Affordable Housing for Seniors in St. ThomasVirgin Islands Breaks Ground for Sugar Estates
Elderly residents in need for affordable housing in St. Thomas will have 80 units available at Sugar Estates. The apartments, expected for the end of 2015, will have energy efficient appliances, ample storage, living, dining and kitchen areas, and will be adaptable for persons with disabilities.
HUD San Juan Field Office staff recently joined the Governor of the Virgin Islands, island legislators, and executives from the Virgin Islands Housing Authority (VIHA) to celebrate the groundbreaking of the new housing development. Sugar Estates will provide social services with emphasis on wellness and resident empowerment through independent living. Luis Sylvester, V.I. Housing Authority Chairman of the Board, highlighted the commitment of the Board of Commissioners to building modern state of the art housing for seniors of the Virgin Islands.
This $31 million community is being developed in a public-private partnership by VIHA and The Michaels Company. The financing includes $26.6 million in equity raised by the sale of 9 percent federal Low Income Housing Tax Credits (LIHTC) allocated by the Virgin Islands Housing Finance Authority; Virgin Islands Public Finance Authority Territory funds, VIHA disposition proceeds, and a New York Federal Home Loan Bank Affordable Housing Program Award. The tax credits were syndicated by Prestige Affordable Housing Equity Partners, LLC, with Boston Financial and Mass Mutual as the primary investors. Red Capital is the construction lender.
|Content Archived: August 24, 2016|