Dominium, in Partnership with Rural Neighborhoods, Closes $16 Million Affordable Housing Pro Bono Project in Gainesville, Florida

Property News

Upon completion in early 2022, the property will offer over 60 units of affordable senior housing for individuals in the Gainesville area.

Dominium, a leading national affordable housing owner, developer, and manager, celebrated the closing of its pro bono project, Deer Creek Senior Housing, in Gainesville, Florida with Rural Neighborhoods.

Once completed, Deer Creek will provide 62 units of affordable senior housing for the local community. Of those units, seven will serve income qualifying households earning 33 percent or less of the area median income.

The $16 million property is being constructed in partnership with Rural Neighborhoods and Neighborhood Housing and Development Corporation. It is the third pro-bono project closed by Dominium and the first in the southeastern region.

The property will provide community amenities that include two-story entrances, a computer lab, multi-purpose TV room, game and craft room, fitness center, community space and an outdoor gathering area with picnic tables and seating options.

A walking path will provide residents direct access to the senior recreational center adjacent to subject location.

The debt financing includes a construction and permanent loan origination from Community Housing Capital, a CDFI nonprofit lender and a nine percent competitive tax credits allocation from the Florida Housing Finance Corporation. The equity investment of the federal low-income housing tax credits was purchased by JP Morgan Chase through Alliant Capital.

Through its pro-bono efforts, Dominium strives to provide development services to non-profit co-developers to further the joint mission of providing high-quality, affordable housing.