Reliance® is committed to
the acquisition and renovation of existing multi-family housing for long
term preservation as well-maintained and attractive affordable rental
housing communities. Our commitment is fulfilled by using a variety of
preservation structures, including: A). 501(c)(3) tax exempt bond financed
acquisitions: currently none
Gulfstream Apartments, Dania Beach, FL
was Reliance’s first redevelopment project in 1997. It was financed
utilizing private activity bonds, 4% tax credits, an FHLB Affordable Housing
Program grant and a local government contribution.
Gulfstream’s redevelopment served as a catalyst for the redevelopment
of its severely blighted neighborhood.
It now provides fully renovated homes for 96 low income families as well
as a subsidized pre-school facility for neighborhood children.
CypressGrove Apartments, Lauderhill, FL
is an 814 unit apartment community owned by HPT-Cypress
Grove and managed by Reliance Housing Services. CypressGrove recently was
allocated $37,500,000 of private activity bond allocation by Broward County
Housing Finance Authority, which coupled with tax credit equity is funding a complete renovation of the property.
