The Public Finance Authority (“PFA”) worked with the Foundation for Affordable Housing (FAH) to finance the capital improvements of the Tree House Apartments in Florida. The financing of this project will allow for continued provision of safe, affordable housing to families in Duval County and surrounding areas.
The 458-unit Tree House Apartments operate as an affordable housing development. PFA assisted in financing the acquisition of the housing development in 2021 and will now assist FAH in financing improvements to the exterior and interior of the housing units at the Tree House Apartments.
“We are very pleased to have closed the financing of Tree House Apartments with the help of the Public Finance Authority. This transaction will help address the serious shortage of affordable housing in the Jacksonville area,” said Mark Hiatt, President of Foundation for Affordable Housing. “This project will include a substantial rehabilitation of Tree House Apartments including new roofs, new windows, mechanical and electrical upgrades and significant interior upgrades, resulting in high quality yet affordable housing in Jacksonville.”
Applicants of the financing note that the affordable housing at the Tree House Apartments is decided based on area median income. FAH Tree House, LLC leases 75% of the units to tenants that earn 80% of the area median income or less. Twenty percent of apartments are reserved for tenants who make 50% of the media income or less. No units will be leased to anyone whose income is greater than 120% of the area median income The Tree House Apartments are reserved specifically for low-income to moderate-income residents in Florida.
“It is incredible to see how the meaningful work done by the Foundation for Affordable Housing is able to grow and meet community needs with financing assistance from PFA,” said Bill Kacvinsky, PFA Board Chair. “The Tree House Apartments in Florida exemplify projects PFA is proud to work with, as they provide crucial assistance to communities and help them grow.”
PFA partners with local governments to assist in the financing of public benefit projects that create temporary and permanent jobs, affordable housing, community infrastructure and improve the overall quality of life in local communities. In 2021, the Public Finance Authority celebrated more than 10 years assisting in financing public benefit projects that provide local economic development, create jobs, produce state and local tax base, and meet needs of eligible borrower’s state or local issuing authorities may not be able to serve.
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PFA was established by local governments, for local governments, in order to provide local governments and eligible private entities nationwide with access to low-cost, tax-exempt and other financing for projects that are important to the community and contain no risk to the taxpayer. PFA is jointly sponsored by the National Association of Counties, National League of Cities, Wisconsin Counties Association and League of Wisconsin Municipalities.