Perry is a small town located in rural north-central Florida that is home to approximately 7,000 residents. Known as the "Tree Capital of the South", the town sits along Florida's Nature Coast and boasts scenic parks as well as a historic downtown area. The residents of Perry value a close-knit community and work to create a safe and appealing environment for families to call home. The town has seen a constant growth in population over the past several years and is projected to continue to do so. With most households being rentals, the area requires additional options of affordable housing for local families.
Southern Villas of Perry is the preservation of an existing family development financed under the USDA RD Section 515 program, the development preserves project-based rental assistance from USDA-RD for nearly all of the units. The rental assistance allows for tenants to pay only 30% of their income toward rent despite the income restriction being set at 60% of the Area Median Income. The community is composed of six one-story buildings, a maintenance building, and a laundry facility. Some of the renovations done to the property included replacing flooring, roofing, cabinets and countertops, plumbing and light fixtures, doors, windows, as well as updating all kitchen appliances. The property also received exterior updates such as new asphalt and fencing, a new mail kiosk for residents, and the addition of an improved playground for families to enjoy.
New Construction: 36 Units
Private Equity Investment: $2,821,018
Local Jobs Supported: 14
Local Government Revenue: $67,988
The developer for Southern Villas of Perry is Hallmark Development Partners, LLC, an affiliate of The Hallmark Companies, Inc. Over the past five years, Hallmark Development Partners has contributed to the rehabilitation and preservation of approximately 2,500 affordable housing units and was recently ranked as a top 20 owner (#1), developer (#1), manager (#2) of rural housing by Council for Affordable and Rural Housing (CARH) in 2020.
Southern Villas of Perry is located close to desirable services including walking distance to a grocery store, pharmacy, and restaurants. Most services are located within one mile of the property, including downtown Perry which includes a variety of businesses and attractions. The improvements made to Southern Villas of Perry will allow families to have a safe and affordable option to call home for many years.