Hollywood city commissioners have voted unanimously to sell sell city land for $2.1 million to Pinnacle Housing Group for the development of 120 below-market rental apartments for low-income senior citizens.
The parcel was home to rundown apartment complexes until the city bought it more than a decade ago in order to demolish the buildings. Hollywood paid more than $12 million to cover the land purchase and relocation costs for residents.
The city agreed to sell an assemblage of city-owned parcels where Adams St. meets Dixie Hwy. for $2.1 million and to extend a $578,000 loan to Pinnacle to help finance the senior housing development.
Pinnacle regional-vice president Timothy Wheat said the planned 120-unit Hollywood development for independent, not assisted, living still faces a major financing hurdle, The Real Deal reported.
City approval is “the first step,” Wheat is quoted as saying. “We’ll have to apply to Florida Housing Finance Corp. for the vast majority of the tax credits that will serve as equity financing.”
Hollywood City Commissioner Linda Sherwood said Pinnacle’s chances are better now because of the pending $578,000 loan to the company, which is contingent upon a successful application to Florida Housing Finance Corp. for tax credits.
“It will make it easier to qualify for the tax credits,” Sherwood said.