Broward to consider $15M loan for 92-unit affordable housing project

The Broward County Commission will consider approving a $15 million loan for a 92-unit affordable housing community at its June 23 meeting.

Crystal Lakes Housing Partners, an affiliate of Alpharetta, Ga.-based the NuRock Cos. and Boston Capital, wants to build the Residences at Crystal Lake in Pompano Beach. The 6.6-acre site at 400 N.E. 33rd Street is currently vacant.

Housing Finance Authority of Broward County would issue the $15 million in mortgage revenue notes with help from Regions Bank. Citibank would also make an $11.5 million loan to the developer.

Affordable housing units are in short supply in South Florida as more than 1.1 million local residents spend more than 30 percent of their household income on housing, according to the University of Florida.

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Story by: Brian Bandell – Jun 22, 2015, 7:04am EDT
Photo Courtesy: Martin Poole

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