HomeMy WebLinkAboutExhibit ACITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO:
FROM:
Members of the Housing and
Cornrnercial Loan Conunittee
George Mensah, Director
DATE :
SUBJECT:
Department of Housing & Conununity Developmeit
EFERENCES
ENCLOSURES:
October 29, 2021
Citadelle Village, LLC:
Citadelle Village
FILE :
BORROWER:
Citadelle Village, LLC, a Florida limited liability company created for the development of
the project.
HACDC Citadelle Village, LLC is a Florida limited liability company, Managing Partner
(0.01 % interest). Managing partners are HACDC CV Manager, LLC (51% interest) and Royal
American Development, Inc. (49% interest).
Little Haiti Housing Association, Inc. is a Florida corporation, Managing Partner (99.99%
interest). The principal is Ms. Tessa P. Pienson, Executive Director of Haitian American
Comrnun ity Development Corporation.
Haitian American Community Development Corporation ("HACDC"), a subsidiary of
Little Haiti Housing Association, Inc ("LHHA"), is a Florida non-profit community -based
organization. Incorporated in 1987, LHHA was formed by residents and cornnnunnity
stakeholders of Little Haiti to address the need for affordable housing. From its inception, the
organization has facilitated the closing of over 300 homes, developed or co -developed over
169 for -sale units and educated thousands of low-income households in areas of budgeting,
credit repair and homebuyer counseling. HACDC has leveraged approximately $60 million in
residential first mortgages and in grant funds for down payment assistance. HACDC is a City
of Miami certified Cornrnunity Housing Development Organization ("CHDO").
Royal American Development is a subsidiary of Royal American Companies that was
founded in 1968 in Panama City by Joseph F. Chapman III, the principal. Over the years, Mr.
Chapman formed the development, management, hospitality, real estate and insurance
companies. Committed to developing projects and programs to benefit the conununity, Royal
American Group of Companies has been linked to many milestones and landmarks in Florida.
Royal American has developed over 10,000 units most of all of them employing some form of
governmental financing. Royal American Management manages over 20,000 units, including
Miami-Dade's public housing units. Royal American has developed a total of 5,939 units of
which 2,344 are affordable housing units.
PROJECT
Citadelle Village will be new construction of 12-story mixed -use multifamily rental building
with a total of ninety-six (96) units located at 181 NE 82 Street in the Little Haiti neighborhood.
The project consists of a total of ninety-six (96) units of which nineteen (19) one-bedroom/one-
Citadelle Village, LLC: Citadelle Village 2 October 29, 2021
bathroom units; sixty-four (64) two bedroom/two-bathroom units; and thirteen (13) three -
bedroom/ three -bathroom units. The ground floor will be used for commercial space. The
project will be targeting low and very low-income households (30% to 60% of AMI). 85 units
will be GOB -assisted and 11 units will be HOME -assisted.
BACKGROUND
On February 25, 2019, the Housing & Commercial Loan Committee ("Department") issued a
Request for Proposals ("RFP") in HOME Investment Partnerships Program ("HOME") funds;
Community Development Block Grant ("CDBG") funds; State Housing Initiatives Partnership
Program ("SHIP") funds; Affordable Housing Trust Funds ("AHTF") funds; and Miami
Forever General Obligation Bonds ("GOB") for the construction and rehabilitation financing
of multifamily rental housing projects.
On June 18, 2019, the Housing and Commercial Loan Committee ("HCLC") approved an
allocation of $990,000 in HOME Investment Partnerships ("HOME") for the development of
the project.
BORROWER'S REQUEST
On September 27, 2021, the Borrower submitted a letter requesting an additional allocation of
$3,000,000 in gap financing for the development of the project. All units will be GOB -assisted
targeting low and very low-income households. In addition, besides this project being a tax
credit deal, its initial total Debt Service Coverage Ratio is 1.17% which is over the minimum
required ratio of 1.15%. The Citadelle Village project will be located at 181 NE 82nd Street in
the Little Haiti neighborhood.
DEPARTMENTAL RECOMMENDATION
Based on the Borrower's request, the Department has reviewed and determined recommending
the allocation of up to $3,000,000 in GOB funds to Citadelle Village, LLC in gap financing
for the development of Citadelle Village project.
The following loan teens and conditions shall apply:
1. Use of Funds: City funds will be used for development costs.
2. City Assisted Units: 85 project units shall be assisted with GOB funds for low and very
low-income households. 11 project units shall be assisted with HOME funds for
extremely low-income households.
3. Maxiinuin Rent Levels: Rents charged on GOB -assisted units will be subject to Florida
Housing Finance Corporation for Multifamily Rental Programs and CWHIP
Homeownership according to the income target proposed by the Borrower. The rent and
income limits are published annually by the US Department of Housing and Urban
Development ("HUD") and Florida Housing Finance Corporation ("FHFC"). Rent
charged on HOME -assisted units will be subject to Low HOME Rents (up to 50 percent
of area of median income).
4. Affordability Period: an affordability period of 30 years will apply commencing from
the date the City approves the closeout of the project.
Citadelle Village, LLC: Citadelle Village 3 October 29, 2021
5. Loan Repayment & Interest Rate Terms: This is a deferred loan provided to the
Borrower with no debt service payments required. The property must maintain the
required affordability structure for a period of 30 years. Failure to comply with these
requirements will result in the full repayment of principal and an agreed upon interest
rate. Full repayment of principal is due at the 30-year maturity.
6. Draw Disbursements: The City shall not fund any draw request in an amount that
exceeds the City's initial contribution percentage of the entire development cost of the
project.
7. City Incurred Costs: Borrower understands and agrees that $10,000 of the GOB funds
may be used by the City to cover costs incurred by the City on behalf of the project.
8. Increase in Project Costs: If the project costs increase ten percent (10%) or more of the
original budget, and the Borrower is not able to secure additional funding within 60 days
before the project cornrnencement, the project will be subject to recornrnendation to the
Housing and Corrunercial Loan Committee for de -obligation of the project funding.
9. Retainage(s): Five percent (5%) of each draw request will be retained until the City has
received as part of the close-out, at the Borrower's sole cost, a Final Cost Certification
prepared by an independent certified public accountant, both in form and substance
acceptable to the City.
10. Commitment Fee: There will be a $5,000 commitment fee.
11. Eligible Project Costs: Eligible project costs will be effective from the date of
environmental clearance.
12. Reporting Compliance: Borrower is subject to compliance reporting requirements in
the process of construction and during the affordability period.
13. Development Benchmarks/Scope of Work: The project shall: (a) commence
construction within six (6) months from the Effective Datetil of the contract; (b) obtain
all certificates of occupancy required for the project within 18 months from the Effective
Date; and (c) have all project units rented within 12 months after the issuance of
project's certificate(s) of occupancy, but in no event later than 30 months from the
Effective Date.
14. Insurance Requirements: Borrower shall obtain and furnish evidence of insurance
coverage as the City may require in connection with the Project.
15. Affirmative Marketing Plan: Borrower shall provide an Affirmative Marketing Plan
using HUD's approved form and report to the City annually on all actions taken to
comply with said plan. Borrower shall comply with the requirements of the affordable
housing notice to City Officials Ordinance #13491.
16. Lottery: Selection of eligible tenants shall be from the results of a tenant lottery, which
shall be conducted with a representative of the City of Miami present. In addition, the
project shall comply with the requirements of the City of Miami Ordinance 13645,
Resident Preference.
17. Project Signage: Borrower shall furnish signage identifying the Project and shall
acknowledge the contribution of the City by incorporating the seal of the City and the
names of the City commissioners and officials in all documents, literature, pamphlets,
advertisements, and signage, permanent or otherwise. All such acknowledgments shall
be in a form acceptable to the City and its costs should be covered under the City
Incurred Cost line item.
PI The "Effective Date" is the date on which the contract has been signed by the City Manager and attested to
by the City Clerk.
Citadelle Village, LLC: Citadelle Village
4 October 29, 2021
18. De -obligation of Funds: The City may at its sole discretion de -obligate the funding
approved herein, if by no later than six (6) months from the date of approval of the
City funds, the Borrower has failed to close on all funding commitments represented
herein.
19. Discretionary Action by Administration: Staff shall have the discretion to approve and,
by way of Memorandum, authorize the City Manager to execute any and all documents
needed to further the Project Completion, provided, however, that the lien position nor
the project terms are not materially affected.
20. Project Default: If the City determines that the project is in default, the following
conditions will apply:
• The highest interest rate available under the law will be applicable for the funds
disbursed from date of disbursement.
• The Restrictive Covenant will remain as a restriction on the Project property
throughout the Affordability Period; and
• The borrower, project developer, managing partner(s) of the borrower and/or other
individuals, principals and/or other entities as determined by the City will be
debarred from receiving any City funding for a period of five (5) years.
HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION:
Approved as Recommended by Staff
To Include Additional Conditions or Restrictions
Disapproved
To Include Further Action
Specify any further action, conditions or restrictions:
Chairperso or Representativ,
Yes F1 No ❑ /A ❑
Yes No E /A❑
Yes No /A❑
Yes ❑ No N/A ❑
HOUSING LOAN COMMI
nHOUSING LOAN COMMITTEE
Oitiap9baQQ1 OCT 2 9 2021
APPROVEr__APPROVED
Due to the realities of financing affordable housing developmerrta, II le lutal dullar drrILunt of this development's
senior debt is subject to change. Please be advised that so long as the dollar amount of the senior debt, as listed
herein, does not increase more than 9.99%, then such changes will be deemed approve by the City of Miami's
("City") Housing and Commercial Loan Committee even if such change negatively impacts the City's mortgage's
lien priority.
The Department also hereby requests your authorization to utilize funding provided to the City under the
American Rescue Act in place of the Miami Forever Bond Program if it is felt to be in the best interest to the City.
All project conditions would meet both funding sources.
Citadelle Village, LLC
Project Analysis: Citadelle Village
Market Risk
According to the City of Miami's 2014-2018 Consolidated Plan, city residents have not been able
to keep up with the increasing high cost of living in the Miami area, as such 67% of city
residents fit the low -to -moderate income category and nearly half of city households (46%) are
cost -burdened. Several trends are affecting the Miami area, 1) demographic changes signal an
increased need for housing, especially in certain subsets of the population. The growth of the
non -family households in the City will likely impact the demand for smaller housing units
overtime. Another trend is the housing cost/income mismatch has led to a significant number of
cost -burdened households and the need for more affordable housing options. The Miami area has
the most cost -burdened middle -income households in the nation due to a combination of very
low-income and high combined costs of housing and transportation. In addition, the job market
in the area was impacted by a hiring slump in 2013 that further aggravated the mismatch between
income and cost of living. In addition, pursuant to the Market Study that was issued by Meridian
Appraisal Group dated October 13, 2017, the existing affordable projects near the subject
property have maintained high occupancy rates and are generally achieving the maximum
allowable rental rates indicating the strong demand for affordable apartment units. The proposed
project is a new construction of a multi -family tax credit residential building that will provide a
total of ninety-six (96) units. The unit breakdown consists of nineteen (19) one-bedroom/one-
bathroom units; sixty-four (64) two-bedroom/two-bathroom units; and thirteen (13) three-
bedroom/three-bathroom units. The proposed project targets low and extremely low-income
level households that meets the demographic housing demands in the area. Eighty-five (85) units
will be Miami Forever Bonds ("GOB") funded and eleven (11) units will be HOME -assisted.
The project is well suited for affordable housing and the needs and demands of the market area.
Borrower Risk
Citadelle Village, LLC is a Florida Limited Liability Company that was created for the development of
the Project. The Managing Partners are HACDC Citadelle Village, LLC (0.01%) and Little Haiti
Housing Association, Inc (99.99%). The Managing Partners for HACDC Citadelle Village, LLC are
HACDC CV Manager, LLC (51%) and Royal American Development, Inc (49%). Haitian American
Cornrnunity Development Corporation ("HACDC"), formerly known as Little Haiti Housing
Association, Inc ("LHHA"), is a Florida non-profit community -based organization. LHHA was
formed in 1987 by residents and community stakeholders of Little Haiti to address the need for
affordable housing. From its inception, the organization has facilitated the closing of over 300
homes, developed or co -developed over 169 for -sale units and educated thousands of low-
income households in areas of budgeting, credit repair and hornebuyer counseling. HACDC is a
Cornrnunity Housing Development Organization ("CHDO") that has leveraged approximately
$60 million in residential first mortgages and in grant funds for down payment assistance. Royal
American-Development-("RAD")-a-subsidiary-of-Royal American Companies that was founded
in 1968 in Panama City by Joseph F. Chapman III, the principal. Over the years, Mr. Chapman
formed the development, management, hospitality, real estate and insurance companies.
Committed to developing projects and programs to benefit the community, Royal American
Group of Companies has been linked to many milestones and landmarks in Florida. Royal
American has developed over 10,000 units most of all of them employing some form of
governmental financing. Royal American Management manages over 20,000 units, including
Miami-Dade's public housing units. Royal American has developed a total of 5,939 units of
which 2,344 are affordable housing units
Project Risk
Citadelle Village will be a new construction of 12-story mixed -use multifamily rental building located at
181 NE 82nd Street in the Little Haiti neighborhood. The site is owned by HACDC where their offices are
currently located. The new project will consist of nineteen (19) one-bedroom/one-bathroom units; sixty-
four (64) two-bedroom/two-bathroom units; and thirteen (13) three-bedroom/three-bathroom units. The
project will offer commercial space on the first floor. The target market is for low and extremely low
income households, ranging from 28% and 60% of the area median income. Development moneys are as
follows: $4,400,000 traditional loan; $3,600,000 in SAIL funds; $600,000 in ELI funds; $3,400,000 in
Surtax funds; $3,000,000 in GOB funds; $990,000 in HOME funds; and $15,161,112 in Equity. Total
development cost of the project is $33,467,936. Based on the information provided by the borrower, the
project is financially viable.
Acquisition/Relocation Risk
The property is owned by HACDC and currently being used as their office. The current building will be
demolished before the start of development of the project. No relocation will be necessary since it is
new construction, therefore the Uniform Relocation Act will not apply.
Portfolio Risk
The project, is located in the Little Haiti neighborhood in District 5. The partnership of RAD with
HACDC, a CHDO, offers a great dynamic where RAD has the much more experience in development
and management of tax credit multifamily projects and HACDC offers a new project to its community
and gains development experience with this development. The project addresses the objectives
within the City of Miami's Consolidated Plan and it is consistent with the borrower's affordable
housing portfolio. The project will have 85 GOB -assisted units and 11 HOME -assisted units.
The City's total average investment per unit in GOB funds is $35,294 and $90,000 in HOME
funds. The project will have a 30-year affordability period. This development will be possible due to the
partnership between the two parties.
Development Budget:
Land
Hard Cost
Soft Cost
Total Development Cost:
$ 1,300,000
$ 23,399,934
$ 8,768,002
$33,467,936
See attached the Budget - Cost Allocation.
Maximum Developer Fee permitted under the RFP shall be up to 18% for Bond / 4% Low-
income Housing Tax Credit funded projects. The City will not pay any developer fee.
Developer fee: $4,836,768 (18%)
Project Information:
Project Location: 181 NE 82nd St, Miami, F133138
Structure:
Total Units:
City Units:
One 12-story rental tax credit apartment building. The first floor will
provide commercial space that will include office space for the HACDC,
owner of the property.
96
85 GOB and 11 HOME
Amenities:
Project amenities will include parking garage, a fully equipped exercise facility, a large multi-
purpose community room with full kitchen adjoining a beautiful outdoor patio, a
computer/library, smaller meeting rooms and each floor will have a private laundry room.
Project Feasibility:
Citadelle Village - Unit Breakdown
GOB /
HOME
#
Units
#
Bed
#
Bath
Square
Feet
Income
Target
(AMI)
Rent
Utility
Allowance
Maximum
Rent
HOME
6
1
1
687
28
$474
$71
$786
HOME
4
2
2
900
28
$569
$98
$930
HOME
1
3
2
1134
28
$658
$128
$1,060
GOB
47
1
1
630
60
$1,017
$71
$1,285
HOME
1
1
1
630
60
$1,017
$71
$1,023
GOB
30
2
2
900
60
$1,221
$98
$1,529
HOME
2
2
2
900
60
$1,221
$98
$1,218
GOB
1
3
2
1134
60
$1,410
$128
$1,752
HOME-
- 4-
3—
2
1134
60-
$1,4--10-- - $128-
$1,383-
Royal American
Companies
September 27`h, 2021
Housing and Commercial Loan Committee
444 SW 2nd Avenue, 2nd Floor
Miami, FL 33130
Dear Committee,
ROYAL AMERICAN MANAGEMENT, INC,
ROYALAMERICAN DEVELOPMENT, INC.
ROYAL AMERICAN CONSTRUCTION CO., INC.
The purpose of this letter is to request an additional $3,000,000 in Miami Forever Bonds ("GOB") funds for gap financing
of the Citadelle Village project. The project is a partnership between the Haitian American Community Development
Corporation ("HACDC"), a City of Miami Community Housing Development Organization ("CHDO") as sponsor of the
project and Royal American, which has more than 50 years of experience in the development and management of real
estate, including affordable housing.
The Citadelle Village project will bring to the Little Haiti community much needed affordable housing for low and very
low-income households. The project's total economic impact to the City is estimated to be valued at over $100 million.
All 96 units will be affordable for at least the next 50 years and potentially in perpetuity given to HACDC's commitment
to affordable housing in the Little Haiti community. Beyond being an affordable place to call home, Citadelle Village will
provide 5 permanent jobs and construction employment for over 80 persons.
HACDC will continue to own the project site and the development will provide much needed infusion of capital to
HACDC, as well as creating new office space for the organization. The project is in urgent need of the additional moneys
since other funding commitments are in jeopardy, which includes tax credit dollars.
We greatly appreciate the City of Miami's support of its CHDO and the financial assistance in the development of a great
project that will provide 96 affordable housing units for the Little Haiti community.
Sincerely,
Joseph F.
President
Royal American Development, Inc
ACCREDITED MANAGEMENT ORGANIZATION * LICENCED REAL ESTATE BROKER * CERTIFIED GENERAL CONTRACTOR* FL. LICENSE K CG C0S5219
1002 W.23RD STREET, SUITE 400 * PANAMA CITY FL 32405 * TELEPHONE (850) 769-8981 * TDD 711 * www.royal-american.net
Citadelle Village - Project Financing
Construction Financing
Source
Funds
Amount
First Mortgage
Bonds
$ 4,400,000.00
Florida Housing Finance Corp
SAIL
$ 3,600,000.00
Florida Housing Finance Corp
ELI
$ 600,000.00
Miami -Dade County
Surtax
$ 3,400,000.00
City of Miami
GOB
$ 3,000,000.00
City of Miami
HOME
$ 990,000.00
Investor Partner
Syndication Equity
$ 15,161,112.00
Deferred Developer Fee
$ 2,316,824.37
Total
$ 33,467,936.37
Permanent Financing
Source
Funds
Amount
First Mortgage
Bonds
$ 4,400,000.00
Florida Housing Finance Corp
SAIL
$ 3,600,000.00
Florida Housing Finance Corp
ELI
$ 600,000.00
Miami -Dade County
Surtax
$ 3,400,000.00
City of Miami
GOB
$ 3,000,000.00
City of Miami
HOME
$ 990,000.00
Investor Partner
Syndication Equity
$ 15,161,112.14
Deferred Developer Fee
$ 2,316,824.37
Total
$ 33,467,936.51
Agency: CITADELLE VILLAGE LLC
Project Cltadelle Village
Total Protect
City HOME
SAIL
ELI Loan
GOB Loan
Surtax Loan
Tradl0onal Lender
Deferred
Developer Fee
Equity
Check Total
Over/(Short)
Capitalized Lease
3 1,300,000.00
$ -
$ -
$ -
$ -
3 -
3 -
$ 1,300,000.00
$ 1,300000.00
$
Hard Costs
$ 21,094,22300
$
$ 1,054,711 00
$ 951,00000
$ 300,00000
$
$
$
$ 769,6136.00
$ 175,314.00
3 2,463,542.00
9 115,355.00
5 326,521.00
$ 35,675.00
3 2,261,633.00
$ 720,367.00
$ 2,305000.0D
$ 12,769,930.00
3 95000.00
$ 300.000.00
$
$
$
$
$
$
$
$ 207,911.00
$ -
$ 855,0130.00
$ -
$ -
$
$
$
$ 21,094223.00
$ -
3 1,054,711.00
$ 951,000.00
$ 300,00100
$ -
$ -
$
$
$
$
$
$
$
$
$
Constriction
rancho and Gates
CW30110500 congngency
Impact Fees
Pe0nlls 7 Fees
C9nstr Concrete Test
WASH and Utility Fees
Fire Fee
Total Hard
$ 23,399,934.00
5 940,000.00
$ 2,578,897.00
0 362,196.00
$ 2,990,000.00
$ 2,300,000.00
$ 13,165,930.00
$ -
$ 1,062,911.00
$ 23,399,939.00
$
Soft Casts
Title Insurance& Recording
$ 214,178.00
$ 250,000.00
$ 564,000.00
$ 74,000.00
$ 25,000.00
$ 15,000.00
$ 151,770.00
$ 75000.00
$ -
$ 789,334.00
$ 420,000.00
$ 32,500.00
$ 4,635760.00
$ 523,6133.00
$ 61000.00
$ 197,333.00
$ 79,000.00
$ 460,238.00
$ 50,000.00
5 109,032.00
$ 126,770.00
$ 65,300.00
$ 720,001.00
$ 750.00
$ 79,803.00
$ 3,750.00
5 25,000.00
$ 5,000.00
$ 3,500.00
$ 120,001.00
$ 10,000.00
$ 1,100,000.00
$ 213,428.00
$ 250,000.00
$ 375,165.00
$ 70,250.00
$ 25,000.00
$ 15,000.00
$ -
$ 75,000.00
$ 789,334.00
$ 294,057.00
$ 27,500.00
$ 520,303.00
S 197,333.00
$ 79,000.00
$ (11697.3130 00
$ -
$ -
$ -
$ -
$ -
$ -
$ -
3 -
8 -
$ -.
5 -
$ -
$ 2,316,824.00
$ -
3 -
$ -
$ -
$ -
$ -
$ -
S -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
5 60,643.00
$ -
$ 2,519,994.00
5 -
$ -
S -
$ 460,236.00
8 9,757,378.130
$ 219.178.00
$ 250,000.00
$ 564,000.00
$ 79,00000
$ 25,000.00
$ 15,000.00
$ 151,770.00
$ 75,000.00
$ -
$ 789,334.00
$ 420,000.00
$ 32,500.00
$ 4,636,758.00
$ 523,883.00
$ 60.000.00
$ 197,333.00
$ 6,200.00
$ 960,236.00
$
$ -
$
$ -
$ -
$
$ -
$
§
F -
$
$
$
5 -
$
$
E -
$ -
Loan Closing Costs
Archllecl&Engineering
Construction nspecOONarelysls
Surveys
Appralsal
Insurance Cons( Pedod
RE lanes
Clo ng Costs (Buyers -
Interest Casts
Legal
Licenses/ Envimnmenlal
Developer's Fees
Misc&Contingency
Cily $lcurred Cos l
Inleresl(Absorblion)
Conversion Fee
Operating Deficit Reserve
Co051rucllonLoan Repayment
Total Soh
$ 8,768,002.00
$ 50,000.00
$ 1,021,103.00
$ 237,804.00
$ 10,000.00
$ 1,100,000.00
$ (8,765.930.OD)
5 2,316824.00
0 12,798209.00
$ 8.765002.00
§
TOTAL CONSTRUCTION COST $ 33,467,936.00 $ 900,000.00 $ 3,600,000.00 $ 600,000.00 $ 3,000,000.00 $ 3,40000000 $ 4,400,000.00 $ 2316,824.00 $ 15,161112.00 $ 33.967.936.00
Citadelle Village
96
per unit
2023
2024
2025
2026
2027
2028
2029
2030
Gross Pontential Rental Income
Other Income
480.00
1,111,032
46,080
1,133,253
47,002
1,155,918
47,942
1,179,036
48,900
1,202,617
49,878
1,226,669
50,876
1,251,202
51,894
1,276,227
52,931
Vacancy 7%
(77,772)
(79,328)
(80,914)
(82,533)
(84,183)
(85,867)
(87,584)
(89,336)
Effective Gross Income
1,079,340
1,100,927
1,122,945
1,145,404
1,168,312
1,191,678
1,215,512
1,239,822
Taxes
445
(42,720)
(44,002)
(45,322)
(46,681)
(48,082)
(49,524)
(51,010)
(52,540)
Insurance
850
(81,600)
(84,048)
(86,569)
(89,167)
(91,842)
(94,597)
(97,435)
(100,358)
Mgmt Fee 6.0%
675
(64,760)
(67,995)
(69,355)
(70,742)
(72,157)
(73,600)
(75,072)
(76,574)
Gen & Admin
1,160
(111,360)
(114,701)
(118,142)
(121,686)
(125,337)
(129,097)
(132,970)
(136,959),
Payroll
1,435
(137,794)
(141,927)
(146,185)
(150,571)
(155,088)
(159,741)
(164,533)
(169,469)
Utilities
950
(91,200)
(93,936)
(96,754)
(99,657)
(102,646)
(105,726)
(108,898)
(112,164)
Maint & Repair
550
(52,800)
(54,384)
(56,016)
(57,696)
(59,427)
(61,210)
(63,046)
(64,937)
Contracts
550
(52,800)
(54,384)
(56,016)
(57,696)
(59,427)
(61,210)
(63,046)
(64,937)
Marketing
100
(9,600)
(9,888)
(10,185)
(10,490)
(10,805)
(11,129)
(11,463)
(11,807)
Compliance/Monitoring Fees
500
(48,000)
(49,440)
(50,923)
(52,451)
(54,024)
(55,645)
(57,315)
(59,034)
Subtotal
7,215
(692,634)
(714,705)
(735,466)
(756,837)
(778,834)
(801,478)
(824,786)
(848,779)
Replacement Reserves
300
(28,800)
(29,664)
(30,554)
(31,471)
(32,415)
(33,387)
(34,389)
(35,420)
Total Expenses
7,515
(721,434)
(744,369)
(766,020)
(788,307)
(811,249)
(834,865)
(859,175)
(884,199)
Net Operating Income
357,906
356,558
356,925
357,097
357,063
356,813
356,337
355,623
Debt Service 1st only
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
Debt Service All Mortgages
CASH FLOW
99,789
98,441
98,809
98,980
98,947
98,697
98,221
97,506
DSCR
1.39
1.38
1.38
1.38
1.38
1.38
1.38
1.38
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
1,301,751
53,990
(91,123)
1,327,786
55,070
(92,945)
1,354,342
56,171
(94,804)
1,381,429
57,295
(96,700)
1,409,057
58,441
(98,634)
1,437,238
59,609
(100,607)
1,465,983
60,802
(102,619)
1,495,303
62,018
(104,671)
1,525,209
63,258
(106,765)
1,555,713
64,523
(108,900)
1,586,827
65,814
(111,078)
1,618,564
67,130
(113,299)
1,650,935
68,472
(115,565)
1,264,619
1,289,911
1,315,709
1,342,023
1,368,864
1,396,241
1,424,166
1,452,649
1,481,702
1,511,336
1,541,563
1,572,394
1,603,842
(54,116)
(55,740)
(57,412)
(59,134)
(60,909)
(62,736)
(64,618)
(66,556)
(68,553)
(70,610)
(72,728)
(74,910)
(77,157)
(103,368)
(106,469)
(109,664)
(112,953)
(116,342)
(119,832)
(123,427)
(127,130)
(130,944)
(134,872)
(138,919)
(143,086)
(147,379)
(78,105)
(79,667)
(81,261)
(82,886)
(84,543)
(86,234)
(87,959)
(90,598)
(91,513)
(93,343)
(95,210)
(97,114)
(99,056)
(141,068)
(145,300)
(149,659)
(154,148)
(158,773)
(163,536)
(168,442)
(173,495)
(178,700)
(184,061)
(189,583)
(195,270)
(201,129)
(174,553)
(179,789)
(185,183)
(190,739)
(196,461)
(202,355)
(208,425)
(214,678)
(221,118)
(227,752)
(234,584)
(241,622)
(248,871)
(115,529)
(118,995)
(122,565)
(126,242)
(130,029)
(133,930)
(137,948)
(142,087)
(146,349)
(150,740)
(155,262)
(159,920)
(164,717)
(66,885)
(68,892)
(70,959)
(73,088)
(75,280)
(77,539)
(79,865)
(82,261)
(84,728)
(87,270)
(89,888)
(92,585)
(95,363)
(66,885)
(68,892)
(70,959)
(73,088)
(75,280)
(77,539)
(79,865)
(82,261)
(84,728)
(87,270)
(89,888)
(92,585)
(95,363)
(12,161)
(12,526)
(12,902)
(13,289)
(13,687)
(14,098)
(14,521)
(14,956)
(15,405)
(15,867)
(16,343)
(16,834)
(17,339)
(60,805)
(62,629)
(64,508)
(66,443)
(68,437)
(70,490)
(72,604)
(74,782)
(77,026)
(79,337)
(81,717)
(84,168)
(86,693)
(873,477)
(898,900)
(925,070)
(952,010)
(979,741)
(1,008,288)
368886898
(1,068,804)
(1,099,065)
(1,131,122)
(1,164,122)
(1,198,094)
(1,233,066)
(36,483)
(37,577)
(38,705)
(39,866)
(41,062)
(42,294)
(43,563)
(44,869)
(46,216)
(47,602)
(49,030)
(50,501)
(52,016)
(909,960)
(936,477)
(963,775)
(991,876)
(1,020,803)
(1,050,582)
#########
(1,113,674)
(1,145,281)
(1,178,724)
(1,213,152)
(1,248,595)
(1,285,082)
354,659
353,434
351,934
350,148
348,061
345,659
342,929
338,975
336,421
332,612
328,410
323,799
318,760
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
96,543
95,317
93,818
92,031
89,944
87,543
84,813
80,859
78,305
74,496
70,294
65,683
60,644
1.36
1.35
1.34
1.33
1.31
1.30
1.29
1.27
1.25
1.23
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
1,683,954
1,717,633
1,751,986
1,787,025
1,822,766
1,859,221
1,896,405
1,934,334
1,973,020
2,012,481
69,842
71,239
72,664
74,117
75,599
77,111
78,653
80,226
81,831
83,468
(117,877)
(120,234)
(122,639)
(125,092)
(127,594)
(130,145)
(132,748)
(135,403)
(138,111)
(140,874)
1,635,919
1,668,637
1,702,010
1,736, 050
1,770,771
1,806,187
1,842,310
1,879,157
1,916,740
1,955,075
(79,472)
(81,856)
(84,312)
(86,841)
(89,446)
(92,130)
(94,893)
(97,740)
(100,672)
9,664,558
(151,800)
(156,354)
(161,045)
(165,876)
(170,852)
(175,978)
(181,257)
(186,695)
(192,296)
18,460,392
(101,037)
(103,058)
(105,119)
(107,222)
(109,366)
(111,553)
(113,784)
(116,060)
(118,381)
(117,304)
(207,162)
(213,377)
(219,779)
(226,372)
(233,163)
(240,158)
(247,363)
(254,784)
(262,427)
25,193,005
(256,337)
(264,027)
(271,948)
(280,106)
(288,509)
(297,164)
(306,079)
(315,262)
(324,720)
31,173,086
(169,659)
(174,749)
(179,991)
(185,391)
(190,953)
(196,681)
(202,582)
(208,659)
(214,919)
20,632,202
(98,224)
(101,170)
(104,205)
(107,332)
(110,551)
(113,868)
(117,284)
(120,803)
(124,427)
11,944,959
(98,224)
(101,170)
(104,205)
(107,332)
(110,551)
(113,868)
(117,284)
(120,803)
(124,427)
11,944,959
(17,859)
(18,395)
(18,946)
(19,515)
(20,100)
(20,703)
(21,324)
(21,964)
(22,623)
2,171,811
(89,294)
(91,973)
(94,732)
(97,574)
(100,501)
(103,516)
(106,622)
(109,821)
(113,115)
10,859,054
(1,269,067)
(1,306,129)
(1,344,282)
(1,383,559)
(1,423,994)
(1,465,620)
(1,508,473)
(1,552,589)
(1,598,006)
141,926,721
(53,576)
(55,184)
(56,839)
(58,544)
(60,301)
(62,110)
(63,973)
(65,892)
(67,869)
139,131,627
(1,322,644)
(1,361,312)
(1,401,121)
(1,442,104)
(1,484,295)
(1,527,730)
(1,572,446)
(1,618,482)
(1,665,876)
281,058,349
313,275
307,325
300,889
293,947
286,477
278,457
269,864
260,675
250,864
283,013,423
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
(258,116)
55,159
49,208
42,772
35,830
28,360
20,341
11,748
2,559
(7,252)1
282,755,307
1.21
1.19
1.17
1.14
1.08
1.05
1.01
0.97
1096.46
WORK SCOPE / DEVELOPMENT SCHEDULE
Citadelle Village
Citadelle Village will be new construction of 12-story mixed -use multifamily rental
building with a total of ninety-six (96) units located at 181 NE 82 Street in the Little Haiti
neighborhood. The project consists of a total of ninety-six (96) units of which nineteen (19)
one-bedroom/one-bathroom units; sixty-four (64) two bedroom/two-bathroom units; and
thirteen (13) three -bedroom/ three -bathroom units. The ground floor will be used for
commercial space. The project will be targeting low and very low-income households
(30% to 60% of AMI). 85 units will be GOB -assisted and 11 units will be HOME -assisted.
Estimated Date
Building Permitting (Permit Ready) May 2022
Start of Construction June 2022
Construction Completion October 2023
Commence Affirmative Marketing August 2023
Initial Lease -Up (Leasing Activities Commence) August 2023
Stabilized Occupancy November 2023
ADELLE VILLAGE
MIXED USE BUILDING
181 NE 828d STREET.
MIAMI, FLORIDA 33118
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Royal American Development — 94 Properties; 6.017 Units
*** = Senior Properties
# of LIHTC
Dates
Site Name/Location
# of Units
Units
Financing Type
Managed
Texas — 2 Property, 216 Units
900 Winston
900 Winston Street
Houston, TX 77044
114
92
Tax Credit
60% AMI
HUD-811
Market
9/1/2021
To
Present
Chapman Crossing
14741 Chapman Woods
Crossing
Houston, TX 77044
102
102
Tax Credit
60% AMI
HOME
7/1/2018
To
Present
Alabama — 9 Properties, 274 Units
Abbewood Apts.
402 1/2 Dothan Road
Abbeville, AL 36310
32
0
RD
515
1984
To
Present
Conecuh Bluffs Apartments
130 Bluff Circle
Union Springs, AL 36089
40
0
RHS
515
With
Rental Assistance
1986
To
Present
Glendale Apartments
100 Glendale Circle
Foley, AL 36535
40
0
RD
515
1985
To
Present
Lakeridge
110 Old Dale Road
Eufaula, AL 36027
30
30
RD
515 Housing Credit
Tax Credit
1991
To
Present
Rocky Ridge Apartments
420 Rockaway Creek Road
Atmore, AL 36502
24
0
RD
515
1985
To
Present
Sawgrass Apartments
24070 Canal Road
Orange Beach, AL 36561
32
32
RD
515
Housing Credit
Tax Credit
60% AMI
1993
To
Present
Villas of Lakeridge ***
160 Old Dale Road
Eufaula, AL 36027
18
18
RD
Elderly 515
With
Rental Assistance
Tax Credit
60% AMI
1991
To
Present
West Meadow I & II
911 West Meadow Avenue
Geneva, AL 36340
26/32
0
RD
Phase I: 515
Phase II: 515 with
Housing Assistance
1983 / 1988
To
Present
Georgia — 7 Properties, 504 Units
Brook Forest Apartments
2009 S. Court Street
Quitman, GA 31643
32
0
RD
1986
To
Present
Lakeside Villa Apartments
387 Broad Street
Hawkinsville, GA 31036
32
0
RD
515
1986
To
Present
Pineland Apartments
707 26th Avenue S.E.
Moultrie, GA 31768
40
0
RD
515
1982
To
Present
Rivers Apartments
1105 Lake Drive
Bainbridge, GA 39817
114
114
HUD
Section 8
Tax Credit
1982
To
Present
The Enclave at Depot Park
2726 S. Main Street
Kennesaw, GA 30144
78
78
HUD
Section 8
Tax Credit
3/01/2020
To
Present
Wild Pines Apartments
600 Sands Drive
Albany, GA 31705
160
0
HUD
Section 8
1982
To
Present
Wildridge Apartments
1950 S. Hwy 301 #801
Jesup, GA 31546
48
48
RD
Tax Credit
60% AMI
515
With
Rental Assistance
1991
To
Present
Florida —76 Properties, 5,023 Units
Alachua Apartments
13605 NW CR 235
P. 0. Box 1149
Alachua, FL 32616-1149
70
70
HUD
1984
To
Present
Bent Creek Apts I & II
209 Bent Creek Road
Crestview, FL 32539
36/24
/
0
RD
1985 /
1990
To
Present
Biscayne Court***
5211 NW 17th Ave.
Miami, FL
60
60
Tax Credit
60% AMI
08/O1/09
To
Present
Briarwood Phase I & II
4495 Shelfer Rd.
Tallahassee, FL 32305
92/63 63
0
HUD
Section 8
1To4
Present
Brookmeade Villas ***
102 Noble Circle
Crestview, FL 32539
32
32
RD
515
Tax Credit
60% AMI
1995
To
Present
Camellia Gardens
901 Freedom Road, #701
Century, FL 32535
32
32
RD
515
Tax Credits
60% AMI
1995
To
Present
Casa Del Mar Apartments
1575 A-1-A South
St Augustine, FL 32080
44
0
HUD
Section 8
1976
To
Present
Century Woods Apartments
20 West Highway 4
Century, FL 32535
36
0
RHS
HUD Section 8
RD 515
1984
To
Present
Clay Springs Apartments
101 Joey Drive, Box 1201
Green Cove Springs, FL
32043
51
51
RD
515
Tax Credits
60% AMI
1978
To
Present
Clearlake Isies ***
1546 Clearlake Road, Suite 1
Cocoa, FL 32922
84
84
Tax Credit
60% AMI
12/1/2016
To
Present
College I & II
2305 Hudson Avenue
Palatka, FL 32177
94/14
0
UD
Section 8
515
1972 / 1982
To Present
Cottondale Village
4052 Old Cottondale Rd.
Marianna, FL 32448
82
82
RD
515
HUD Section 8
Tax Credits
60% AMI
1979 / 1982
To
Present
Crestview Phase I & II ***
1450 Coremo Drive
Crestview, FL 32539
40 24
/
0
RD
515
1988 / 1989
To Present
Crown Point Apartments
300 Victory Lane
Ocoee, FL 34761
34
0
RD
515
1985
To
Present
Crystalwood Apartments
1935 Crystal Grove Drive
Lakeland, FL 33801
64
0
HUD
Section 8
1982
To
Present
Dixie Grove Apartments
1901 Watauga Avenue
Orlando, FL 32812
44
0
HUD
Section 8
1983To
Present
East Lake Apartments
248 East Collins Street
Umatilla, FL 32784
RD
515
With some
rental assistance
1986
To
Present
Eastpoint Apartments
45 Begonia Street
Eastpoint, FL 32328
30
30
RD
515 Housing Credit
with
Rental Assistance
Tax Credit
60%AMI
1993
To
Present
Edgewood Apartments
3325 West 23rd Street
Panama City, FL 32405
94
94
HUD
Section 8
Tax Credit
60% AMI
1973
To
Present
Gatewood Apartments
7100 Noel Road
Panama City, FL 32404
37
0
RD
515
1988
To
Present
Graceland Manor
Apartments
5445 Brown Street
Graceville, FL 32440
50
50
RD
HUD Section 8
515
Tax Credit
60% AMI
HOME
1980
To
Present
Greenbriar Villa
Apartments
1550 Greenbriar Villa Circle
Brooksville, FL 34601
40
0
RD
515
1987
To
Present
Greenville Pointe Apts.
192 NW Greenville Point Trail
Greenville, FL 32331
32
32
RD
515 Housing Credit
With
Rental Assistance
Tax Credit
1993
To
Present
Harbour Place Apartments
9742 Harbour Place
Pensacola, FL 32506
68
0
HUD
Section 8
1982
To
Present
Heritage Apartments
315 South 19th Street
Defuniak Springs, FL 32435
50
0
RD
HUD
Section 8
515
1992
To
Present
Heritage Villas ofApalach
315 24th Avenue
Apalachicola, FL 32320
23
23
RD
515 Housing Credit
With
Rental Assistance
Tax Credit
1992
To
Present
Hilltop Pointe
4514 Hilltop Lane
Panama City, FL 32405
50
50
LIHTC
Bonds
5/0 To2021
Present
Hilltop Preservation
159 S. W. Safari St
Madison, FL 32340
72
0
HUD
Section 8
515
1980
To
Present
Hollowbrook
5465 Curry Ford Road
Orlando, FL 32812
144
0
Market
HOME
Ship
01/2015
To
Present
Hunters Run Apartments
2600 S. W. Williston Road
Gainesville, FL 32608
184
0
Market
1987
To
Present
Lake ButlerRD
1005 S.W. Sixth Street
Lake Butler, FL 32054
48
0
HUD Section 8
515
1981
To
Present
Lakewood Apartments 1 &
II ***
1198 SW Anniston Circle
Lake City, FL 32025
36/32
0
RD
515
With Assistance
1981 / 1988
To
Present
Little Oaks Apartments
300 West Atwater
Eustis, FL 32726
68
68
HUD
100 % Tax Credit
60%AMI
70 units Home
32 Low Home
38 High Home
1996
To
Present
Mission Hills Apartments
2425 Mission Road
Tallahassee, FL 32304
112
0
HUD
Section 8
1979
To
Present
Murray Hill Apartments
1655 Lime Street
Fernandina Bch, FL 32034
35
0
RD
515 Housing Credit
with
Rental Assistance
1984
To
Present
Northwood Apartments
307 East Ohio Avenue
Macclenny, FL 32063
52
0
HUD
Section 8
1981
To
Present
Oakdale Apts.
226 North First Street
Defuniak Springs, FL 32433
48
48
HUD
Section 8
Tax Credit
HOME
1974
To
Present
Oak Tree Apts.
1701 Lakeshore Blvd.
Jacksonville, FL 32210
162
0
HUD
Section 8
1979To
Present
Orangewood Apartments
801 South Water Street
Starke, FL 32091
46
0
RD
HUD Section 8
515
1982
To
Present
Palmetto Apartments
1561 Blountstown Street
Tallahassee, FL 32304
52
0
HUD
Section 8
1980
To
Present
PanaVillaApartments
1802 Flower Avenue
Panama City, FL 32405
72
72
HUD
Section 8
Tax Credit
HOME
1971
To
present
Pelican Pointe
10320 Clarence Street
Panama City Beach, FL 32407
78
78
Tax Credit
60% AMI
Sail
MMRB
9/15/2017
To
Present
Pine Meadow Apts.
7025 West University Avenue
Gainesville, FL 32607
78
78
HUD
Tax credit
HOME
MMRB
1982
To
Present
Prairie Oaks Apartments
1050 S.W. First Drive
Chiefland, FL 32626
54
0
HUD
Section 8
1981
To
Present
Quail Run Apts.
315 So. 19th
Defuniak Springs, FL 32435
32
0
RD
Reserve at Kanapaha I & II
4440 S.W. Archer Road
Gainesville, FL 32608
416
52
Bond - 4% Credits
HUD Guaranteed
Loan
20% @ 50%
Market Rate
1998
To
Present
Reserve at Northshore
2101 West Hwy 390
Lynn Haven, FL 32444
2 00
41
Bond - 4% Credits
HUD Guaranteed
Loan
20% @ 50%
1999
To
Present
Ridge at Mt. Dora
3000 Lake Center Drive
Mt. Dora, FL 32757
44
0
RD
515
With 10
Rental Assistance
1986
To
Present
Ridge View Apartments
880 S.E. 8thAvenue
Crystal River, FL 34429
44
0
RD
515
1988
To
Present
Sand Dunes Apartments
8011 Front Beach Rd.
Panama City Bch., FL 32407
104
104
HUD
Tax Credit
HOME
MMRB
1982
To
Present
San Juan ***
2950 San Juan Circle
Kissimmee, FL 34746
112
112
Tax Credit
60% AMI
10/1/2016
To
Present
Sherwood Oaks Apartments
13605 NW CR 235
Alachua, FL 32616
54
0
HUD
Conventional
Financing
1981
To
Present
Southern Villas of
Apalachicola
401 24th Avenue
Apalachicola, FL 32320
36
0
RD
515 with
Rental Assistance
1983
To
Present
Stanford Pointe I
2401 Stanford Road
Panama City, FL 32405
112
0
221 D4
Market Rate
1988To
Present
Sutton Creek Apartments
16978 N.W. Mayo Street
Blountstown, FL 32424
50
0
HUD
RD
Section 8 / 515
1980
To
Present
Timbers Apartments
231 NE 97th Street
Cross City, FL 32628
32
0
RD
515
With
Rental Assistance
1993
To
Present
Trenton Apartments I & II
718 N.E. 7th Place # 905
Trenton, FL 32693
36/24
0
RD
Phase I:
Section 8 / 515
Phase II: 515 with
Housing Assistance
1982 / 1989
To
Present
Village Allapattah I ***
Village Allapattah II ***
2378 NW 17th Ave
Miami, FL 33142
110/90
/
200
Tax Credit
60%AMI
10/01/09
To
Present
Village Oaks I & II
705 Northwest Drive
Live Oak, FL 32064
32/24
0
HUD
RD
Phase I:
Section I / 515
Phase II: 515 with
Housing Assistance
1981 / 1989
To
Present
Villa Patricia I ***
Villa Patricia II ***
Villa Patricia III ***
7855 NE 2ndAve
125/125/89
339
Tax Credit
60% AMI
HOME
10/01/09
To
Present
Villas of Shady Oaks
17 Shady Oak Villa Circle
Brooksville, FL 34601
36
36
RD
515 Housing Credit
With
Rental Assistance
Tax Credit
1994
To
Present
Willows I & II
1730 W. Carroll Street
Kissimmee, FL 34741
46 45
/
0
RD
515
1988
To Present
Wilson West Apartments
7855 Wilson Blvd.
Jacksonville, FL 32210
50
0
HUD
Section 8
1982
To
Present
Wind Meadow Apartments
3037 Wind Meadow Drive
Gulf Breeze, FL 32563
46
0
RD
515
With
Rental Assistance
1987
To
Present
PA
Royal American
Companies
January 19, 2022
Mr. George Mensah
Director
Department of Community & Economic Development
City of Miami
14 NE 1st Avenue, 2nd Floor
Miami, FL 33132
Re: $2 million of GOB Funding for Citadelle Village
Dear Mr. Mensah:
ROYALAMERICAN MANAGEMENT, INC.
ROYALAMERICAN DEVELOPMENT, INC.
ROYAL AMERICAN CONSTRUCTION CO., INC.
After reviewing the budget for Citadelle Village and a tentative agreement for project based rental assistance
from the County, we can reduce our request from $3 million in GOB funding to $2 million (please see attached
revised budget).
We greatly appreciate all that the Department of Community & Economic Development has done to help
move this funding forward.
Sincerely,
ACCREDITED MANAGEMENT ORGANIZATION * LICENSED REAL ESTATE BROKER * CERTIFIED GENERAL CONTRACTOR* FL. LICENSE # CG C055219
1002 W.23RD STREET, SUITE 400 * PANAMA CITY FL 32405 *TELEPHONE (850) 769-8981 * TDD 711 * www.royalamerican.com