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2012 Annual Report

 

AFFORDABLE HOUSING AND HOMELESSNESS SUCCESS STORIES IN BROWARD COUNTY

CITY OF POMPANO BEACH:
Captiva Cove is a 264-unit affordable rental community in the City of Pompano Beach, Florida. This new apartment community will offer residents a mix of one, two and three bedroom apartments. Amenities include an on-site lake with adjacent clubhouse offering a resort-style pool, fitness center, business center and social activities rooms. Phase 1 of the project is almost complete and plans are for the first residents to begin moving in during February, 2013. Funding sources include:

 Tax Credit Equity

  • New Issue Bonds
  • Market Rate Bonds
  • SHIP -Broward County
  • HOME -Broward County
  • Bond Redemption (with Subsidy)
  • Florida Housing Finance Corp. -HOME
  • City of Pompano Beach
  • FHLB (Set Free Coalition, Inc.)
  • Developer Equity
 

Captiva Cove, Pompano Beach, FL

 

Captiva Cove rendering

  Residential in Pompano Beach, FL

Choices Network Systems, Inc. (“Choices”) received funds to purchase two new three bedrooms, two bath homes in Pompano Beach during 2011. The homes serve as Transitional Independent Living housing for low and moderate income youths who have aged out of the foster care system. The facilities provide educational and vocational training, job placement assistance, counseling and basic life and financial skills training through Choices’ established community partnerships. HOME CHDO funding for purchase of the homes was provided through two zero interest, deferred payment loans that will be forgiven after 20 years. A separate Declaration of Covenants and Restrictions was recorded for each home, assuring the affordability of each during the same period.

 

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