1) Bellevue Village, St. John, USVI-
is a 36 home new construction tax credit development. Each home is the traditional Virgin Islands 2-unit building; therefore Bellevue Village will have a total of 72 rental units. Construction began in January 2004. Project completion occurred September 2005. Total project cost is $20,400, 000. Tax credit equity will be $15,940,000. A permanent mortgage of approximately $3,500,000 was utilized. Sun America Affordable Housing Partners, Inc. is the tax credit investor. Bank of America is the construction lender.
Phone: 340-776-8351
 

2) 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 was completed in August of 2006.  Sun America Affordable Housing Partners, Inc. provided the tax credit equity, and construction financing was provided by Bank of America.
Email: lovenlund@reliancehousing.org
Phone: 340-715-2130