Reliance® is committed to the development and construction
of new affordable housing communities in areas that have an insufficient
supply of existing affordable housing stock. Our primary focus has been
in the USVI which suffers from a severe shortage of affordable housing
inventory.
This shortage is exacerbated by high housing costs and
difficult development conditions.
Reliance’s new construction efforts will expand to include infill
development in high growth urban Florida locations.
Bellevue Village, St. John, USVI-
is a 36 home new construction tax credit development. Each home is the
traditional Virgin Island 2-unit building; therefore Bellevue Village
will have a total of 72 rental units. Construction began in January 2004.
Project completion is scheduled for June 2006. Total project cost
is $18,695, 000.
Tax credit equity will be $15,600,000. A permanent construction mortgage
of approximately $3,500,000 will be utilized. Sun America Affordable Housing
Partners, Inc. is the tax credit investor. Bank of America is the construction
lender.
Lovenlund
Apartments, St. Thomas, USVI–
is a two-phase new construction tax credit development.
Construction on the 99 units in Phase I began in July 2002 and was completed
March 2004. Total Phase I project cost was $20,000,000.
Tax credit equity of $16,000,000 was provided by Sun
America Affordable Housing Partners, Inc. Permanent mortgage financing was
provided by American Property Financing, Inc. Construction of Phase II with
an additional 96 units began in November of 2005 and is expected to be
completed in August of 2006. Sun America Affordable Housing Partners, Inc.
is again providing the tax credit equity, and construction financing has
been provided by Bank of America.
Tax credit equity will be $15,600,000. A permanent construction mortgage
of approximately $3,500,000 will be utilized. Sun America Affordable Housing
Partners, Inc. is the tax credit investor. Bank of America is the construction
lender.
