Escambia Consortium Home Success: Palafox Landing Rental Development

Developer: Community Enterprise Investments, Inc., in partnership with Carlisle Development Group

Palafox Landing is a newly constructed, 96-unit rental development that incorporates a 10 unit HOME set-aside for persons with incomes below 60% of the area median income. Community Enterprise Investments, Inc., a local CHDO, worked diligently to conceptualize and market the project; engage an experienced private co-developer; and secure the various financing resources, including: Housing Tax Credits (converted via TCAP) as awarded by Florida Housing Finance Corporation, Escambia Consortium HOME CHDO funds, Escambia/Pensacola Hurricane Housing Recovery funds, developer equity, and private first mortgage financing.

Palafox Landing was constructed, using New Urbanism design principles, on a former FEMA Mobile Home Group site that was developed as part of the Hurricane Ivan emergency housing response. Palafox Landing is a high quality and very popular addition to the local affordable housing arena. With construction just completed in the last sixty days, Palafox Landing is now leasing with current occupancy approaching 60%. As well, the 10 HOME set-aside units are fully leased and occupied, including 7 families with incomes below 60% of median and 3 families with incomes below 35% of area median.

[Photo 1: Palafox Landing]
Palafox Landing
[Photo 2: Palafox Landing street view]
Palafox Landing street view


Content Archived: January 7, 2014