Pompano Beach Housing Authority Lands $28M to Add 100 Apartments

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The Housing Authority of Pompano Beach raised $27.5 million to expand an affordable apartment complex, property records show.

The funding will go toward constructing a three-story building with 100 units on the Golden Acres property, which sits on 4.4 acres at 1050 NW 18th Drive, north of Hammondville Road, facing North Andrews Avenue, in Pompano Beach, Fla. 

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The bulk of the financing comes from the Broward County Housing Finance Authority, which provided $21 million in tax-exempt bonds, according to mortgage documents. The rest comes from Broward County, which funneled two loans that totaled $6.5 million.

Jacksonville-based The Vestcor Companies will serve as the developer. The expansion, which will be called Golden Acres Senior Apartments, will replace a basketball court. Applicants 62 or older will be given priority. 

Completed between 1970 and 1989, Golden Acres now houses 174 apartments, a portion of which are reserved for farm laborers thanks to funding from the United States Department of Agriculture.

The Housing Authority of Pompano Beach owns three other properties: the nearby Golden Villas and Golden Square, which total 302 units, as well as 10-unit Ben Turner Ridge.

Last year, it filed plans to build 36 single-family homes on 12 acres at 1600 block of Northwest Sixth Avenue, according to the South Florida Business Journal.

Julia Echikson can be reached at jechikson@commercialobserver.com.