WEST REGION
$444,000 FCLF Financing (3 loans)
Rehabilitation loan
Renovation of 16 affordable apartment homes
"FCLF understands the changing issues and challenges that non-profit housing organizations face. We truly value FCLF as a partner in accomplishing our mission of service to the working families of our community." – Harold Sample, Executive Director, Workforce Housing Ventures
In San Antonio, Florida, located in East Pasco County, the Stonehenge Apartment complex provides affordable rental homes for low-income families. Built in 1983, the apartment complex was in need of new roofs on all buildings and repairs to the parking areas. Additionally, the complex owner had outstanding debt on extensive renovations that had recently been undertaken on the 5-building complex.
With financing from Florida Community Loan Fund, to the original owner, a previous debt was paid off – at lower rates and with extended terms – and work needed on roofs and parking were completed. These renovations significantly improved living conditions at Stonehenge Apartments, and allowed the rent on these 16 apartment homes to remain affordable for low-income families.
When the Stonehenge Apartment complex was purchased by Pasco County Housing Authority, FCLF financing was transferred to the new owner as part of our commitment to preserve affordable rental housing throughout Florida. Through an agreement with Pasco County, 50% of the units are set aside for households earning 80% of less of area median income (AMI).
The lending team at Florida Community Loan Fund demonstrated the flexibility of their financing to create a new structure for this loan, with equal proceeds coming from two of FCLF’s lending programs: the Community Development Fund and the Florida Preservation Fund. Drawing financing from the two lending programs enabled the loan to proceed with a low interest rate, maintaining the long-term viability of this affordable multi-family housing complex.
Pasco County Housing Authority assists low-income families with safe, decent, and affordable housing opportunities as they strive to achieve self-sufficiency and improve the quality of their lives. Established in 1973, the Housing Authority has over 2,000 units under management in various housing programs.
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