families in our community, and we hope it will become a model for the nation,” said Cindy Funkhouser, president and CEO of Sulzbacher.
Sulzbacher Village offers 70 studio, one bedroom and two bedroom apartments restricted to women and families that earn up to 33 and 60 percent of the area median income. The project also provides 36 women and family short-term stay units, 10 respite units for women recently released from local hospitals who need follow-up care, and eight units for homeless veteran women. With its 70 permanent housing and 54 other units, Sulzbacher Village eliminates the need for 200 shelter beds in the Jacksonville community.
The affordable housing development features an array of onsite services and amenities designed to equip homeless women with the skills needed to succeed and transition to traditional housing. Sulzbacher Village provides a 7,000 square foot health center that offers primary care, dental, vision and behavioral services for women and children residing in the village and surrounding community. The campus has an early learning center, computer lab, children’s library, playground and mobile food pantry. Onsite education programs include job training classes, culinary classes, homework tutoring, mentorship initiatives and female veteran programs for acclimating back into society.
The construction of the 92,000 square foot Sulzbacher Village was completed in a year. The total development cost for Sulzbacher Village was $21 million. Sulzbacher raised over $6 million, from over 400 individuals and donor organizations. Florida Housing Finance Corporation awarded Sulzbacher Village $9.2 million in 9% federal LIHTCs and $3.5 million in State Apartment Incentive Loan (SAIL) funds. Jacksonville-based Vestcor Companies developed the project on behalf of Sulzbacher. Hunt Capital Partners facilitated an $8.4 million equity investment through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 24.
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 investees 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.