Oak Valley. Image courtesy of The Lunz GroupHousing Trust Group, in partnership with non-profit AM Affordable Housing Inc., has obtained the necessary financing and started construction on Oak Valley, a 96-unit affordable community catering to residents aged 62 and older in Ocala, Fla.
U.S. Bancorp Community Development Corp. provided a $14 million construction loan and $3.4 million permanent loan and will also invest $15.7 million in 9 percent tax credit equity.
General contractor HTG Rodda LLC (a joint venture between HTG and Rodda Construction), architecture firm The Lunz Group and interior design group Cristina Stiles Interiors will collaborate on the $19 million project. Completion is slated for June 2021, the same estimated month of delivery as another HTG senior development underway in Tallahassee, Fla.
The senior community will come online at 805 NE 28th St., less than 3 miles north of downtown Ocala and a mile east of U.S. Route 301. Upon completion, Oak Valley will have one- and two-bedroom apartments housed in three-story buildings, with all units restricted to residents earning 40 and 60 percent, respectively, of the area’s median income.
Amenities will include a fitness center, theater room, swimming pool and three-sports court. Services provided will feature assistance with light housekeeping, adult literacy programs and computer training.
Source: multihousingnews.com
