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SBWire Becker Public Relations May 14, 2012-Claude Pepper Towers $9 Million Senior Housing Rehabilitation Completed in Brownsville

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Becker Public Relations May 14, 2012
Claude Pepper Towers $9 Million Senior Housing Rehabilitation Completed in Brownsville
Quality Affordable Housing Rehabilitation Kept 150 Elderly Residents in their Homes, Created New Construction Jobs and Contributed to Local Economic Development

Miami, FL — (SBWIRE) — 05/14/2012 — Elderly Housing Development & Operations Corporation (EHDOC), a national leader in providing quality affordable housing for senior citizens, will hold the grand opening of the Mildred and Claude Pepper Towers Senior Housing Community on Tuesday, May 8, 2012 at 11 am. Located at 2350 N.W. 54 Street in Miami, the $9 million rehabilitation consists of 150 one-bedroom units for low and very-low income elderly residents.

Over a 15 month period, the Pepper Towers rehabilitation created approximately 100 union construction jobs as well as support jobs (administration, support, etc.)

“Pepper Towers is a unique example of a successful rehabilitation utilizing a combination of public and private financing sources,” said Steve Protulis, EHDOC’s Executive Director. “We are grateful to all the parties involved who worked toward a common goal of keeping these seniors in their homes during the rehabilitation in a safe environment with minimal disruption.” The ‘tenant in place’ rehabilitation team took great care to facilitate the process for each elderly tenant. In a single day, a construction company packed up the resident’s belongings, tore out and replaced their kitchen and bathroom, and returned them to their unit by the end of the day.
Named in honor of former Florida US Senator and Congressman Claude Pepper, a well-known advocate for the elderly, Pepper Towers operates under a 100% project based Section 8 HAP contract. Built in 1978, the property has maintained 100% occupancy with a substantial waiting list of more than 800 people. Residents on average pay $150/month for each one-bedroom unit and the remainder of their rent is subsidized by HUD. EHDOC has meticulously maintained the property, with no vacancy issues, but after 30+ years of operations, the property was in need of substantial renovations.

In 2010, EHDOC successfully executed a recapitalization which provided $9 million for renovations. It also resulted in the lower interest rate on property’s debt and preserved the property as affordable housing for lower income seniors for at least the next 50 years. Total project funding consisted of a variety of sources, nearly $11 million in equity raised through the sale of low income housing tax credits allocated by Florida Housing Finance Corporation (FHFC). In addition, a new HUD insured mortgage through Wells Fargo was taken out in the amount of $4 million. Lastly, the project was awarded $2.3 million in federal stimulus monies through the American Recovery and Reinvestment Act.
The $9 million renovations budget provided sufficient capital to completely overhaul all units, common areas, offices and sitework. Multiple green/sustainable design and construction techniques were also incorporated into EHDOC’s redevelopment strategy. Because this is an elderly development, ADA, FHA, and Universal Federal Accessibility Standards and guidelines were strictly followed.
The property boasts amenities such as a new exercise room, computer room, theater room, library, crafts room, screened porch and new pavilion with a shuffleboard court and BBQ area. Notable improvements, geared toward senior living and their safety and security, include new kitchen cabinets and countertops in all units; new full-size Energy-Star rated appliances and range hoods; Energy-Star rated ceiling fans in all bedrooms and living rooms; new tile flooring; new low-flow kitchen and bathroom plumbing fixtures; bathroom tubs/showers with grab bars; new high efficiency windows and sliding glass doors; low VOC paint throughout; Energy efficient lighting in all units and common areas; a Modernized emergency call system; and two new elevators.
Elderly Housing Development & Operations Corporation (EHDOC) builds and manages affordable shelter for seniors. Its current portfolio includes 54 multi-family communities and has 1 new construction project under development, comprising nearly 5,000 apartments, in 15 states in the US plus Washington, DC and Puerto Rico, including six in south Florida. Formerly known as the National Council of Senior Citizens Housing Management Corporation, EHDOC is a national leader and advocate at all levels of government in promoting independent living and life enrichment for seniors. Its services include Property development, Community management and Social and health services coordination. For more information,
visit http://www.edhoc.org.
http://www.sbwire.com/press-releases/sbwire-140310.htm

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