Ability Housing has announced plans for the Villages of New Augustine: the nonprofit affordable housing developer’s first multifamily community in St. Johns County. Villages of New Augustine will be a 92-unit, new construction apartment community located on three parcels totaling approximately 6.5 acres at the intersection of North Volusia Street and Chapin Street in the West Augustine neighborhood. In addition to four apartment buildings, the site plan includes a community center with on-site leasing offices, a computer lab, a library, and flexible spaces for workshops, training and events; outdoor recreational features like a playground, pavilion and dedicated walking trail; and 149 parking spaces.
The development is anticipated to break ground in summer 2023.
Funding for the $25 million project has been secured through various state, local and private sources. Florida Housing Finance Corporation awarded $1.625 million in Low Income Housing Tax Credits for the development, which will result in a $14,867,263 equity investment from a nonprofit syndicator, National Equity Fund, with Bank of America providing the equity investment.
The St. Johns County Board of County Commissioners approved a $460,000 Affordable Housing Grant and a $1,207,134 award of American Rescue Plan Act funds at their June 6 meeting. Additionally, in 2022 the Board passed an ordinance making it possible to defer impact fees.
The community will include 20 one-bedroom apartments, 36 two-bedroom apartments and 36 three-bedroom apartments. Rental prices will be determined by each household’s income. Nearly 80% of the apartments available for residents earning 60% or less of the Area Median Income (AMI), as defined by the Department of Housing and Urban Development (HUD); an additional 10% of the units will be set aside for households earning up to 50% AMI, and the remaining 10% of units will be reserved for households earning up to 33% AMI.
Construction is expected to begin in the third quarter of 2023. For more information about Ability Housing’s other properties throughout Florida, visit AbilityHousing.org/portfolio.
