Hunt Capital Partners announced that it and co-developers HumanKind Housing LLC and Kingdom Development Inc. have closed on $4 million in Low Income Housing Tax Credit equity financing to acquire and rehabilitate 85 units of affordable multifamily housing on the Space Coast of Florida.
Tropical Manor Apartments is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Florida’s Brevard County. The acquisition/rehab of the two-bedroom/one-bathroom units, restricted to households earning up to 60 percent of area median income, will preserve nine two-story garden style apartment buildings, a one-story community building and a one-story maintenance building, Hunt said in the announcement. In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be ADA accessible.
“This is a great preservation project for housing originally built in 1968,” said Dana Mayo, executive managing director of Hunt Capital Partners. “The quality of life of the families living in Tropical Manor Apartments will benefit tremendously from a wide array of new amenities, both inside their units and in the community at large.”
