New York-based Related Capital Co., a subsidiary of CharterMac, is providing $7.6 million in equity for tax credits generated by the new complex. The remaining financing consists of short-term and long-term tax-exempt bonds issued by the Housing Finance Authority of Hillsborough County, and HOPE VI funds generated from the federal Housing and Urban Development agency through the Housing Authority of Tampa.

"Oaks at Riverview will help revitalize and reshape the greater community, something we strive for in HOPE VI transactions," says Related Capital vice president Ryan Sfreddo. "Tampa is a particularly attractive multifamily market characterized by rising demand, limited new development and strong population grow, making the investment a win-win situation for Related Capital, the development team and most importantly, the community."

Sfreddo notes the Tampa Metropolitan Statistical Area is the most populous in the state and the second largest in the entire Southeast, ranking only behind Atlanta. He says the county in which the Oaks at Riverview complex will be located, is also "experiencing the largest population growth in the Tampa MSA, with a 20% gain in the last decade, assuring good demand for units" at the project.