BOT to consider proposal to construct 2,000 new beds of student housing

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FAMU is moving forward with plans to construct three new residence hall with a combined 2,000 beds of student housing at a total cost of nearly $240 million. 

The proposal with consist of a new 500 bed residence hall in the general vicinity of the current Gibbs Hall and the former Paddyfote site at an estimated cost of nearly $60 million
 
The university is also proposing to build a new $80 million, 700-bed resident hall on the corner of Osceola Street and Martin Luther King Blvd, and third new 800-bed mixed use apartment complex on the Old Palmetto North site at a cost of nearly $99 million. 

The proposal is on the agenda for the April 19, Board of Trustee meeting.

FAMU will likely seek to utilize the US Department of Education’s HBCU Capital Finance Program to finance the three projects.  The university last used this program in 2019 when it borrowed $126 million from the program construct FAMU Towers ($60m) , refinance the debt on the new Polkinghorne Village, and other university housing debt.  Congress ended up forgiving $116 million of that loan balance as part of an pandemic HBCU debt relief program.