STATE & FEDERAL GOVERNMENT PARTNER WITH PRIVATE SECTOR TO PROVIDE AFFORDABLE RENTAL UNITS IN JACKSONVILLE

JACKSONVILLE - The U.S. Department of Housing and Urban Development's (HUD) Jacksonville Field Office Director,
J. Nicholas Shelley, today joined various dignitaries from the Mayor's Office and the Jacksonville Housing Commission, Fannie Mae, the owners, project managers, and representatives of the construction contractor, for the groundbreaking of Kimbers Cove - a $25.6 million, 228-unit apartment complex, located at 9455 103rd Street in Jacksonville, Florida.

HUD's Federal Housing Administration (FHA) is insuring the $19 million mortgage loan, made by Birmingham-based Highland Mortgage Company, and the project also received a tax-exempt bond allocation from the Florida Housing Finance Corporation that will make units affordable to families that earn 60% of the area's median income.

One of HUD's missions is to help build and maintain healthy, prosperous neighborhoods and expand opportunities for affordable home ownership and rental housing. The new Kimbers Cove property will join eighty-four (84) existing
FHA-insured properties located in the Jacksonville area that total over 11,000 units. When completed, Kimbers Cove will have 21 separate 2 and 3-story buildings with a mix of 1,2,3 and 4 bedroom units ranging in price from $559 to $872. Kimbers Cove Apartments will feature family-friendly amenities such as a clubhouse/community center with a technology center, children's center with a complimentary after school program, swimming pool, playground, trash compactor, laundry facility and fitness center.

The Federal Housing Administration (FHA) insures single family and multifamily lenders against loss on mortgage loan defaults and to facilitate the purchase or refinancing of existing affordable rental housing. This type of FHA
multifamily mortgage insurance program (221-d4), allows for long-term mortgages (up to 40 years) and will help improve and maintain affordable rental housing for the benefit of Jacksonville residents.

PRS Construction L.L.C. will be the contractor for the project which will be managed by PCM Management Group
L.L.C. of Roswell, GA. For further information about the project, you may call 770-642-3720.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as
well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet and espanol.hud.gov.

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