1. WELCOMES YOU

2. Cathedral Terrace (Jacksonville)
240 Units
High-rise
Elderly Housing
To be Completed 2016
Acquisition & Rehabilitation
$25 Million Total Development Cost
Funding:
FHFC 4% Tax Credits & SAIL
Jacksonville HFA Tax Exempt Bonds and Soft Loan
City of Jacksonville SHIP
Raymond James Tax Credit Funds
Redstone Capital

3. Images

4. History Developed and Owned by Aging True Built in 1974
Aging True total 650 units
HUD 202
HUD Flex Subsidy
Neighborhood hub
Meals program

5. Joint Venture Partnership
Aging True 30%
Blue Sky 70%
Pre-dev costs
Guarantees
Aging True reinvests substantial portion of their Equity

6. Timeline September 2012: Initial JV discussions
January 2013: Finalize JV MOU
December 2013: Apply for Bonds and JHFA Funds
Early 2014: Apply for SAIL (lose)
Early 2014: Apply for 9% Housing Credits (lose)
August 2014: Apply for SHIP
September 2014: Apply again for SAIL
December 2014: Win SAIL (!!!), and enter Credit Underwriting
June 29, 2015: Submit building permit applications
August 18, 2015: Resubmit plans addressing bldg. dept comments
October 2015: Finalize Credit Underwriting
December 2015 (?): Closing

7. Sources and Uses

8. Other Local HFA opportunities

9. Questions?