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Golden Square and Golden Villas Open in Pompano Beach.

A Truly Golden Housing Opportunity is Now Available

POMPANO BEACH, Fla. -- Water front views, Energy-Star appliances, cultured marble vanities and ceramic tile floors are just a few of the amenities that allow the Housing Authority of Pompano Beach and Pinnacle Housing Group to redefine the notion of affordable housing.

On September 17th, Golden Square and Golden Villas, located at 1415 N.W. 18th Drive, introduced the new face of quality affordable rental communities. A Grand Opening and ribbon-cutting ceremony celebrated the newest affordable residences in Pompano Beach.

The development replaces the lost public housing of Blanche Ely Estates nearby which was destroyed by Hurricane Wilma. Redeveloping the property brings revitalization to the neighborhood, enhances property values and provides housing built to the highest standards of rental living by the Housing Authority of Pompano Beach and Pinnacle Housing Group.

Housing Authority of Pompano Beach Board of Commissioners, Broward County and City of Pompano Beach Commissioners joined in the celebration. Representatives of the Department of Housing and Urban Development, Citibank and Pinnacle Housing Group also participated in the ceremony.

The Community Buildings of Golden Square and Golden Villas were dedicated to Jimmie Glenn, current HAPB Chairman and Abraham Lincoln (A.L.) Stein (1921-2006), who served as Chairman of HAPB for many years. Both men were recognized for their tireless commitment to affordable housing opportunities in Pompano Beach. Ralph W. Adderly, Executive Director of HAPB, calls the contributions of these two leaders, his current Board of Directors and staff at the HAPB "Critical to the success of this unique and wonderful new community."

Golden Square and Golden Villas feature 1, 2, 3, and 4 bedroom units. The communities offer two clubhouses and a community service center with meeting space; fitness and business center; children's playground; and swimming pool.

The development was financed by a creative compilation of permanent mortgage financing; housing tax credit syndication equity; Community Development Block Grant/Disaster Relief Initiative funds; Broward County Affordable Housing Program funds; multi-family mortgage revenue bonds; rental recovery loan program low-interest financing; and other sources, for a total development cost of nearly $49 million. Timothy P. Wheat, Pinnacle's Regional Vice President, said, "This convergence of public and private participation and unique financing structure is unprecedented, and likely cannot be replicated without a redoubling of efforts by the private sector, as well as state and federal leaders, to encourage investment in affordable housing in the current economic climate."

County Commissioner Josephus Eggelletion, Pompano Beach Mayor Lamar Fisher and City Commissioner Woodrow Poitier noted the financial contributions of their localities to the effort, through County Affordable Housing Program funds, County Housing Finance Authority bonds, and Disaster Relief Funds the City and County received after Hurricane Wilma.

The partnership between the Housing Authority of Pompano Beach and Pinnacle Housing Group is viewed as a catalyst for the HAPB to reinvent its rental housing portfolio. A similar prior public/private partnership for affordable housing in Pompano Beach (also involving Pinnacle Housing Group as developer) led in part to the City's selection as a 2006 All American City([R]) award winner.

Leasing opportunities are available for qualified households. For additional information, please call 954-933-4050.

About the Housing Authority of Pompano Beach (HAPB)

The mission of the Housing Authority of Pompano Beach is to provide safe, decent and sanitary housing for eligible families. Formed in 1956, the HAPB began providing housing for farm laborers at the location currently known as Golden Acres. The HAPB currently assists more than 1,100 families in securing quality affordable housing. As a public service agency, the HAPB is committed to providing service to program participants and the community at large.

About Pinnacle Housing Group

Pinnacle Housing Group is the recognized industry leader in providing first-class affordable housing communities in Florida's urban core and suburban areas, inspiring Affordable Housing Finance magazine, one of the industry's top publications, to note Pinnacle Housing Group as "one of Florida's most successful developers in revitalizing Florida's urban communities." Pinnacle's portfolio of rental housing units (completed and under construction) has risen to over 5,000 units and continues to grow from the State's Panhandle to southern Miami-Dade County. www.pinnaclehousing.com

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Publication:Business Wire
Geographic Code:1U5FL
Date:Sep 22, 2009
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