The ChallengeThis 200 unit, privately-owned, FHA-insured property, originally built in 1969, had fallen into disrepair and was socially, physically and financially bankrupt. |
The PlanLandex was able to leverage more than $10,000,000 of public and private financing to renovate the property and add a host of social services for both adults and children. |
Results
Today Hilltop Village boasts an array of programs for its residents that range from a free-standing Early Childhood Center with a full-time Head Start Program for youngsters ages 3-5; and a community center with a full spectrum of social service programs such as GED classes, Boy Scouts, a 4 H Club, a visiting mobile dental clinic and a library. In addition, the Magic Johnson Foundation selected Hilltop for a Magic Johnson/Hewlett Packard Inventor Center and equipped it with state-of-the-art computer equipment aimed at bridging the digital divide for low-income families. Hilltop received a “Meritorious Award” from Duval County Housing & Finance Authority for this redevelopment.
Along with physical improvements such as new roofs, new HVAC systems, new kitchen and baths etc., the dysfunctional site drainage system and the correction of the deteriorated grounds were repaired. In addition, large unclaimed spaces were eliminated to improve the defensible space and new playground equipment and landscaping were added.
Finally, during the twelve month renovation period, residents were temporarily relocated on site in “hospitality units” in accordance with the Uniform Relocation Act.
Financing
- FHA insured first mortgage
- $1,3000,000
- First Union
- $585,000
- SAIL loan from Florida Housing Finance Corporation
- $1,500,000
- CDBG Loan from the City of Jacksonville
- $59,000
- Equity from Low Income Housing Tax Credits
- $6,000,000
- Duval County Finance Authority
- $250,000
- Federal Home Loan Bank
- $700,000