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We provide easy and reliable tenant compliance monitoring and top notch training. Complying with public agencies' multifamily housing requirements isn't always easy, but it is familiar territory for First Housing.


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Manage the financing process with intelligence and ease.

We help lenders and investors make sound decisions by proving underwriting, financial analysis, servicing and loan administration services.


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Dedicated to enhancing knowledge of affordable property compliance with web courses, workshops, workshops, and personalized training.


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The Exchange Opens in St. Petersburg’s Innovation District

Posted on: May 7th, 2020 by Anne Gehlsen No Comments

First Housing is excited to report the opening of the Exchange, a 132-unit market rate multifamily development. First Housing provided construction and permanent financing of $22+ million through the HUD 221(d)(4) insured mortgage loan program to finance the development. Located in the City of St. Petersburg, Florida, the project is within the City’s Innovative District and is walkable to major employers and the newly constructed St. Pete Pier. The Exchange was developed by The Richman Group (America’s 7th Largest Rental Apartment Owner) and features a clubhouse with fitness and conference centers, a resort style swimming pool, an internet café, and a game lounge, including a billiard table and media wall.

First Housing Originates $31.6 Million in Construction Financing for Lenox at Bloomingdale

Posted on: August 1st, 2018 by Anne Gehlsen No Comments

First Housing originated $31,691,000 in permanent, fixed-rate debt through its HUD/FHA 221(d)(4) program for the construction of Lenox at Bloomingdale, a 240-unit apartment community in Riverview, FL. The loan features a 40-year term and 40-year amortization with a fixed interest rate of 3.80 percent. Lenox at Bloomingdale includes ten residential buildings of three stories and a clubhouse that  includes amenities such as a fitness center, game lounge, business center and an internet café with coffee bar. Additional amenities include a swimming pool, outdoor kitchen, bike storage, pet park and walking trails. Units have one to three bedrooms and average 996 square feet in size.

Lenox at Bloomingdale was developed by The Richman Group Development Corp. and constructed by First Florida.

Lenox at Bloomingdale apartment interior  Lenox at Bloomingdale swimming pool Lenox at Bloomingdale club house

Senior Vice President Scott Moreman originated the loan.

HURRICANE IRMA

Posted on: September 9th, 2017 by Anne Gehlsen No Comments

Hurricane Irma satellite view of projected path

As of about noon Saturday, Hurricane Irma was near the north coast of Cuba and 175 miles southeast of Key West with winds of 125 mph. It was moving west at 9 mph and is expected to turn north and head up the western coast of Florida, making landfall from early Sunday to early Monday as far north as Tampa.

In response to this threat and in order to ensure the safety of First Housing’s employees and their families, our offices will be closed through Tuesday, September 12th.  We anticipate returning to normal business operations on Wednesday, September 13th, barring any significant damages or transportation problems.

We send out prayers and well wishes to all Floridians preparing for this dangerous storm.

Florida Affordable Housing Success Story- Pasco County Community Development

Posted on: July 10th, 2017 by Anne Gehlsen No Comments

The Florida Housing Coalition recognizes the Pasco County Community Development, the Pasco County Housing Finance Authority, and Gorman & Company as a Model for Leveraging SHIP in support of developing Affordable Housing for Florida’s most vulnerable residents.  Watch on Vimeo here.

First Housing provides construction loan for Tampa Heights project, The Pearl

Posted on: December 5th, 2016 by Anne Gehlsen No Comments

First Housing is proud to have provided the financing for this residential project in the Tampa Heights area.

From the Tampa Bay Business Journal: “Developers of an $820 million mixed-use development on the Tampa Heights waterfront have secured a construction loan for a portion of the project’s first phase.

Corporate entities tied to SoHo Capital, the firm behind the 43-acre development known as The Heights, secured a $60.8 million construction loan from Tampa-based, Ginnie Mae-backed First Housing on Thursday, according to Hillsborough County property records.”

Rendering of the Pearl condos

For the full story in the Tampa Bay Business Journal, click here.

Shining Example: Using Tax Credits to Preserve Affordable Housing

Posted on: August 4th, 2014 by Anne Gehlsen No Comments

First Housing is proud to have played the role of co-construction lender and permanent lender in the rehabilitation and preservation of Aqua Apartments in Tampa.  This article published in the Journal of the Florida Housing Coalition’s Housing News Network (Volume 30, Number 2), highlights the benefits of preservation over new construction at this property, which provides housing for over 200 elderly residents, none of whom were displaced during construction.  Click here for the full story.

 

Small company…big impact!

Posted on: June 17th, 2014 by Anne Gehlsen No Comments

You don’t have to be a mega company to have a big impact on your community. First Housing’s employees prove that every day.

At First Housing, we understand how fortunate we are to be living in a beautiful city and working for a great company. One of the benefits we enjoy is that we are able to volunteer at a charitable organization of our choice for up to four hours a month during work hours. For those of us with hectic home and work lives, this is a great way to allow us time to pay it forward.

In addition to volunteering, many of our employees have participated in fundraising events throughout the community. The fundraising efforts are fun and rewarding for the whole staff, with raffle prizes and rewards like free time off, in-house massages, gift cards, and many other great incentives to give! Over the years thousands of dollars have been raised for our walkers and racers participating in the Susan G. Komen 3Day Walks and Race for the Cure, as well as the MS Society’s Mud Run.

As a company, First Housing and its employees have participated in an annual United Way campaign for nearly 30 years. In addition, the company gives back to the community during the holidays by matching funds raised by employees dollar for dollar for a charitable endeavor. We have adopted families for the holidays through Metropolitan Ministries; given to food banks in response to critical need; provided necessities and thrown holiday parties for nursing homes; provided housing opportunities for the homeless; given to the American Red Cross Disaster Relief effort, and much, much more. Our holidays are always happier when we’re able to share our successes and our blessings with others.

It’s not the size of the company…it’s the size of the company’s heart.

 

First Housing Goes Green!

Posted on: June 9th, 2014 by Anne Gehlsen 2 Comments

 

First Housing Development Corp. of Florida turned its Tampa building into a net zero energy building with solar panels, air conditioning monitoring system and LED bulbs. The project is expected to reduce its annual electric bill from $36,000 to $6,000.

TAMPA — Four years ago, Doug McCree couldn’t imagine fulfilling his employees’ wishes for covered parking.

But when a business associate prodded him to explore putting a solar canopy over the parking lot, wishful thinking turned hopeful. Solar developers proposed a plan combined with energy efficiency measures that would reduce the company’s electric bill by more than 80 percent.

On Monday, McCree, the president and CEO of First Housing Development Corp. of Florida, fired up a new solar and net zero energy system on its 17,000-square-foot, 8-year-old facility at 107 S Willow Ave.

“The environmental thing is important to us. But as I looked at putting the money in and talking to my board, I had to make the case that this was a good economic use of our capital,” McCree said. “It really can work.”

First Housing, a commercial real estate financing company, is the latest among a growing number of commercial operations in Florida and across the country seeing the benefit of turning to solar and energy efficiency as a means to cut electricity costs.

A May report by GTM Research, which monitors solar and energy efficiency, noted solar nationwide accounted for 74 percent of all new U.S. electric capacity installed in the first quarter of this year.

Part of the growth is driven by the falling cost of solar panels combined with a 30 percent federal tax credit that expires at the end of 2016, making solar more affordable.

That prompted Great Bay Distributors, a major Anheuser-Busch beer distributor in Largo, to include what will be the largest commercial solar array in Florida in the construction of its new facility in St. Petersburg.

What is unusual about First Housing is the company decided to convert an existing facility into a net zero energy building, which often is viewed as too costly of an enterprise.

First Housing employs 37 workers at the facility, along with a dozen workers of a tenant.

But McCree said that after looking at the numbers, the company determined it would reduce its annual electric bill from $36,000 to $6,000.

First Housing installed a 150-kilowatt solar system at its facility — about five to six times the size of the typical array at a residential home — for about $3 a watt, or about $500,000. The company also added an air conditioning monitoring system and LED lighting.

“Whatever the electricity rates are increasing to over the next 25 years, they won’t impact me,” McCree said.

That’s the message McCree’s solar developer, Scott McIntyre, president of Solar Energy Management, presses the public to recognize about solar and energy efficiency measures on existing or new buildings. But the benefits extend beyond First Housing, McIntyre said, as the project employed 20 workers and will save 4,760 tons of carbon emissions.

“This type of thing is not the future of Florida,” McIntyre said.

“It’s now.”

Ivan Penn can be reached at ipenn@tampabay.com or (727) 892-2332.
© 2014 Tampa Bay Time
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My Internship at First Housing

Posted on: May 16th, 2014 by Anne Gehlsen 1 Comment

Hello, my name is Andrew Losee, and I would like to talk with you about the two weeks I spent interning at First Housing Development Corporation in Tampa. To tell you a little about myself, I am a senior graduating from Tampa Preparatory School on June 1, 2014, and will attend Florida Gulf Coast University in the fall to major in Accounting. One of my high school graduation requirements is to work as an intern for 70 hours, so I chose First Housing. I thought First Housing would provide me with a bird’s eye view of what an office environment is like.

I set up my internship with Tricia Gallagher, VP of Loan Administration, and I wasn’t really sure what to expect on my first day of work. I wasn’t necessarily nervous; I just didn’t really have much of an idea of what I would be doing. As I arrived on my first day, I was introduced to Tricia as well as many other staff members. Everyone greeted me warmly and welcomed me to First Housing. Tricia was nice enough to take me to lunch and treat me to a good bacon cheeseburger from a local restaurant in the Hyde Park area.

I began my internship by working on Standard Operating Procedures (SOP: a detailed explanation of how a policy, procedure, or task is to be implemented) and Escrow Analyses. One of the tasks was to revise old SOP’s from around 2008 to help find any mistakes that needed to be corrected. Although reviewing the SOP’s can be tedious work, it’s nice to know I played a part in helping better the future SOP’s that will be written for others to use. The Escrow Analyses were actually not that hard to work on, because they require cross-checking a lot of information and making sure many numbers add up correctly, which I enjoy…thus the accounting major.

On Thursday of my first week, I was fortunate enough to sit in on a presentation about Davis-Bacon presented by Angi Darling. Davis-Bacon governs how workers on construction sites need to be paid according to what they do. Even with no knowledge on what Davis-Bacon was prior to the presentation, coming out of there, I had a pretty solid idea on how Davis-Bacon works and how things must be documented.

The first Friday was a blast! All week I had heard that Friday was a “fun day.” I had no idea what that meant, but it seemed fun so I was looking forward to it. On Friday at lunch time, pizza was delivered and served with salad along with lemonade and iced tea. After eating, we were all directed outside and driven to a mysterious location which we weren’t allowed to know until we arrived. Upon arrival to our mysterious location, the Tampa International Airport, all I was thinking was, “What could we possibly be doing here?” Once inside, we were told it was a scavenger hunt. We had to take pictures of many different things within our groups as well as obtain information on different things within the airport. Doug McCree, the President/CEO, was in my group and I was able to talk to him a bit, and I found out he has an immense amount of knowledge on the Tampa International Airport. After the two hours given to find all the pictures and information, each group had to solve a small puzzle; the faster you completed it, the more points your group would be given. Unfortunately, my group and I were really not that great at puzzles, and we finished second to last. Although we didn’t win the prizes of Busch Gardens Tickets or a $20 gift card to a local restaurant, the day served as an interesting way to connect and meet other people within First Housing, making it an all-around great day.

The second week working was pretty similar to my first – Escrow Analyses, Past Due Reports, and Check Requests were my main tasks. On Wednesday, Randy Enders, the CFO of First Housing, sat down with me and gave me many helpful tips regarding his own experiences with accounting. His insight and knowledge on how to conduct myself after college was extremely beneficial, and he gave me his contact information in case I have any questions in in the future. I greatly appreciated that – thank you Randy!

Overall, my experience at First Housing was an enjoyable one, because it gave me a look at how office settings work. What I really noticed, similar to the puzzle on Fun Day Friday, is that the office itself works as a puzzle. Everyone works together like a piece of the puzzle to get the work done, and to reach the final product of the finished puzzle. I never realized how much of a cohesive unit office work spaces have to be until now.

~ Thank you First Housing!

Sincerely,
Andrew Losee

 

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