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Pensacola approves $700,000 CDBG loan for Cooprian Manor senior housing project
Summary
The council unanimously approved a $700,000 Community Development Block Grant loan to support Cooprian Manor, a 94‑unit senior housing project using 4% low‑income housing tax credits; units will be restricted at or below 80% AMI for the first 50 years.
Pensacola’s City Council voted unanimously on Dec. 11 to approve a $700,000 developer loan using Community Development Block Grant disaster recovery funds to support Cooprian Manor, a 94‑unit affordable senior housing project financed with 4% low‑income housing tax credits.
Housing staff told the council the project will include 47 one‑bedroom and 47 two‑bedroom units restricted at or below 80% of area median income for the first 50 years; years 51–99 will be restricted at or below 120% AMI under standard tax‑credit terms. City staff explained the award follows a multi‑year application process and was enabled by a designation of post‑Hurricane Sally CDBG dollars to support tax‑credit deals in Escambia and Santa Rosa counties.
Council members asked for clarification on affordability levels and the role of other funders; staff said the financing stack includes housing authority bond and private debt alongside tax‑credit equity and that CDBG support improved the project’s competitiveness. The council voted to authorize the loan and related supplemental budget appropriation, 7–0.
What happens next: Staff will execute the loan agreement and related documents; construction and tenant selection will proceed under the tax‑credit compliance timeline and housing authority oversight.
