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CLEARWATER, FLA. — Sunrise Affordable Housing Group has arranged financing to convert The Indigo Apartments in Clearwater from a market-rate to an affordable community. Part of the financing includes a $20.3 million HUD loan arranged by Berkadia.
Other sources of financing include federal Low-Income Housing Tax Credit (LIHTC) equity from R4 Capital, two loans from the City of Clearwater and land trust equity from Pinellas County. Following a renovation, the 208-unit tower will be converted from market-rate housing into affordable housing for families earning between 30 and 80 percent of area median income. A construction timeline was not disclosed.