“The FAMU Towers represent a positive direction in residential housing at the University and we are extremely excited about the impact on our students,” President Larry Robinson told the small gathering in the courtyard of the South Tower.
Robinson lauded the efforts of Delores Glover of the Title III Office, for identifying the U.S. Department of Education’s HBCU Capital Financing Program as a potential funding source for the construction of the new facility.
Her passion and persistence over the years helped us arrive at this day, Robinson said.
Although the HBCU Capital Financing Program was available to all historically Black colleges and universities, and many were benefiting from it, a provision in a Florida statue prevented FAMU from participating.
During the 2018 legislative session, Glover and others helped draft legislation to modify state law. State Rep. Ramon Alexander championed the legislation to allow FAMU to take advantage of the unique federal funding opportunity. In January 2019, FAMU borrowed $125 million from the HBCU capital financing program, the largest ever loan in the program’s history, to construct the new dorms, refinance its old housing debt, and building a new dining facility.
The new 700 bed FAMU Towers, which opened in August, cost $56 million to construct.
The project was developed by Construct Two Group, Inc. (CTG) of Orlando, which is led by FAMU alumnus Derrick Wallace.
“We have done this project on time and on budget,” Wallace told the gathering. “A project like this allows past generations to pay it forward and set the bar to improve the quality of life for FAMU students.”