$2.5 million FCLF financing
106 units of affordable rental housing
“We’re thrilled to have closed financing for another affordable housing development with Florida Community Loan Fund. Colonnade Park is Green Mills Group’s fourth community financed with FCLF long-term permanent debt, which helps enable us to develop beautiful homes that serve families in need of affordable housing. FCLF is great to work with in every way, and we look forward to more partnerships with them…” – Mitch Rosenstein, principal of Green Mills Group
In Florida’s Citrus County nearly 25% of renter households are cost burdened – paying more than 30% of income for housing and related expenses – and like so many areas of Florida there is a shortfall of available, affordable rental homes.
Colonnade Park in Inverness will help alleviate the shortage of affordable rental homes, providing 106 new, energy efficient apartments. The apartments are in three residential buildings of three stories each, with a mix of 1- and 2-bedroom units. Additional on-site amenities include a pool, clubhouse, game room/library, fitness room, and laundry area. All homes include Energy Star appliances and low-flow plumbing fixtures, helping minimize utility expenses for residents. The property is near a major park and has easy access to central Inverness.
Developed by Green Mills Group, Colonnade Park will remain affordable for at least 50 years in accordance with the Low-Income Housing Tax Credit (LIHTC) program. The apartments are affordable to households with incomes at 60% of AMI (Area Median Income), with a portion of the units limited to households with incomes at 45% of AMI.
Florida Community Loan Fund provided $2.5 million in permanent financing for Colonnade Park. The project is also supported by a grant from Citrus County.
FCLF received a Capital Magnet Fund (CMF) award from the Community Development Financial Institutions (CDFI) Fund, which allowed FCLF to offer more favorable terms to Colonnade Park to further help the project be successful.