$248,000 financing, 2 FCLF loans
Term loans for acquisition
3 units of affordable rental housing
“FCLF Staff are excellent people to work with. Looking forward to our next acquisition!” – Maria A. Burger, CEO
The Housing Authority of the City of Stuart provides safe, affordable rental housing opportunities to low-income households, the elderly, and persons with disabilities, while promoting economic development and encouraging construction of new housing. The Authority currently works through HUD to offer affordable rental apartments. When a 2-unit duplex became available for purchase, the Housing Authority saw this as an opportunity to increase its offering of affordable rental homes to area residents. A 2nd loan from FCLF allowed the Housing Authority to purchase an additional property, increasing the supply of affordable rental housing in the area.
Florida Community Loan Fund provided financing to the Housing Authority of the City of Stuart to purchase a 2-unit residential building; one 3-bedroom and one 2-bedroom unit. The duplex is located near downtown Stuart and the US1 corridor, offering easy access to surrounding communities. The property has been under lease, and the purchase will not interrupt the lease term of current tenants.
A second loan from FCLF allowed the Housing Authority of the City of Stuart to purchase a 1-bedroom, 1400 square foot home that will be rented at affordable rates. As in the earlier loan, the tenants will be able to stay in the home.