June 2015 E-Newsletter

E-Newsletter ,

What's New in the FAA

Introducing 'Florida APTitudes'

Legislative and APAC Update

What's New Around the State

Market Report

What's New Nationally

Changes Proposed to Fair Market Rents

How Affordable-Housing Communities Can Take Advantage of Competitive Rates

NAA Connect

Supplier Updates

Supplier Education Seminar


What's New in the FAA

Introducing 'Florida APTitudes'

FAA has revamped its monthly e-newsletter to better serve members' needs for access to information.

We believe you will find this new Florida APTitudes to be more reader-friendly, including on your mobile devices. We've also made it easier than ever for you to share articles on social media.

Watch for more changes in the coming months, and let us know what you think at anytime by sending an email to communications@ faahq.org.

Legislative and APAC Update

The Florida Special Legislative Session has come to a close and Gov. Rick Scott has signed the final 2015 state budget to fund affordable housing programs at $175 million. Although many state projects were cut form the final budget, Sadowski funds have remained intact. Here is a breakdown of the funding.

SAIL (apartment programs) funded at $70 million.

SHIP (single family home programs) will be funded at $101 million.

Homelessness programs funded at $4 million

This is a huge victory for FAA, as nearly all housing funds had been earmarked for Everglades restoration and other environmental programs. As part of the Sadowski Coalition, FAA was able to increase the amount of funds going to apartment programs by nearly $3 million over 2014 funding amounts. Thank you for your support in responding to our calls for action, giving to APAC, and attending legislative days. Your combined efforts have resulted in several legislative victories for FAA in 2015!

In addition to increasing apartment funding by $3 million, FAA has secured other cost-saving legislative victories in 2015 for our industry.

With the passage of SB 656, members can save $198 in court filing fees per eviction to remove a transient occupant from their community.

With the defeat of SB 504, members can save an annual $250 playground inspection fee per on-site playground.

With the passage of HB 071, owners can more easily identify a false service animal and have it removed from the property.

All of these victories are made possible through the support of APAC. Together we can hit our 2015 APAC goal of $139,000 (which includes $99,000 from affiliate dues and contributions and $40,000 for conference related fundraising)! So far $46,211 has been raised.


What's New Around the State

Market Report

NORTHEAST FLORIDA

LandSouth starts work on $49 million apartments in Boynton Beach

LandSouth Construction of Jacksonville Beach has begun building 500 Ocean, a $49 million mixed-use apartment community in Boynton Beach, the Jacksonville Business Journal reports

New York buyers snap up another multifamily property

Another New York real estate firm has picked up a Jacksonville apartment complex, Mission Springs — a 444-apartment community in Ortega.

CENTRAL FLORIDA

WeldenField and SPM Team Up With Tavistock to Develop New Luxury Apartment Community

Weldenfield Development and SPM, LLC announce the groundbreaking of Landon House, a collection of 280 luxury, urban-style apartments located in the heart of Lake Nona Town Center and the bustling Lake Nona Medical City in Orlando, FL.

BAY AREA

Developer: Tampa Tribune site will be mid-rise rental apartments

A mid-rise residential project planned for the Tampa Tribune's riverfront headquarters will be rental apartments and not condos, its developer says, and likely will eliminate the paper's printing plant operations on the site, the Tampa Bay Times reports. 

Apartment complex in Tampa's Westchase area sells for $64.5 million

Lexington Park at Westchase, a 400-unit apartment complex in Tampa, has been sold for $64.5 million to Pollack Shores Real Estate Group of Atlanta. 

Hernando panel recommends approval of apartments along Anderson Snow Road

Representing applicant Mohamed Shahout, Richard Claybrooke told members of the Hernando County Planning and Zoning Commission on Monday that Hernando is among the least affordable rental markets in the country, so new apartment options are needed.

481-unit downtown St. Petersburg apartment complex on the market

Urban Style Flats, a former public housing project turned hip apartments, is up for sale as demand soars for rentals near downtown St. Petersburg. 

SOUTHWEST FLORIDA

Preferred Apartment Communities Announces Acquisition of 308-Unit Multifamily Community
Preferred Apartment Communities announced the acquisition of a newly constructed 308-unit Class A multifamily community in Naples, Florida.

SOUTHEAST FLORIDA

ZOM Breaks Ground on Iconic 50-Story Luxury Highrise Apartment Community in Miami, Florida

ZOM, a leading luxury multifamily real estate developer, and its joint venture partner, an affiliate of AIG Global Real Estate, the real estate arm of insurer AIG, started construction on SOLITAIR, a 438-unit, 50-story luxury highrise in the heart of the flourishing Brickell neighborhood, a block between Brickell City Centre and Mary Brickell Village at 86 SW 8th Street. 

TGM Associates Sells 311-Unit Multifamily Community in Jupiter, Florida to Northland Investment

TGM Associates announced the sale of TGM Floresta to Newton, MA based Northland Investment Corporation. The broker on the transaction was JBM Institutional Multifamily Advisors, Jamie May, Chairman and CEO. 

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