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What happened?
Vestcor got approved for funding for the Lofts at Cathedral project in 2021, which they have already started working on in 2022. I believe it was their second or third time submitting an application for that project, as well as the Governor vetoing a separate funding request that was outside the Florida Housing Finance Corp process.
They were not successful in obtaining LIHTC funding for the Phillips Highway property in 2021, a Southbank property in 2020, and most recently in the first quarter of 2022- a joint development with Sulzbacher for a project in Brentwood converting a nuisance hotel into rent-subsidized transition housing and workforce training/development (similar to the Vesctor/Sulzbacher project a half mile away and across from Pearl Plaza).
Affordable housing tax credits are extremely competitive, and the vast majority of projects an affordable housing developer will complete entitlements/due diligence on, won't make the cut and ultimately don't get built.
