Dominium, a leading affordable housing owner, developer and manager announced the resyndication of Crossings at Cape Coral, a 168-unit family property in Cape Coral, Florida.
Dominium will renew the property’s affordable housing status while beginning a $6.1 million rehabilitation of the property. Crossings at Cape Coral will undergo an extensive remodel of the existing clubhouse and site amenities, including upgrades to the fitness center, playground, pavilion and grill areas for residents, as well as a full siding and window replacement. Resident homes will also receive new flooring, low-flow plumbing fixtures and energy efficient lighting fixtures.
Resyndication of Crossings at Cape Coral is supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.
Dominium would like to thank its development partners KeyBank, Key Community Development Corporation, The Florida Housing and Finance Authority and The Housing and Finance Authority of Lee County whose assistance made this project possible. Additional partners include Winthrop & Weinstein, Ebersoldt & Associates, Commercial Partners Title, Raymond James & Associates, Nabors Giblin & Nickerson, Hilltop Securities, KeyBank Capital Markets, Tiber Hudson, Colliers Securities, Ballard Spahr, Fabyasnke Westra Hart & Thomson, Troutman Pepper, ArentFox Schiff LLP, Holland & Knight LLP, US Bank Trust Company, Liebler Gonzalez & Portuondo, First Housing Development Corporation and Seltzer Management Group. Dominium would like to thank all these partners for their assistance on this project, continued commitment to providing high quality affordable housing, and ongoing partnership with Dominium.
