CHERRY HILL, N.J.,
Jan. 14, 2020 /PRNewswire/ -- Low-income residents of
Broward County in South Florida will have additional affordable
housing options in 2021. The Housing Authority of the City of Fort Lauderdale (HACFL) will
revitalize Suncrest Court a 66-unit public housing community, by
replacing it with 116 new, modern and affordable apartment
units.
TD Bank, America's Most Convenient
Bank's®, Commercial Real Estate business provided a
$16 million construction loan and the
Community Capital Group provided $12.6
million in low income housing tax credits to the Fort
Lauderdale Housing Authority to finance the redevelopment. The
project also received a State Apartment Incentive Loan ("SAIL")
from the Florida Housing Finance Corporation.
The project involves the demolition of the existing buildings,
which were built in 1962, containing 66 units of public housing.
The new Suncrest Court will include seven buildings in a
combination of two- and three-story buildings totaling 116-units
serving households with a range of incomes including 12 units for
residents who earn less than 30% of the area's median income and
104 units for residents making up to 60% of the area's median
income.
During construction, current residents were offered vouchers to
nearby affordable housing communities. Upon completion, existing
residents will have the right to return to the community and live
in the new, modern units.
"Suncrest Court is a new affordable housing development that
will address the shortage of quality affordable housing for our
most vulnerable individuals and families in Broward County," said Nathan Perlmutter, Vice President, Commercial
Real Estate at TD Bank. "We are proud to be the financial
institution for organizations like the Housing Authority of the
City of Fort Lauderdale that are
working hard to break the cycle of poverty and to provide clean,
safe and affordable housing for those most in need."
The new property is conveniently located near Interstate 95,
local retailers and grocers. With a spacious location, Suncrest
Court will have easy access to public transportation, and residents
will have ample parking spaces.
"TD Bank's funding of the Suncrest Court development supports
our mission to increase housing opportunities for low-income
residents of Broward County," said
Tam English, the Executive Director
of the Housing Authority of the City of
Fort Lauderdale. "This project is replacing a dilapidated
community with 116 modern, clean units where residents will feel
empowered to contribute to society and their communities."
The Housing Authority of the City of
Fort Lauderdale has been committed to providing affordable
rental housing to the residents of Broward County, South Florida since 1938.
TD Bank creates strong relationships with customers by
understanding their industry and their business.
This project reinforces TD Bank's The Ready Commitment, a
multi-year program designed to open doors for a more inclusive
tomorrow through community giving in four areas – financial
security, vibrant planet, connected communities and better
health.
About TD Bank, America's Most Convenient Bank®
TD
Bank, America's Most Convenient Bank, is one of the 10 largest
banks in the U.S., providing more than 9 million customers with a
full range of retail, small business and commercial banking
products and services at more than 1,200 convenient locations
throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas
and Florida. In addition, TD Bank
and its subsidiaries offer customized private banking and wealth
management services through TD Wealth®, and vehicle
financing and dealer commercial services through TD Auto Finance.
TD Bank is headquartered in Cherry Hill,
N.J. To learn more, visit www.td.com/us. Find TD Bank
on Facebook at www.facebook.com/TDBank and on Twitter at
www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services
company in North America. The
Toronto-Dominion Bank trades on the New
York and Toronto stock
exchanges under the ticker symbol "TD".
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SOURCE TD Bank