$28 Million Allocated to Daytona Beach Housing Authority Affordable Housing Development
04/07/2021

Housing Authority of the City of Daytona Beach (HACDB) received approval for $28,000,000 in Multifamily Housing Revenue Bonds for the WM at the River Project.

Online PR News – 07-April-2021 – Daytona Beach, FL – The Housing Authority of the City of Daytona Beach (HACDB) received approval for$28,000,000 in Multifamily Housing Revenue Bonds for the WM at the River Project on Beach Street in Daytona Beach, FL. The Development project is the result of a partnership between HACDB and developer BGC Advantage. The affordable housing development project, projected to close in June of 2021, will rehabilitate 298 units which currently house elderly and disabled tenants. The total development investment will exceed $52 million.

"The Housing Authority of the City of Daytona Beach is pleased to partner with the professionals at BGC Advantage, Red Stone Equity Partners, Lument, Coats Rose, and Greenberg Traurig. This project will greatly enhance the lives of elderly and disabled persons who occupy nearly 300 units at the Windsor and Maley apartments," said HACDB CEO, Terril Bates. "The expertise which garnered this $28 million bond allocation is only a part of the total funding plan for this redevelopment utilizing the HUD RAD program and project-based vouchers."

The proposed WM at the River project will be the first of several planned developments for the partners, which upon completion will offer efficiency, 1 and 2-bedroom apartments. The two towers will be rebranded and the rehabilitation will not only include new kitchen bathrooms with plumbing fixtures and cabinets, but it will also include enhanced building systems and lighting, updated flooring, appliances, and elevators, as well as energy efficient and storm resistant features.

"We are so proud of the opportunity to be able to bring high quality affordable housing to Daytona Beach community and grateful to the State of Florida Division of Bond Finance for their tremendous support of our efforts,” said BGC Advantage CEO, Holly Knight.

Community amenities will include a fully-furnished activity center, new offices with a business center, and a well-appointed fitness facility. The property is conveniently located near retail and churches and is directly across from a beautiful marina and the Halifax River.

"Red Stone Equity Partners is so appreciative and excited to be a partner on this important redevelopment effort in Daytona Beach. This work will completely transform this important community for its deserving residents. I really look forward to seeing it come to fruition." said Darren Swanson, Managing Director, Acquisitions at Red Stone Equity Partners, LLC.

HOUSING AUTHORITY OF THE CITY OF DAYTONA BEACH (HACDB)
The Housing Authority of the City of Daytona Beach (HACDB) provides affordable homes and services to more than 7,450 low-income Daytona Beach residents, including over 1,337 families housed through the Housing Choice Voucher Program and another 1,980 living in 11 affordable housing and tax credit developments within the City of Daytona Beach. HACDB administers the city and county’s largest voucher program. The authority also serves homeless veterans through our VASH program and has a number of vouchers allocated to homeless disabled persons through the Mainstream program. The agency goals focuses on the creation and improvement of affordable housing and the promotion of self-sufficiency for Residents and Tenants through our public-private partnerships. Explore dbhafl.org for more information.

BGC ADVANTAGE
BGC Advantage is a developer that specializes in working with Public Housing Authorities and non-profit organizations to acquire, create, and re-habilitate affordable housing. Their wholistic approach to community development starts with connecting the right combination of partners, properties, investors, and social services. Ensuring that the project will be beneficial to all concerned leads to successful projects, enduring partnerships, and sustainable revitalization. With offices in Louisiana, Mississippi, Texas, and Arkansas, the BGC Advantage portfolio includes more 3,000 units of affordable housing developed in four years and 60 PHA RAD Consultation and Partnerships across 17 states. For more information, visit bgcadvantage.com.