Blue Sky Communities has received $43 million in financing to develop The Preserve at Sabal Park, a 144-unit affordable housing community in Seffner, Fla.
TD Bank provided the money, arranging a $22 million construction loan through its Commercial Real Estate Group and a $20.3 million equity investment through the purchase of Low-Income Housing Tax Credits.
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“Within the Tampa-Bay area, there’s a growing need for quality, affordable housing. There’s been a lift in rental rates for the existing stock of multifamily housing units,” Kyle Moore, TD Bank’s vice president, told Multi-Housing News. “This new development will offer affordable housing and supportive services for working-class and low-income families.”
With construction already underway, the money will be used for the initial construction phase. The Preserve at Sabal Park will offer one, two- and three-bedroom units. In addition to the affordable housing designation, the development will also offer a financial literacy program and employment assistance programs for the working class.
The Preserve at Sabal Park is located close to public transportation and has numerous retail shopping and restaurants nearby.
A Commitment to Help
The financing is the latest act of TD Bank’s recent launch of The Ready Commitment, a new program whose goal is to offer a “more inclusive tomorrow through community giving” in four key areas to support change, nurture progress and contribute to making the world a better place—financial security, vibrant planet, connected communities and better health.
“TD is proud to fund this project, which will offer affordable housing to support hard-working citizens in Florida,” Moore said.