An affiliate of Georgia-based NuRock Cos. has obtained $19.2 million in financing from public and private sources to start construction on The Pines at Crystal Lake affordable housing project. Located on a 6.5-acre site at 400 N.E. 33rd Street, the new housing development will feature 92 town homes. Because of its designation as affordable housing, Broward County waived the project’s $125,162 impact fee.
The loans for the project are backed by public funds from Florida Housing Finance Corp. and the Housing Finance Authority of Broward County, while private sector support is coming from Citibank. About $5.5 million of the loans were from the public sector. The units must be rented out to low income households in South Florida.
