Affordable Community Opens in Central Florida
- May 19, 2020
The Palms at Town Center, an 88-unit community offering affordable and workforce housing in Palm Coast, Fla., is opening this month. Housing Trust Group developed the project in collaboration with architect Fugleberg Koch, interior designer Christina Stiles Interiors and general contractor Gomez Construction Co.
The developer broke ground on the project in 2019, making use of the federal LIHTC program and other financing sources. Florida Housing Finance Corporation provided a $8.5 million SAIL loan, while Raymond James Tax Credit Funds supplied $6.2 million in 4 percent housing credit equity. The project also received a $6 million construction loan from Fifth Third Bank and a $3 million construction loan from Chase Bank that will convert to permanent financing.
Located at 470 Bulldog Drive within the city’s Town Center Innovation District, the community consists of three, three-story buildings and a clubhouse. The unit mix features one- to three-bedroom apartments. Of the total, 32 apartments are set aside for families earning at or below 30 percent of area’s median income (AMI). Another eight units are for households at or below 60 percent of AMI, while 48 units are for those at or below 80 percent of AMI. Amenities include a swimming pool, volleyball court, dog park, playground, walking trails, clubhouse and media center.
The 9-acre property is 9 miles south of downtown Palm Coast, less than a mile from Flagler County Airport. Situated within walking distance of the City Hall and Central Park, the community is also close to Palm Coast Landing Shopping Center.