SOUTHEAST REGION
$700,000 FCLF loan
Construction financing
15 affordable homes for ownership
“We are very pleased to be partnering with FCLF as our construction lender on this project. The lending team is easy to work with and very professional. FCLF’s commitment to addressing the affordable housing crisis in the state is commendable! ” – Daniel A. Rosemond, CEO & Founder, East to West Development Corporation
Less than a mile from downtown Fort Pierce, Florida, is the Lincoln Park district, where 66% of families live in poverty and the income is 28% of the Area Median Income (AMI). The Fort Pierce Redevelopment Agency has made this an area of focus, with improvements such as Moore’s Creek Linear Park, which offers a playground, basketball court, and pavilion for area families. The development of phase 1 of the Oaks at Moore’s Creek continued the FPRA’s redevelopment project, providing 12 new affordable homes and contributing to improved conditions in this low-income area.
Moving forward with its plan, the FPRA invested in infrastructure including roads, drainage, water, and sewer; preparing the lots for construction of phase II. The FPRA sought proposals for development of the Oaks at Moore’s Creek II, and through a competitive process the bid was awarded to a partnership of two locally operated companies with significant experience: East to West Development Corporation (a nonprofit Developer) and Stuart & Shelby Development (their General Contractor partner).
With financing from Florida Community Loan Fund, the LLC will develop the Oaks at Moore’s Creek II, which consists of 15 single family housing units to be sold as affordable/workforce housing. The homes will include 3 bedrooms and 2 bathrooms with a mix of 1- and 2-story homes ranging from 1,500 to 2,100 square feet. Upon completion, sale prices will be below market value, and a minimum of 50% of the homes will be affordable to families at 80% of AMI, with the remainder sold to families at 120% AMI or less. The homes will include energy efficient and hurricane resistant materials, helping keep maintenance costs low for the homeowner.
This project provides affordable for-sale single family homes for 15 low- and moderate-income households, helping to relieve the shortage of affordable housing in the area. The sale of these homes will also provide income for the development entity, allowing it to pursue additional affordable housing opportunities.
https://etwdc.org/omc2
