Millennia purchased Sandpiper Cove to preserve this much-needed affordable housing for deserving residents for decades to come. We have positively transformed more than 15,000 units in similar housing developments across the country with great outcomes for our residents.
When we purchased the property, we realized that significant investment by Millennia would be required to modernize this aging facility and bring it into compliance under HUD regulations. The apartment development also faced significant financial challenges.
Our plan calls for preservation of the development, utilizing new financing and low-income housing tax credits that will enable Millennia to start a major rehabilitation of the interior and exterior of the apartment buildings. These improvements include new kitchens and baths with updated home finishes. The common areas will also receive an update. In particular, the landscaping will be significantly changed to further enhance the community. We need this financing in place so that construction can commence during the first quarter of 2020, or shortly thereafter. These transactions are complex and take time to complete.
As we await the rehabilitation in 2020, we have hired numerous contractors to help with repairs to the property and replacement of components, as necessary. Recent media coverage regarding a non-payment issue with a tradesman was incomplete. Indeed, the coverage omitted that there was a business dispute amongst the vendors and that the vendor had already received partial payment. Millennia has created a way to resolve this issue with the vendors.
In recent months, we already engaged in several components to upgrade the mechanical functions at the property. This includes the replacement of 40-year old transformers with new, custom-made units. As the transformers were being manufactured and installed, those residents impacted were provided provisions and resources. In addition, an auxiliary generator was used as we worked to minimize any inconvenience during this transition.
We have also made changes at the property to ensure high-quality service and better responsiveness to residents’ needs. These physical and service improvements have yielded significant local community support of our operations which are focused entirely on providing quality housing for low-income members of the community.
In addition to our ongoing work to enhance the residents’ experience, we also have engaged with the community by facilitating groups such as the Ironman service program, which benefits young men in the community by providing access to adult male role models to help them steer clear of trouble. This program also includes after-school programs and summer programs for the children who make their home at Sandpiper Cove. We are committed to this renovation process, meeting HUD requirements and preserving this much needed affordable housing in partnership with HUD and public officials.