May 20, 2024

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Ability Housing to Build Affordable Project of 92 Units in South Jacksonville

2 min read

The first multifamily development in St. Johns County, Villages of New Augustine is the first project by the developer.

Ability House announced plans for Villages of New Augustine in St. Augustine. The development will consist of 92 affordable housing units. The developer plans to start construction on the project in St. Johns County this summer.

The state as well as private and local sources provided funding for the $25 million development. Florida Housing Finance Corp. contributed $1.6 million in LiHTCs to the development. This will result in an equity investment of $14.9 million from nonprofit syndicator National Equity Fund. Bank of America provides the equity investment. The St. Johns County Board of County Commissioners also approved a $460,000 grant for affordable housing and a $1.2million award from American Rescue Plan Act Funds. The board passed an ordinance last year to defer the impact fees.

The Villages of New Augustine are comprised of four buildings with floorplans ranging from one to three bedrooms. The amenities in the common areas will include a community centre, a library and computer room, as well as a playground, pavilions, outdoor gathering places, walking trails, and 149 parking spots. The development will be geared towards residents who earn between 60 and 33% of the median income in the area.

The new community will be built on a 6.5 acre site near the intersection of North Volusia Street and Chapin Street in the West Augustine Neighborhood, an area that is home to several restaurants, retail centers, and entertainment venues. The site is located near Route 1, which is a major corridor that provides easy access to Jacksonville Orlando and Miami.

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