Ability Housing has announced plans for the Villages of New Augustine, the nonprofit developer’s first multifamily community in St. Johns County. The four-building 92-unit community will be situated on 6.5 acres in West Augustine and feature 20 one-bedroom apartments, 36 two-bedroom apartments and 36 three bedroom units with rent determined by each household’s income. Construction is set to break ground this summer with funding secured through various state, local and private sources including a $1.625 million Low Income Housing Tax Credit from Florida Housing Finance Corporation resulting in a $14,867,263 equity investment from National Equity Fund syndicator Bank of America as well as an Affordable Housing Grant worth $460K plus an American Rescue Plan Act award totaling over 1 million dollars ($1 207 134). This new development promises to bring much needed affordable housing options to St Augustine residents!
“Nonprofit HOPE Program Secures 10-Year Renewal with Assistance from Cresa”
Cresa’s senior advisors, Waite Buckley and Michael Herz, successfully negotiated a 10-year renewal lease for 7,500 square feet at 1
Steve Griffin
November 15, 2024
