Florida A&M closed on its $97.5 million deal with the U.S. Department of Education Tuesday.
The 30-year loan comes from the federal government’s Historically Black Colleges and Universities (HBCU) Capital Financing Program, which FAMU used to fund the FAMU Towers back in 2018.
Florida A&M's President Dr. Larry Robinson said Tuesday that the latest investment will go towards building a new 700-bed residential hall with FINFROCK Construction, LLC, as the project's contractor.
“We see this additional housing as an investment in the success of our students, something we are here primarily to do,” Robinson said in a statement.
The facility, which will be located along Osceola Street, will bring the on campus bed-count to more than 3,000. In addition, this particular dorm will have 193 parking spaces for students.
The University expects construction to begin this in March, with the hope of being move-in ready by July 2025.