Access Florida Finance Corporation
FFN Member Organizations
•
Access Florida Finance Corporation (AFFC)
– Loans & loan guarantees for rural & minority businesses
•
Florida Development Finance Corporation (FDFC)
– Florida Enterprise Bond: $250,000 to $2 million tax-free industrial
revenue bonds
•
Florida Export Finance Corporation (FEFC)
– Pre-export working capital guarantees
– Political risk insurance
– Medium-term financing for export of capital goods
– OPIC guarantees for investment outside of U.S.
•
Florida First Capital Finance Corporation (FFCFC)
– 504 Loan Program: Loans for small business real estate & equipment
– Florida Recycling Loan Program: Loans to support
recycling & reduced landfill use
– FLEX Loan Program: Loans for profit & nonprofit real estate & equipment,
includes refinance
•
Neighborhood Lending Partners, Inc. (NLP)
– Provides financing to developers of affordable housing and community
revitalization
FFN Summary
• Unites Florida’s small business economic development
finance programs
• Lends and guarantees loans to Florida small businesses
• Builds awareness of private and public sector economic
development finance resources available to Florida small
businesses
FFN 1-YEAR TOTALS
TOTAL PROJECTS ………………………………… 442
TOTAL PROJECT DOLLARS ……………………. $824,849,804
FFN Assures Credit Availability
• Access to capital at reasonable
rates and terms
• Assures credit availability in
uncertain economic times
• Unique partnership allows
private lenders greater credit
flexibility
Crunch Time: Credit
Woes Threaten
Economy
• Strengthens local economic
development efforts through
direct financial stimulus
Access Florida Finance Corporation
Mission Statement
To provide Access To Capital and technical assistance to
black, rural and small businesses throughout Florida and
the nation. AFFC will foster Economic Development and
job creation by use of Federal, State and private
Community Based Programs and in coordination with our
strategic alliances.
Eligible Projects
•
•
•
•
•
•
•
•
•
•
•
Commercial real estate acquisition, improvements or construction
Machinery & equipment acquisition
Community Development Projects
Create or save jobs
Franchise acquisition
Existing business acquisition, expansion or merger
Pollution control
Transportation Services
Working capital
New business start-up (must prove relevant industry experience)
Special purposes within the scope of AFFC’s mission
General
Requirements
• Commercial business
• Agree to provide all necessary information
• Pay $250 application fee
• Sound individual character
• Minimally acceptable credit score of 600
• Acceptable form of Collateral (i.e. Real Estate, business assets, etc..),
with one notable exception
• Cash flow of business reasonably supports loan payments
Black Business
Loan Program
•
Located in Florida
•
Business at least 51% owned and controlled by Black Floridians
•
U.S. Citizen and Florida Resident
•
Direct Loans up to $50,000; Loan Guarantees up to ability to borrow from a bank
•
Unsecured Micro Loan up to $10,000 available for owners with a 625+ credit score
•
Interest rates on Direct Loans currently range between 5% and 10%, depending upon
circumstances; Loan Guarantees are at bank rates
Loan is economically sound and will assist the business in becoming bankable, increase
employment and grow the economy
Business will be able to compete successfully with the Loan or will obtain technical or
managerial support
•
•
Rural Business Loan
Program
• Must be citizens of the United States. In the case of an organization, at
least 51 percent of the ownership must be U.S. citizens.
• Must be located in a rural area in Calhoun, Gadsden, Gulf, Holmes,
Jackson or Washington County
• Direct loans from $10,000 to $150,000
• Interest rates currently range between 6% and 10%, depending upon
circumstances
• Must be unable to finance the proposed project with other means
• No delinquent debt to the Federal Government. USDA Loan Funds
may not be used to satisfy the delinquency.
How Businesses Get Financed
• Inc. Magazine 5000 fastest growing companies
– 71% were financed by owner or family and friends
– 24% Debt financed
– 5% Equity financed
• Entrepreneur Magazine’s Hot 500 Companies for 2007
– 64% were financed by owner or family and friends
– 25% Debt financed
– 11% Equity financed
Clearinghouse Referrals
Private
Finance Cos
Banks
FFN
SBDC
Applicant Direct
Access To
Capital
Clearinghouse
(AFFC)
Accion
FSHCC
FBCC
HBIF
BBICs
Success Story
Sebai CMET, Inc.
• Located in Melbourne, FL
• Environmental Clean Energy Company
• Requested $20,000 in a working capital Line of Credit to fund
operations while a larger loan from Space Florida was in the works.
• Closed in February 2011
Success Story
The Chestnut Firm
• Located in Gainesville, FL
• Law firm specializing in tobacco related cases
• Requested $50,000 for equipment purchases and working capital
to fund expanding operations
• Closed in November 2008
Success Story
Jus Hip Hop
• Located in Pembroke Pines, FL
• Dance Studio
• Requested $30,000 in working capital for Start-up financing
• After one year, Jus Hip Hop had eight employees and 74 students
• Closed in July 2009
Success Story
Naturally “U” Art and Braid Studio
• Located in Tallahassee, FL
• Hair Care and Educational Services
• Requested $13,000 in financing to move to larger location and
begin classroom services
• First place winner of First Annual Business Plan Writing Contest in
2009
• Closed in May 2010
Contact Information
Mark A. Scovera
President
2623 Blairstone Road
Tallahassee, FL 32301
850-878-0775
850-270-1122 (fax)
Mark.Scovera@AccessFloridaFinance.com
http://www.AccessFloridaFinance.com
Florida Development
Finance Corporation
Florida Development
Finance Corporation
• Enterprise Florida affiliate
• Administers Florida Enterprise Bond program
• Typical minimum/maximum amounts for tax
exempt financing: $800,000-$20 million
• No maximum for taxable financing but should
exceed $1 million because of transaction costs
associated with the bonds
Florida Development
Finance Corporation
• Must be used for capital expenditures, e.g.
land acquisition, construction, equipment
• Use of bonds – 501 (c) (3)s, small
manufacturers, sewage facilities, airports,
multi-family housing
• Smaller bond projects can be pooled to
“minimize” transaction costs
Success Story
• Royal Concrete, Okeechobee County
• Modular concrete building manufacturer
• Located in Enterprise Zone & Rural Area of
Critical Concern
• FEDF issued $18 million in taxable bonds
• Proceeds financed acquisition/construction of
real property and equipment purchase
• Plant opened 1/31/08 - 600 jobs in 3 years
Success Story
• Learning Gate Community School, Hillsborough
County
• Not-for-profit 501(c) (3) charter school for 550
students
• Project funded by taxable and tax-exempt bond
financing, including $6.5 million+ in tax exempt
financing
• Proceeds used for construction and equipping
new classrooms
Florida Export Finance
Corporation
FLORIDA EXPORT FINANCE CORPORATION
A Not-For-Profit
Corporation
Formed and Funded By
Florida Statute 288.770
FLORIDA EXPORT FINANCE CORPORATION
Mission:
Creation of Income and
Employment for Florida
Residents
FLORIDA EXPORT FINANCE CORPORATION
Achieved By:
Providing Financial Guarantees
and Consultative Services to
Exporters
Mandating Shipments thru
Florida Ports
FLORIDA EXPORT FINANCE CORPORATION
Products:
Pre-Export Working Capital
Short-Term Credit and Political
Risk Insurance
Medium-Term Financing
Structures for Capital Goods
FLORIDA EXPORT FINANCE CORPORATION
Eligibility:
Florida Registered Company
Majority Owned by Florida
Resident(s)
Manufacturing or Trading Co.
Less than 250 Employees
Net Worth < $6,000,000
No Mandate on Time in Business
FLORIDA EXPORT FINANCE CORPORATION
Financial Support:
Exporter Must Have Orders or
Series of Orders from Foreign
Buyer(s)
Loan is made to Support the
Order(s)
FLORIDA EXPORT FINANCE CORPORATION
Maximum Guarantee:
$500,000
Revolving Line of Credit or
Single Sale
Flexible Tenor
FLORIDA EXPORT FINANCE CORPORATION
Exporters Responsibility:
Sign FEFC Application
Sign Loan Documentation with
Lender
Personal Guarantees Required
for Shareholder(s) of 20% or
More
FLORIDA EXPORT FINANCE CORPORATION
Pre-Export Takeouts:
Assignment of Proceeds of
CILC’s
Post-Shipment Credit &
Political Risk Insurance
Case by Case Approval by
FEFC for 5A Rated Foreign
Buyers
FLORIDA EXPORT FINANCE CORPORATION
Transaction Guidelines:
The Loan Amount Will not
Exceed the Cost of Goods
Sold in the Transaction
The FEFC Guarantees up to
90% of the Loan Amount
FLORIDA EXPORT FINANCE CORPORATION
Transaction:
$100,000 Letter of Credit
80,000 Cost of Goods Sold
Loan:
$ 80,000 Loan Amount
(100%)
72,000 FEFC Guarantee (90%)
8,000 Lender’s Share
(10%)
FLORIDA EXPORT FINANCE CORPORATION
Lender Receives a
Transaction Attachment
and Guarantee
Commercial Bank Lenders
Utilize Normal Commercial
Documentation for FEFC
Guaranteed Loans
FLORIDA EXPORT FINANCE CORPORATION
FEFC Works with Ninety Six
Commercial Bank Lenders
Across the State of Florida
for Pre-Export Guarantees
FLORIDA EXPORT FINANCE CORPORATION
Market Access
Enterprise Florida International
trade & Business development
Boca Raton
Jacksonville
Miami
Orlando
Pensacola
Tallahassee
Tampa
(561) 362-5626
(904) 359-6600
(305) 569-2650
(407) 902-0230
(850) 474-2521
(850) 922-8832
(813) 276-9430
Florida First Capital
Finance Corporation
About FFCFC
•
Florida First Capital Finance Corporation is a statewide certified
development company that is licensed and regulated by the U.S.
Small Business Administration
•
FFCFC was founded by the state of Florida
in 1983, and today operates as a private,
nonprofit corporation
•
FFCFC provides access to capital for small
business owners in order to stimulate and
develop small business growth in Florida
•
FFCFC is a charter member of the Florida Finance Network, an alliance
of economic development agencies
FFCFC’s Purpose
•
Strengthen the economic development of the state of Florida
and provide financial assistance to small businesses,
specifically through the 504 loan
program, in conjunction with the
SBA and private sector lenders
•
Provide technical assistance:
Structuring, underwriting,
closing
•
Sole source of contact between the borrower and the SBA
•
Service the loan for its life
Why Own?
•
Pay yourself
•
Build equity/grow an asset
•
Reduce real estate expenses
•
Control/fix real estate expenses
•
Stop throwing money away on
rent!
•
Fulfill a dream
•
Own your real estate even after you sell your
business (became a landlord yourself)
Use of 504 Proceeds
• Acquisition of vacant land for construction of a
new building
• Construction of a new building
• Acquisition of land and existing building
• Remodel, convert, expand or renovate existing building
• Leasehold improvements
• Acquisition of machinery and equipment with a
minimum useful life of 10 years
• Purchase of furniture, fixtures and equipment
• Contingency reserve, not to exceed 10% of the
construction costs
• Associated fees, including fees to the SBA, and
soft costs
504 Program Benefits
• Up to 90% commercial financing
• Projects from $125,000 to $20 million
• Below market, true fixed interest rates
– No ARMs
• Low down payment, usually 10%
• Long amortization terms, up to 20 years
• Loans may be assumable by qualified,
acquiring businesses
• Associated fees, including fees to the SBA,
and other up-front costs and expenses may
be financed in the loan
504 Eligibility
• The borrower must be a legal entity: corporation,
partnership, sole proprietor, limited liability company
• The borrower must be a for-profit business located in
or planning to locate in Florida
• The borrower must be a U.S. citizen or registered
alien with a green card
• The borrower’s tangible net worth cannot exceed
$8.5 million
• The borrower’s two-year average after tax annual
profits cannot exceed $3 million
• The project cannot be entirely income producing
(i.e., relying on tenant income)
50/40/10 Deal Structure
Sample Project:
Cost
Acquisition of Building
Renovations
Soft Costs
Total
$850,000
$100,000
$50,000
$1 million
Financing
Lender – 1st Mortgage (50%)
FFCFC 504 – 2nd Mortgage (40%*)
Borrower Equity (10%)
Total
$500,000
$400,000
$100,000
$1 million
(* Up to $1.5 million standard; $2 million public policy; and $4 million manufacturing)
The FFCFC Advantage
l
Quick turnaround time
l
Streamlined environmental process
l
Lowest effective rates permitted by law
l
Approval decisions made daily
l
l
Simultaneous closing process for
straight acquisition projects
Specialized statewide network of
local FFCFC closing attorneys
Success Stories
Borrower: Oxley Cabinet Warehouse, Jacksonville, FL
Industry: Reseller of building materials
Loan Type: 504
Financing Purpose: Purchase land and existing
16,900 square-foot building
Loan Amount: $616,600
Borrower: Pegasus Transportation, Orlando, FL
Industry: Charter bus transportation
Loan Type: 504
Financing Purpose: Purchase land and existing 6,440
square-foot building
Loan Amount: $810,000
Borrower: CDS Manufacturing Co., Quincy, FL
Industry: Small manufacturer
Loan Type: Florida Recycling Loan Program
Financing Purpose: Purchase molds for forming
pre-cast concrete products using reclaimed concrete
Loan Amount: $200,000
Neighborhood Lending
Partners, Inc.
Core Purpose Statement
Improving quality of life in our
neighborhoods by facilitating private and
public investment, to provide opportunities
for growth preservation and revitalization.
Neighborhood Lending Partners
•
Established in 1993
•
Community Development Financial Institution
as defined by the U.S. Department of the Treasury (http://www.cdfifund.gov)
•
Directs Three Non-Profit Operating Entities
(NLPWF, NLPSF, NLPNF)
•
Banking Consortium
•
Non-Bank Partners
•
Current Internal Funding Capacity of $345,000,000
•
Assists Local Governments
(87 Financial Institutions; $347 million closed loans)
(10 SHIP providers, CDFI, Fannie Mae,
Community Development Trust, Community Reinvestment Fund,
Federal Home Loan Bank, Shell Oil Company)
Neighborhood Lending Partners
Statewide Member Loan Pools – 04/15/2008
NLPNF
$49,900,000
NLPWF
$138,250,000
Total Member: $274,150,000
Overall Total: $345,000,000
(Loan Pool totals include active and non-active Member commitments)
NLPSF
$86,000,000
Neighborhood Lending Partners
Debra S. Reyes, CEO
3615 West Spruce Street
Tampa, Florida 33607
Phone: (813) 879-4525
Fax: (813) 873-9767
NLPWF
Kevin L. Tatreau, President
3615 West Spruce Street
Tampa, Florida 33607
Phone: (813) 879-4525
Fax: (813) 873-9767
NLPSF
Cecilia La Villa-Travieso, President
1500 San Remo Ave, Suite 140
Coral Gables, Florida 33146
Phone: (305) 666-6153
Fax: (305) 666-7996
NLPNF
Doug Brown, President
760 Riverside Ave, Suite 255
Jacksonville, Florida 32204
Phone: (904) 350-1999
Fax: (904) 350-1998
Neighborhood Lending Partners
87 Active Bank Members - 04/15/08
SunTrust Bank
$ 24,250,000
Harris Bank
$ 2,625,000
MetroBank of Dade County
$ 1,000,000
Colonial Bank, NA
$ 16,910,000
RBC Centura Bank
$ 2,585,000
Optimum Bank
$ 1,000,000
M&I Bank
$ 15,750,000
Banco Popular North America
$ 2,000,000
Republic Federal Bank
$ 1,000,000
Regions Bank
$ 12,565,000
Coconut Grove Bank
$ 2,000,000
Sun American Bank
$ 1,000,000
Fifth Third Bank
$ 10,750,000
Continental Nat. Bank of Miami $ 2,000,000
Bank of St. Petersburg
$
850,000
Raymond James Bank
$ 10,000,000
Intervest National Bank
$ 2,000,000
Bay Financial Savings Bank
$
850,000
BB&T Bank
$ 8,500,000
R-G Crown Bank
$ 2,000,000
Park Avenue Bank
$
750,000
BankUnited, FSB
$ 8,000,000
TotalBank
$ 2,000,000
First Community Bank of Am.
$
725,000
IronStone Bank
$ 7,057,500
Superior Bank
$ 1,502,500
Northern Trust Bank of Florida
$
600,000
Synovus Bank
$ 6,900,000
Bank of Florida
$ 1,500,000
CenterState Bank West Florida $
565,000
Ocean Bank
$ 6,000,000
CNL Bank
$ 1,500,000
Bank of Florida - Tampa Bay
$
500,000
Mercantile Bank
$ 5,250,000
Eastern National Bank
$ 1,500,000
BBU Bank
$
500,000
Riverside National Bank
$ 5,250,000
First Southern Bank
$ 1,500,000
Central Bank
$
500,000
Great Florida Bank
$ 5,000,000
FirstBank Florida
$ 1,500,000
Encore Bank
$
500,000
Capital City Bank
$ 4,750,000
Intercredit Bank, N.A.
$ 1,500,000
Eurobank
$
500,000
EverBank of Florida
$ 4,750,000
TransAtlantic Bank
$ 1,500,000
Florida Capital Bank of Tampa $
500,000
Bank of Tampa
$ 4,500,000
Bank of Commerce
$ 1,370,000
Florida Traditions Bank
$
500,000
Washington Mutual Bank
$ 4,500,000
Bay Cities Bank
$ 1,250,000
Heritage Bank of Florida
$
500,000
BankAtlantic
$ 4,380,000
American Enterprise Bank
$ 1,000,000
Plus International Bank
$
500,000
Mercantil CommerceBank
$ 4,000,000
BAC Florida Bank
$ 1,000,000
Regent Bank
$
500,000
Atlantic Coast Federal Bank
$ 3,500,000
Bank of Florida - SW Florida
$ 1,000,000
Union Credit Bank
$
500,000
First Guaranty Bank and Trust
$ 3,500,000
Bank of North Florida
$ 1,000,000
Pilot Bank
$
395,000
Prosperity Bank
$ 3,500,000
Citizens First Bank
$ 1,000,000
Old Harbor Bank
$
375,000
City National Bank
$ 3,000,000
Eagle National Bank of Miami
$ 1,000,000
Cornerstone Community Bank
$
370,000
Coast Bank of Florida
$ 3,000,000
First Citrus Bank
$ 1,000,000
Enterprise Nat'l Bank of PB
$
250,000
Helm Bank
$ 3,000,000
First Commercial Bank of TB
$ 1,000,000
First Home Bank
$
250,000
HSBC Bank
$ 3,000,000
First Gulf Bank
$ 1,000,000
Franklin Templeton B&T, FSB
$
250,000
Mellon Bank
$ 3,000,000
First Nat. Bank of So. Miami
$ 1,000,000
Southern Commerce Bank
$
250,000
Pacific National Bank
$ 3,000,000
Flagship Community Bank
$ 1,000,000
Whitney Bank
$
250,000
Neighborhood Lending Partners
Loan Products
Land Assembly Loans for future
affordable housing developments
financed by NLP
Real Estate based Economic
Development Loans – Traditional
and SBA 504 Supported
Multifamily Construction Loans
Lot Acquisition & Development
Loans for the delivery of ForSale Residential Lots/Pads
Multifamily Acquisition/
Rehabilitation Loans
Multifamily Permanent Loans
Housing Preservation Loans for
Project-Based HUD Section 8
Properties (Multifamily rental)
Construction Loans for the
delivery of For-Sale Residential
Homes (detached, townhomes,
condos)
Condominium Conversion Loans
Aging-Out Foster Care Loans to assist Foster Care Individuals as they
age-out of the program (in development with private equity funds)
Neighborhood Lending Partners
Closed Loan Distribution (as of March 2008)
Geographic Distribution
County
# of
Projects
Geographic Distribution
# of
Units
Loan Volume
County
# of
Projects
# of
Units
Loan Volume
Brevard
1
50
$1,500,000
Manatee
3
348
$9,113,000
Broward
4
18
$4,310,000
Marion
1
144
$3,000,000
Citrus
1
50
$1,700,000
Miami-Date
22
1,415
$97,384,889
Desoto
6
278
$9,735,706
Monroe
1
102
$5,381,000
Duval
2
53
$1,102,540
Orange
1
168
$3,205,264
Escambia
1
112
$6,150,000
Pasco
5
491
$17,258,939
Gadsden
2
220
$12,800,000
Pinellas
16
359
$16,042,801
Hardee
2
224
$4,015,000
Polk
9
1,153
$26,845,526
Hendry
3
209
$1,731,284
Putnam
1
78
$1,030,000
Hernando
1
128
$5,850,000
Sarasota
4
456
$4,200,000
Highlands
4
382
$9,626,000
St. Johns
2
112
$2,195,000
Hillsborough
37
4,242
$84,313,042
Sumter
2
72
$1,853,000
Indian River
2
240
$8,996,639
Volusia
1
80
$3,147,212
Lee
2
50
$1,514,000
Madison
1
72
$3,609,845
137
11,306
$347,610,686
28 Counties
Neighborhood Lending Partners
Closed Loan Distribution
(as of March 2008)
Housing by Occupancy Type
Type of Unit
Number of Units
Percent
Senior Citizen Housing
1,846
16.3%
Farm Worker Housing
934
8.3%
Special Needs Housing
108
1.0%
Large Family Housing
273
2.4%
Family Housing
8,145
72.0%
Totals
11,306
100.0%
Neighborhood Lending Partners
Closed Loan Distribution (as of March 2008)
Income Restrictions
Maximum AMI
Number of Units
Percent
35%
744
6.6%
40%
254
2.2%
50%
894
7.9%
60%
7,042
62.3%
80%
741
6.6%
120%
31
0.3%
Market
1,600
14.2%
Totals
11,306
100.0%
Tangerine Plaza
Project Description
 47,385 Total square feet of retail space on 3.6 acres
 39,079 SF for anchor tenant (grocery store)
 8,306 SF for local tenants, including police resource center with no rent
Location
22nd Street & 18th Avenue South
St. Petersburg (Midtown)
Pinellas County
Midtown Demographics
 Average Income was 47% of AMI
 33% of population was below poverty level
 No grocery store or bank in neighborhood
Site Issues
 32 separate parcels, some with multiple owners
 Needed eminent domain rights to clear title on one parcel
 City to provide land lease, but required a shopping center to operate on-site
Anchor Tenant Requirements
 Needed a $1,000,000 interest free loan to help pay for tenant improvements with a term of 20
years, to begin repayment after the 10th year
 Rental rate was one-third the market rate for a grocery store
Tangerine Plaza
Final Project Costs
Land Lease (prepaid in full)
$
495
Site Development
$
750,270
Building Shell/Local TI
$ 4,498,758
Anchor Tenant Improvements
$ 1,000,000
Permits & Government Fees
$
39,466
Professional Fees
$
377,310
Pre-Development Soft Costs
$
133,000
Construction Financing Costs
$
209,301
Insurance
$
26,353
Developer Overhead
$
133,354
Working Capital
$
504,859
Developer Profit
$
429,943
Community Outreach Program
$
200,000
Tenant Assistance – Rent/Build-Out/WC
$
500,000
NMTC Financing Costs
$
264,003
NMTC Organization & Placement Fees
$
456,609
CDE/Investment Fund Escrows
$
12,540
TOTAL`
$ 9,536,361
(Excludes Land Costs in excess of $1,000,000 incurred by the City)
Appraised Values
Market
Market with Favorable Financing
$ 4,220,000
$ 5,320,000
Tangerine Plaza
Final Project Sources of Financing
BB&T EDGE Loan (FHLB-Atlanta)
City of St. Petersburg
NLPWF CDFI Funds
OCS Grant
Anchor Tenant
City of St. Petersburg
Private Donation
NMTC Equity
Total Sources
$
$
$
$
$
$
$
$
$
(Excludes Land donated by the City in excess of $1,000,000)
3,200,000 (Paid off NLPWF Construction Loan)
1,336,500
661,500
700,000
769,212
75,000
10,000
2,784,149
9,536,361
Sonrise Villas, Phase I
Project Description
160 rental apartment units on 16.0 acres
16 two bedroom / two bath units (899 SF)
88 three bedroom / two bath units (1,049 SF)
56 four bedroom / two bath units (1,199 SF)
Location
53 N. Willow Street
Fellsmere, Indian River County
Project Restrictions
12.5% of the units (20) at 40% of AMI (restricted rents will be 53% of market rate rents)
87.5% of the units (140) at 50% of AMI (restricted rents will be 70% of market rate rents)
40% of the units are farmworker / commercial fishworker
60% of the units are family
Sonrise Villas, Phase I
Development Issues
 Fellsmere is a rural town with an economy based on agriculture.
 It was difficult to find rental housing and many reportedly resort to substandard housing
or multiple families renting one unit.
 Many farmworkers rent from their employers, most are not legal residents; however, 47%
of the farmworkers do not rent from their employer.
 Family income for the subject project will range from $14,160 - $30,400 (in 2003).
 Although there are no apartments in Fellsmere, there is another farmworker rental
complex of 71 units planned in town to be financed by Rural Development (HUD
Section 514/516 developments). These units will be available to a lower income
population and will have a broader definition for “farmworker.”
 There is an estimated 229 legal farmworker households in Indian River County and a
supply of farmworker housing (including those that are proposed) totaling 335 units.
 The appraisal included the phrase “ … development of the subject should proceed with
caution.”
Sonrise Villas, Phase I
Final Project Costs
Land
Site Development
Hard Construction Costs
Permits & Government Fees
Professional Fees
Financing Costs
Insurance
Developer Overhead & Profit
Other Soft Costs
TOTAL
$
400,000
$
695,584
$ 8,569,161
$
818,514
$
366,250
$ 1,292,832
$
102,200
$ 1,452,149
$
351,520
$ 14,552,245
Appraised Values
Market
Restricted Rents
Restricted Rents w/ Favorable Financing
$
$
$
Final Project Sources of Financing
NLPWF 1st Mortgage
FHFC SAIL Loan
FHLB AHP Loan
LIHTC Equity
Deferred Developer’s Fee
Total Sources
$ 3,500,000
$ 1,500,000
$
500,000
$ 8,744,292
$
307,953
$ 14,552,245
8,175,000
4,435,000
4,745,000
Questions?