Earlier this year, CLF closed on a loan with the Town of Hollywood in the amount of $253,784 and provided a housing subsidy of $25,000 for the Holly Grove project. This 42-unit project was originated several years ago by a local community development corporation who had to halt construction as a result of a crumbling economy; the Town of Hollywood has taken over the project and is now ready to resume construction. CLF’s financing will be used to construct the first phase of the project, four units of affordable rental housing for families at 80% AMI or below, and will be used as a catalyst for the next phase of development.
A marketing analysis of this project demonstrates a tremendous need for affordable rental housing available to low-income families. The Holly Grove project will provide opportunities in a market with limited stock of safe, affordable rental housing options.
“The Town of Hollywood struggled to secure funding for this project from traditional sources and therefore, approached us to request an initial loan for development. Our financing will allow the Town to begin construction and will entice additional capital to ensure project completion of the entire 42-unit complex,” explains Patrick King, assistant director for CLF. “This marks our first RLF loan in the Town of Hollywood, and we are honored to be part of this project.”
The project, managed by the F.A. Johnson Consulting Group, Inc. and constructed by Kenneth Scott Builders, broke ground earlier this month. The anticipated date of completion is June 2013.
For more information on our lending program, please contact Patrick King at patrick@sccommunityloanfund.org.
