Articles by rcavalieri

New River Place was funded in the 2025 Live Local funding round by Florida Housing Finance Corporation (FHFC) located in Starke, Florida. This 80-unit development was focused on active military from the Camp Blanding Joint Training Center located in Starke. The development will have 1, 2, and 3 bedroom units. The architect is Forum Engineering, civil engineering by Adkinson Engineering, and the contractor will be Marmer Construction.

The development should be starting construction in the third quarter of 2025 with units available late 2026 or early 2027.

The Village at Doyle Pointe was funded by the Alabama Housing Finance Authority in the 2024 funding cycle. Currently the 56-unit HOME and Tax Credit development is currently getting environmental approvals from AHFA. This development should begin construction in the 3rd quarter of 2025.

The Cardinal Oaks site is in Homosassa in Unincorporated Citrus County, Florida on Lewdingar Drive close to Cardinal Street near a Super Walmart in an underserved multifamily market in the southwest portion of the County. A Cardinal Street exit off the Suncoast Extension recently opened as part of a larger planned expansion with the next exit being at Highway 44 North of Crystal River. There are currently no LIHTC funded apartments in the southern half of the County.

The funding is 9% tax credits along with $340,000 from Citrus County. The construction will be concrete along with flat roofs. The building will have an NGBS Green certification.

Site Characteristics:

Total Acres:  19.5 acres in approved PUD (160 Units) with additional acreage should a second phase be desired. 80-units funded on 8.32 acres in the first phase. 2^nd phase to be applied for in 2024.

Development Buildings:   Three 3-story Residential Buildings, 2 – 60-Unit and 1- 40-Unit, plus a free-standing Community Building

Unit Mix:  16 – 1BR/1B, 48 – 2BR/2B, 16 – 3BR/2B – 116 Parking Spots

Lodges on Lincoln Phase Two has been funded by Alabama Housing Finance Authority and is currently under construction. This phase will be an additional 56-units of mixed income affordable housing. The site will have project based vouchers available on all units. The development will consist of 9 – one bedroom/one bath, 38 – two bedroom/two bath, and 9 – three bedroom/two bath units.

The projected completion of the development is December 2025.

Invictus Development has purchased two historic buildings in downtown Selma, Alabama with the goal of renovating both to their historic significance. The Adler Furniture building, built in 1860, and The Harmony Club, built in 1908 are the first of hopefully several historic renovations in downtown Selma.

Invictus has partnered with:

Williams Blackstock, an experienced historic building architect out of Birmingham, Alabama

Civil SE, an Alabama based civil engineer

The Lathan Company, a well-established historic renovation contractor

Stephen McNair, a master historic tax credit consultant.

The capital stack with include Federal and State historic tax credits, New Market tax credits, as well as lender, investor, or opportunity zone equity. The buildings will host a variety of commercial and residential uses.

Baytown Apartments is an affordable, inclusive, supportive permanent housing community for adults with Intellectual and Developmental Disabilities (I/DD) and those in need of affordable housing in Hillsborough County. The community is a unique, innovative, and visionary partnership of service providers familiar with the needs of people with intellectual disabilities and extensive experience in affordable housing property management.  Fifty percent or more of the residents are individuals whose diagnosis meets the medical definition as having a “severe, chronic disability attributed to a mental/cognitive or physical impairment or combination of mental and physical impairments that become obvious before the age of 22. The range of intellectual and developmental disabilities among Baytown Apartments applicants/residents (verified based on physician’s diagnosis, psychoeducational testing, IEP, or APD waiver support plan) include brain injury, genetic disorders such as Autism Spectrum Disorder (ASD), Cerebral Palsy, Down Syndrome, Spina Bifida, Phelan-McDermid syndrome, and Prader-Willi disease, among others. The condition is likely to continue indefinitely and limits the individual in three or more of the following areas: self-care, receptive and expressive language, learning, mobility, self-direction, capacity for independent living, economic self-sufficiency.  The conditions create the individual’s need for a combination of special services, individualized supports and other forms of long-term assistance that must be individually planned and coordinated.

Sponsor and Partners: CDS Monarch, Inc. (CDS), is a mission-based 501(c)3 non-profit organization with over 40 years of experience delivering high-quality supportive services and housing for individuals with intellectual and developmental disabilities (I/DD) as well as veterans, families, and seniors across upstate New York. CDS understands that the viability and sustainability of Permanent Supportive Housing in an integrated development depends upon the successful operation and management of both traditional functions of affordable rental housing and those that meet the special needs of adults with I/DD. With practical knowledge of what is required of property management as well as a deep understanding of the importance of a strong working relationship between management and ownership, CDS has chosen Royal American Management, Inc. (RAM) to serve as the property management company for Baytown Apartments (Baytown).  RAM has extensive experience operating and managing affordable housing communities, including those with Permanent Supportive Housing populations, and is well-suited to manage an integrated living community with a subpopulation of adults with I/DD.

The development was completed in May 2025 and is currently fully occupied. Equity was provided by Walker Dunlop with additional funding coming from Hillsborough County and Florida Housing.