Dominium, a leading affordable housing owner, developer and manager announced the re-syndication of Oaks at St. John, a 160-unit family property in Ponte Vedra Beach, Florida.
Dominium will renew the property’s affordable housing status while beginning a $5.5 million rehabilitation of the property. Oaks at St. John 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 roof replacement. Resident homes will also receive new low flow plumbing fixtures, HVAC systems and energy efficient lighting fixtures.
Re-syndication of Oaks at St. John 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 Colliers, Walker & Dunlop, The Florida Housing and Finance Authority and The Housing and Finance Authority of St. Johns County. Additional partners include Winthrop & Weinstein, Dominium Construction & Architectural Services, Ebersoldt & Associates, Commercial Partners Title, Butler Snow, Nabors Giblin & Nickerson, Public Resources Advisory Group, Tiber Hudson, Colliers Securities, Colliers Mortgage, Ballard Spahr, Fabyanske Westra Hart & Thomson, Fox Rothschild, ArentFox Schiff LLP, RBC Capital Markets, Holland & Knight LLP, US Bank Trust Company, AmeriNat, and Kutak Rock. 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.
