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Florence, SC: Lakota Crossing |
| Description: The Housing Authority of Florence, South Carolina, knew it had a diamond in the rough. The eight-acre, wooded tract was an easy stroll from both the YMCA and a neighborhood shopping center. Florence had grown up around the property, but for more than 20 years the Housing Authority wasn’t able to build what was needed on the land. |
| Impact: Through a package structured by The Landmark Group, the Housing Authority will see a dream come true: 72 units of low- to moderate-income townhouses built on the site. The units will be for sale as condominiums after 15 years. With federal development funds dried up, the package created a new way to finance much-needed new construction. |
Key Ingredients:
- Low-income housing tax credits
- 99-year lease
- Initial lease payment
- Housing Authority management
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| " We manage property. We don't put together these complex packages. They were great to deal with. " |
Cynthia Williams
Executive Director
Housing Authority of Florence
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| Other Views
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