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Monday, March 30, 2015

A DIFFERENT VIEW OF AFFORDABLE HOUSING

THE BENEFITS OF ASSET AND DEVELOPMENT MANAGEMENT by American Land Planning & Management

In 2012, American Land Planning Management, represented by Philippe Beau was hired by BRIGHT COMMUNITY TRUST as a consultant and as their Asset and Development Manager. BRIGHT COMMUNITY TRUST is a large and unique non-profit company in Florida specialized in Affordable Housing both for rent and for sale. It is also a Land Trust. 

From 2012 to 2014, Philippe Beau managed the existing properties at CREEK PARK in Dunedin, FL on behalf of BCT. In 2014, he also prepared a concept and a development plan for the rest of the property which was approved, and then submitted for financing. He obtained a $2.600.000 loan from First Florida Integrity Bank on behalf of BCT. After interviewing and selecting a contractor, Voeller Construction, Philippe Beau continued with architecturals, permits, and construction  management. 

Currently in 2015, the project is well into its construction phase, and Philippe Beau recruited agent Nick Demitrakis from REMAX to start leasing phase 2 at Creek Park, starting in April for residents to move in on June 1st, 2015. 

Assistant Asset Manager, Missy Wolf, says that it has been a great experience to see a project rented to people at 120% of AMI, where residents are more  enthusiastic, financially responsible, mindful of the property maintenance, and community participants than the previous tenants at market price. It is a complete new view on managing affordable housing when you see residents who act like homeowners. "It's a smart approach for the residents" Philippe Beau adds, "because in the long run, the tenants who stay long enough, not only will have benefited from a house rented at 20% below market, but can elect to purchase the home -also at a sizable discount. All this was possible because we legally structured this community as a P.U.D. instead of a condo or an apartment project which allows the easy sale, one unit a time, with a fee simple deed, but also because it is in a Land Trust, where buyers don't have to pay for the land portion." It's a new era for affordable housing and for the middle class which both have been one of the cornerstones of the American Dream". In addition, it is perfectly in line with BRIGHT COMMUNITY TRUST's mission.  

This project is an example of a complete mission that American Land Planning Management  can provide for its clients: Concepts, land planning, platting (with its partnering civil engineers) bids and supervision of horizontal construction, drafting, architecture (with its partnering architects), selection and supervision of a commercial builder/contractor and construction all the way to the marketing phase for rentals, sales or real estate management through partnering company Klein and Heuchan














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