Construction Commences on $33M Green Affordable Housing Development
- Nov 22, 2010
Davie, Fla.–Ground has just broken on East Village, a 155-unit affordable housing townhome community in Davie, Fla., that will bring much-needed housing to low-and very-low-income families. Broward County Housing Authority and Carlisle Development Group are behind the project, which will feature a bevy of green elements and cost $33 million to complete.
East Village will be located at 7481 NW 33rd Street, a site that had been home to an older affordable housing development. Designed to accommodate families, the townhomes will consist of an average 1,000 square feet and will feature one-, two- and three-bedroom floor plans with up to two-and-a-half bathrooms.
“When we open our Section 8 lists, three-bedrooms are in the highest demand, and that–along with market studies– gave us a strong indication of what type of units we needed to build,” Kevin Cregan, CEO of BCHA, tells MHN. Residences at East Village will be marketed to families with annual household incomes between $15,000 to $49,500, and rents will be as low $416 per month.
There will be no shortage of residents seeking a home at the new development. “Demand is going to be even higher than it had been because of all the housing foreclosures in Florida,” he explains. “There was always a strong need for affordable housing for families and the elderly, but the foreclosure crisis has added to that demand.”
BCHA and Carlisle have designed the project to meet qualifications for the U.S. Green Building Council’s LEED for Homes Gold certification; the achievement will make East Village the first affordable housing development in Florida to carry the designation.
“We want to be good to the environment and helpful to our residents’ pocketbooks in terms of costs,” Cregan says. “I’m not sure we would have been able to do it if the price of tax credits hadn’t come back, but it just makes sense in the long run. And Carlisle is the leader in the field of green affordable housing development; we partnered with them on the first LEED-certified affordable housing project in the state.”
BCHA was able to finance the development of East Village through Federal Stimulus funds, Low Income Housing Tax Credit equity, a Town of Davie SHIP Loan and a Broward County HOME Loan. Additionally, Citi Community Capital provided capital for the project.
Once East Village is built and leased, BCHA will stay on as managing general partner to operate the property.