We are very excited to announce Hudson Valley’s newest acquisition in the state of Florida – Marianna Gardens.

The existing property conditions were deplorable and reminded us of the reasons why we founded Hudson Valley 5 years ago – to provide quality, well managed affordable and workforce housing through investment in and renovation of residential properties.

We expect to have the renovations completed by the 1st quarter of 2016, at which time the property will be renamed, bringing a new identity to the freshly renovated apartment complex!

Project Description

Property

Located in rural Marianna, Florida on 6.5 acres, Marianna Gardens consists of nine, two story block buildings containing 100 two and three bedroom residential units, as well as two one-story block structures that house the laundry, office and maintenance shop.

Prior to Hudson Valley’s involvement, Marianna was an aging property that lacked air conditioning, had issues with pest infestation, and dealt with crime and drug use on premises.

Project

Hudson Valley in partnership with Royal American Development acquired and will renovate and preserve the affordability of the property. This project calls for a $4M tenant-in-place rehabilitation of the property, including significant upgrades to the kitchens, bathrooms, common areas and utilities. New community space will be created to house a library, computer lab, and meeting space for residents. Linkages with nearby Jackson Hospital and Chipola College will be explored to extend additional health-related and educational services to tenants.

Upon completion, 100% of the project will serve residents earning less than 60% of Area Median Income (AMI) and units will be set aside for residents with development disabilities and earning less than 40% of AMI.

Financing

The project will be financed by 4% low income housing tax credits and tax-exempt bonds issued by the Florida Housing Financing Corporation, low-interest SAIL financing, and developer equity.

Team

The co-development team consists of Hudson Valley Property Group (HVPG) and Royal American Development (RAD).

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