Hunt Capital Partners Secures Financing for Affordable Housing Development for Homeless Women and Children in Florida
LOS ANGELES, May 18, 2017– Hunt Capital Partners, in collaboration with the I.M. Sulzbacher Center for the Homeless (Sulzbacher Center)and Vestcor Companies, announced the financial closing of a new construction, low-income housing tax credit (LIHTC) development called Sulzbacher Center for Homeless Women and Children (Sulzbacher Village). Located in the city of Jacksonville, Sulzbacher Village will offer 70 LIHTC permanent housing units for homeless women and children as well as54 units for emergency housing and medical respite.
According to the Sulzbacher Center, there are 3,000 people who are homeless in Jacksonville.Each day, the Sulzbacher Center provides shelter for 360 individuals, healthcare for 200 patients, and over 1,500 meals through its Downtown Jacksonville and Jacksonville Beach campuses. However, having run at capacity for several years, the Sulzbacher Center sought to construct a new community for women and children, who represent the fastest growing groups in the homeless population. The Sulzbacher Center partnered with Vestcor Companies, one of Florida’s premier affordable housing developers, and Hunt Capital Partners, a national LIHTC investor,to realize this vision.
“We are excited to partner with the Sulzbacher Center and Vestcor Companies on the Sulzbacher Village initiative,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Many homeless women and children will now have access to affordable housing. They will also receive education programs like literacy training, employment assistance, health and wellness services, and financial management, to help them acclimate back into society. This development will positively impact the Jacksonville community for years to come.”
“This amazing project is a real milestone for Sulzbacher,” said Cindy Funkhouser, CEO of the Sulzbacher Center. “It is the culmination of the visionary thinking and hard work of the Sulzbacher board, leadership team and staff—including former CEOs and previous boards. It’s the result of incredibly supportive donors and funders. It’s the belief in our project by the Florida Housing Finance Corporation, which awarded us low income tax credits, and the commitment of our investor, Hunt Capital Partners, who purchased those credits. But more than anything, we are excited for our women and families who will live at Sulzbacher Village and have access not only to apartments of their own, but also to the services they need to achieve on-going self-sufficiency.”
“We are thrilled to begin construction on Sulzbacher Village after over two years in the planning process. This was a joint effort by several different entities, including Florida Housing Finance Corporation who provided the tax credits, Hunt Capital Partners, all of the private donors and the Sulzbacher Center board and employees,” said Vestcor President Steve Moore. “We are proud to be able to provide quality affordable housing to a much needed population and are honored to partner with the Sulzbacher Center to do so.”
The ground breaking for Sulzbacher Village, which sits on 3.1 acres of land, took place on April 13, 2017. Construction is scheduled for completion in Spring 2018. When finished, the three-story building will offer a mix of studio and two bedroom LIHTC units. Eleven units will be restricted to households at or below 33 percent of the area median income (AMI), and 59 units will be restricted to households at or below 60 percent of the AMI.
Sulzbacher Village will also provide an impressive array of on-site amenities including a playground, daycare, computer lab, children’s library, children’s behavioral therapy center, on-site management, 24-hour security, and medical, vision and dental offices.
Sulzbacher Village has an estimated total development cost of $19.9 million.The 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. Hunt Capital Partners facilitated the investment of federal LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 24. As a non-traditional LIHTC transaction, the deal was complex and required unique structuring.
The Sulzbacher Center is the general partner, guarantor and co-developer of the development. Vestcor Companies is also a co-developer of Sulzbacher Village.This is the second affordable housing deal Vestcor Companies and Hunt Capital Partners have partnered on in the last six months. The first development was Quest Village in Orlando,a 48-unit affordable housing property designed to accommodate individuals with intellectual disabilities.
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.