Ability Housing to Build 92-Unit Affordable Project in South Jacksonville
Villages of New Augustine will be the developer's first multifamily community in St. Johns County.
Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing development in St. Augustine, Fla. The developer intends to break ground on the project this summer, which will mark its first multifamily community in St. Johns County.
Financing for the $25 million project came from the state, as well as local and private sources. The Florida Housing Finance Corp. provided $1.6 million in LIHTCs for the development, which will result in a $14.9 million equity investment from nonprofit syndicator National Equity Fund. Bank of America is providing the equity investment. Additionally, a $460,000 affordable housing grant and a $1.2 million award from American Rescue Plan Act funds were approved by the St. Johns County Board of County Commissioners. Last year, the board also passed an ordinance to defer impact fees for the project.
Villages of New Augustine will comprise four buildings incorporating one- to three-bedroom floorplans. Common-area amenities are set to include a community center, a library, a computer room, a playground, a pavilion, outdoor gathering spaces, walking trails and 149 parking spaces. Upon completion, the development will cater to residents earning between 60 and 33 percent of the area median income.
The community will rise on a 6.5-acre site at the intersection of North Volusia and Chapin streets in the West Augustine neighborhood, in an area with several dining options, retail centers and entertainment venues. The site is near Route 1, a major gateway corridor which provides easy access to Jacksonville, Orlando and Miami.