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Operator updates board on Carver Apartments redevelopment, Section 8 and zoning hurdles
Summary
Independent Management Services told the Carver Finance Corp. it has no current plans to sell the George Washington Carver Apartments but outlined how HUD timelines, depreciation resets and Florida's "Live Local" law could affect density and redevelopment options in the future.
Board members heard an update on the George Washington Carver Apartments at the April 20 meeting as operators and board members discussed zoning constraints, HUD subsidy timelines and potential redevelopment scenarios.
Jim Harrigan, executive vice president of Independent Management Services, told the board IMS currently has no plan to sell the property and that the company is monitoring federal and state policy changes that could affect project strategy. “We’re kind of sitting back, kind of seeing what’s gonna happen,” Harrigan said, describing the company’s long-term approach to…
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