Skyway Housing Foundation Inc

Cape Coral - Two applications under a request for proposal issued by Lee County for CDBG-Disaster Recovery funds were submitted for two phases of a mixed generation, mixed use affordable multifamily development - Residences at the Pines and Arbor at Pine Cove. Residences at the Pines is a 160-unit new construction Low Income Housing Tax Credit Bond Financed Development with a senior demographic serving households at or below 60% AMI. Arbor at Pine Cove is a 160-unit new construction Workforce Development with tax exempt 501(c)(3) bond financing serving households at or below 80% AMI. If the Commission chooses to award CDBG-DR funds to one or more projects, the higher scoring Residences at the Pines is the more likely phase to be awarded as it serves lower income residents. If neither phase receives a CDBG-DR award, the land purchase contract will eventually expire and ACRUVA and Skyway will likely no longer pursue development unless there is a reason to believe funds will otherwise be available and sufficient time remains under the contract. Glenwood Springs - We are exploring a potential opportunity with Andrew Ginsburg of Rocky Ledge Capital to develop a 36-unit workforce condo development on a parcel at 504 E Meadows Drive, Glenwood Springs, CO. The site is the last vacant parcel in a commercial condo development with numerous multifamily, commercial and hotel properties including Lowes, Target, Petco, Wells Fargo, Marriott and numerous smaller shops and restaurants. We anticipate signing the contract to purchase the land for $1M on Monday,February 24. There would be a 60-day due diligence period after signing the contract. This development would target 120% to 150% AMI ($85k-$140k income) and sale price of $400,000-$500,000. The total project cost is anticipated to be approximately $13MM. This would be a modular development, and our target market would be employees of schools, hospitals, banks, etc.