MELBOURNE, FL – (RealEstateRama) — US Senator Bill Nelson joined local officials, financial partners, and residents to cut the ribbon for the completion of $16.2 million in renovations to Trinity Towers, an affordable senior housing development in Melbourne, FL owned by nonprofit Preservation of Affordable Housing (POAH).
In 2013, POAH purchased the Trinity Towers West, East and South buildings in downtown Melbourne from neighboring Holy Trinity Episcopal Church. The Trinities house more than 500 seniors and disabled residents. All three buildings required extensive capital improvements. POAH completed renovations on West in 2016 with new windows and HVAC system, roofs, flooring, kitchens and baths and in, 2017 East and South received extensive renovations similar to those performed at West plus a commercial kitchen renovation at Trinity Towers South.
POAH was able to make the acquisition under a recent HUD rule which makes it easier for faith-based owners to transfer properties to non-profits specializing in housing. The acquisition allowed Holy Trinity to carry forward the mission of affordable housing for seniors through another owner – a mission the Church had performed faithfully for decades – and saved this valuable housing from being lost to the market.
In a nostalgic coincidence, Senator Nelson, a native of Melbourne, told the audience that his elementary school stood on the grounds of what is now trinity towers South. “It is a privilege to come home to celebrate the rehabbing of trinity towers East, West, and South. It’s a wonderful place for people to live.” Nelson described the hard won effort to increase funding for rental assistance programs in the Congress with the recent passage of tax incentives and support programs to increase the creation of affordable housing, particularly in Florida where 70 percent of renters pay more than 40 percent of their income for housing.
“The Federal Home Loan Bank of San Francisco is proud to play a role in expanding the supply of affordable housing for low income seniors in Melbourne,” said Greg Seibly, President and CEO of FHLBank San Francisco, citing the $1.4 million grant from the Bank’s Affordable Housing Program. “Trinity Towers is providing housing and meals for senior citizens and enhancing their quality of life.”
“Citi is proud to provide the debt financing to preserve and improve Trinity Towers East and Trinity Towers South, important affordable housing resources for the community of Melbourne,” said Mark Risch, Director, Citi Community Capital.
“In addition to providing a physical home for each of these households, the campus of Trinity properties also provides a rich array of service programs for each of these properties, promoting a sense of community while assisting with the individual needs of residents including nutrition and meal programs, blood pressure checks, monthly socials and sessions with local health care providers,” said POAH President/CEO Aaron Gornstein.
- EAST: Select kitchen and bath renovations, ADA and accessibility improvements, common area improvements, new windows, HVAC, roof replacement, fire alarm and nurse call systems, fire sprinklers throughout the building, and elevator repairs.
- SOUTH: Select kitchen and bath renovations, accessibility improvements, common area improvements, new mailbox systems, new windows, HVAC, roof replacement, fire alarm and nurse call systems, dining room and commercial kitchen renovation, and elevator modernization.
Financing was provided by Florida Housing Finance Corporation (9% tax credits which were syndicated by Boston Capital). Citi provided the construction loans as well as the permanent loans with Boston Private Bank and Trust Company through the Federal Home Loan Bank (FHLB) of Boston Affordable Housing Program. Other financing included a FHLB grant (also through Boston Private), seller financing from the Holy Trinity Episcopal Church, and Project Based Section 8 vouchers from the Housing Authority of Brevard County.