SPECIAL TO THE DAYTONA TIMES
The Housing Authority of the City of Daytona Beach (HACDB) received approval for $28 million in revenue bonds for the “WM at the River” project on Beach Street in Daytona Beach.
The affordable housing development, projected to close in June 2021, will upgrade 298 units which currently house elderly and disabled tenants. The total development investment will exceed $52 million.
“HACDB is pleased to partner with the professionals at BGC Advantage, Red Stone Equity Partners, Lument, Coates Rose, and Greenberg Traurig. This project will greatly enhance the lives of elderly and disabled persons who occupy nearly 300 units at the Windsor and Maley apartments,” said HACDB CEO Terril Bates.
“The expertise which garnered this $28 million bond allocation is only a part of the total funding plan for this redevelopment utilizing the HUD RAD program and project-based vouchers.”
First of several
The proposed WM at the River project will be the first of several planned developments for the partners, which upon completion will offer efficiency, 1- and 2-bedroom apartments. The two towers will be renamed.
Kitchen and bathrooms with new plumbing fixtures and cabinets, enhanced building systems and lighting, updated flooring, appliances and elevators, as well as energy-efficient and storm-resistant features.
Community amenities will include a fully-furnished activity center, new offices with a business center and a well-appointed fitness facility. The property is conveniently located near retail and churches and is directly across from a marina and the Halifax River.
HACDB provides affordable homes and services to more than 7,450 low-income Daytona Beach residents, including over 1,337 families housed through the Housing Choice Voucher Program and another 1,980 living in 11 developments within the City of Daytona Beach. HACDB administers the city and county’s largest voucher program. The authority also serves homeless veterans and has a number of vouchers allocated to homeless disabled persons.
BGC Advantage is a developer that specializes in working with public housing authorities and non-profit organizations to acquire, create, and rehabilitate affordable housing.