Ability Housing Breaks Ground on Jacksonville-Area Affordable Project
Project costs are estimated at $25 million.
Ability Housing has broken ground on Villages of New Augustine, a 92-unit affordable housing project in St. Augustine, Fla., near Jacksonville. Bradley Construction Co. is the general contractor and Group 4 Design is the project architect. The developer’s first project in St. Augustine was announced in June.
Funding sources for the $25 million development include:
- $4.3 million loan from the Florida Housing Finance Corp.
- $1.6 million in LIHTCs
- $14.9 million equity investment from nonprofit syndicator National Equity Fund, provided by Bank of America
- $13.8 million construction loan from Bank of America
- $4.1 million in post-construction permanent financing from Churchill Stateside Group
- $1.2 million in American Rescue Plan Act funds
- $460,000 affordable housing grant from the St. Johns Board of County Commissioners
The development will encompass four three-story buildings with one-, two- and three-bedroom apartments catering to individuals earning up to 60 percent of the area median income. Amenities will include a community center, computer lab and library, together with flexible spaces for workshops and events. Completion is expected in late 2025.
Affordable housing development in Jacksonville
Located at 180 N. Volusia St., the 6.5-acre site is close to Highway 1 and roughly 40 miles south of Jacksonville. The property is also about 2 miles from central St. Augustine and within walking distance of some retail options such as a Dollar General store.
Jacksonville’s development pipeline comprised 66 properties totaling 16,916 units as of early January, according to Yardi Matrix data. Of the total, 1,428 residences across eight properties are designated as affordable; seven of these broke ground in 2023.