602 Holley St - 14-acres zoned for 216-units 14.4 Acres of Residential Land Offered at $5,827,269 CAD in Brooksville, FL 34601

A rare, fully-underwritten affordable housing development site in Brooksville, Florida, within the Tampa-St. Petersburg-Clearwater MSA. The 14.4-acre parcel is owned free and clear and is offered for sale at $4,000,000 to qualified affordable housing developers and principals. The opportunity comes with a complete, ready-to-execute development plan for a 168-unit Low-Income Housing Tax Credit (LIHTC) community. The site is positioned for a 4% LIHTC and tax-exempt bond (MMRB) execution, paired with a Florida Housing Finance Corporation (FHFC) SAIL gap loan and a Project-Based Voucher (PBV) strategy. The PBV component is a defining feature: under IRC Section 42(g)(2)(E), Section 8 project-based vouchers allow qualifying units to collect HUD contract rents above standard LIHTC rent limits, supporting a strong, fully-sourced capital stack in a market where conventional rents alone do not carry the debt. Most of the early development work is already complete. Available diligence includes a verified tree survey and mitigation analysis, confirmed municipal water and sewer connection fees, a June 2026 market rent survey, a coordinate-level tree-aware site plan, an optimized unit mix, and a financial model comparing Conventional, LIHTC, HUD, and Hybrid 4% plus PBV structures. The property is currently PD-zoned for 216 units, with a site-plan amendment to 168 units underway, and a PBV inquiry open with the local housing authority. The next FHFC SAIL Request for Applications (RFA) is anticipated around September 2026. This is an ideal acquisition for experienced LIHTC and affordable housing developers seeking a site with entitlements in motion, a documented FHFC financing path, and a clear runway to the next application cycle in a high-demand Florida submarket. The full development plan, entitlement status, market study, construction analysis, and financing structure are detailed in a confidential Offering Memorandum, available to qualified parties upon request and execution of a confidentiality agreement.