National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Progresso Point

Progresso Point

Green Housing

Consisting of an eight-story residential tower with 76 apartments on an infill site within walking distance of downtown Fort Lauderdale, Progresso Point meets an affordable housing need while fitting into a greater smart-growth strategy for the Broward County area.

Located in the Flagler Village neighborhood of Fort Lauderdale five blocks from the Broward County bus terminal and seven blocks from the new Flagler Heights Park commercial development (which includes a grocery store), Progresso Point will offer 12 studio/one-bath apartments and 64 one-bedroom/one-bath apartments to households at or below 60 percent of Area Median Income, with 16 specifically restricted to tenants at or below 28 percent AMI. The complex offers a community room, fitness center, pool, business center with wireless internet, community laundry center, parking garage, car care area, covered picnic area, volleyball court and library.

A joint venture between Reliance Housing Foundation, Inc. and the Broward County Housing Authority, Progresso Point will build on the success of Reliance's Eclipse development, which is just a short walk toward downtown Fort Lauderdale from Progresso Point.


Project Details

Completed
2012
Location
619 N Andrews Avenue
Fort Lauderdale, FL
Project Type
New Construction/Family Midrise Apartments
Total Units
76
Mix of Residences
64 - 1 BR
12 - Studio
Limited Partnership
Reliance - Progresso Associates, Ltd.
Total Credit Equity
$14.6 million
Total Project Costs
$21.0 million
Sponsor
Reliance Housing Foundation
Permanent Lenders
Bank of America
Florida Housing Finance Agency
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