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Financing Finalized For Roosevelt Gardens, Construction To Begin Soon

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 tenants."

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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