$14.7M Seahorse Cottages and The Avenues Capital Closes

Community Housing Capital, a Decatur, GA Community Development Financial Institution, and Florida Housing Finance Corporation closed $14.7 million in capital to the Rural Neighborhoods – Florida Keys Community Land Trust’s Seahorse Cottages and The Avenues rental communities in March. The planned 31 units will commence construction in April 2022 and serve Keys residents earning 80% of Adjusted Median Income. CHC’s construction debt was issued at 3.44% in conjunction with 15-year permanent financing term at 4.85%. FHFC’s CDBG-DR capital is a forgivable loan in Year 20 at 0% interest in the interim.