Lake Delray Apartments is a 404-unit senior community in Delray Beach, Florida. Smith & Henzy completed a significant revitalization of Lake Delray Apartments and is the sole developer and majority owner. Smith & Henzy’s development strategy included renewing the existing project-based vouchers, adding new vouchers, and assisting the Delray Beach Housing Authority (DRBHA) in becoming the property manager. Through Smith & Henzy’s plan, DRBHA grew their property management business, increased staff, and diversified their income stream. To carry out the acquisition and rehabilitation, Smith & Henzy secured 4% tax credits and the largest tax-exempt bond issuance in Palm Beach County history from the Palm Beach County Housing Finance Authority. Closing occurred in November 2016, the rehabilitation of all 404-units, totaling $15.7 million, was complete in 14-months, and the project achieved stabilized operations in 2019. The 404 studios, one- and two-bedroom units are affordable to households with annual incomes at or below 60% of AMI.