Campus Towers Pursing Funding for Renovations

Campus Towers is a 192 unit affordable housing complex located in Jacksonville, Florida. The facility was constructed in the early 1980s and is in need of major renovations. JPH & Associates is providing co-consulting services which will involve the procurement of funding through grants and rent increases. The total projected renovation budget will be over $9.3 million. The largest portion of funding will originate from the US Department of HUD in the form refinancing generated by a rent increase. To do this, JPH and Associates is preparing a request to prepay the existing HUD mortgage, terminate the existing Housing Assistance Plan Rental contract, and enter into a new contract whose proceeds will be the foundation for the refinancing. Renovations are slated to commence in 2019 and the remainder of 2018 will continue to see the consulting team pursue a variety of other funding opportunities.

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