10-4-02 Key West Mayor Jimmy Weekley and Key
West Housing Authority Chairman Frank Toppino announced today that the
Housing Authority has secured financial commitments from nine institutions
totaling $11.85 million that will allow for the construction of the
Roosevelt Gardens affordable housing apartment complex.
Roosevelt Gardens will be a 96-unit mixed
moderate, low, and very low-income housing community on the Fairgrounds
property on North Roosevelt Boulevard in Key West. The financial
commitments finalized today will preclude Roosevelt Gardens from being a
solely moderate income complex, as had been previously feared.
"This is outstanding news for Key
West," said Mayor Weekley. "The construction of Roosevelt
Gardens is a significant step in our commitment to provide affordable
housing for our residents. It will help preserve the fabric of our
community and will improve the quality of life for its future
Details surrounding the requirements for
the issuance of the bank qualified tax-exempt debt will be finalized
within the next two weeks. Closing and the start of construction should
occur within a couple of months.
"It has taken a lot of effort, but we
have finally completed a financing agreement that will allow us to build
an outstanding housing community that will be affordable for its
residents," said Manuel Castillo, Key West Housing Authority
Executive Director. "I'd like to personally thank the Housing
Authority staff, the Key West City Commission, and our City for their
continued support in the project."
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