OCALA, FL - Housing Trust Group (HTG), Florida’s leading affordable housing developer, has closed on financing and will begin construction of a new $19 million affordable housing community for seniors in Ocala, Florida. Oak Valley is a garden-style community that will deliver 96 one- and two-bedroom spacious rental apartments for residents 62 and older who earn 40% and 60% of local area median income (AMI). Rents will range from $412 to $742 for income-qualifying residents. The property is scheduled to complete in June of 2021 while leasing is slated to begin in February of 2021.
Oak Valley is a partnership between HTG and non-profit AM Affordable Housing Inc., an organization founded by former Miami Heat champion and NBA Hall of Famer Alonzo Mourning. This marks HTG’s second collaboration with AM Affordable Housing. In 2016, HTG and AM Affordable Housing completed a years-long partnership to deliver the award-winning Courtside Apartments in downtown Miami’s historic Overtown neighborhood.
“The affordable housing crisis affects everyone, but older citizens – those who are retired or living on fixed incomes – are particularly vulnerable due to the higher healthcare expenses that usually occur with age,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “Oak Valley will provide Ocala’s older residents with a safe, clean and affordable place to live, and we’re proud to be partnering once again with AM Affordable Housing to bring this new development to fruition to benefit the local community, and we give a special thanks to the City of Ocala for its support.”
Located at 805 NE 28th Street, Oak Valley is ideally located near both dine-in and take out restaurants, schools, churches, a bank, and a salon, all of which are a short drive or walk away. The new development will offer a mix of 66 one-bedroom apartments and 30 two-bedroom apartments. Community amenities include a gathering and catering area, a fitness center, a theater room, a pool, and a 3-sports court. Residents will also have access to a wide array of daily activities; assistance with light housekeeping, grocery shopping, and/or laundry; adult literacy programs; and computer training.
Funding sources for Oak Valley include a $14 million construction loan and $3.4 million permanent loan from US Bancorp Community Development Corporation, who also will invest $15.7 million in 9% tax credit equity.
The project and design team for this development includes general contractor HTG Rodda, LLC (JV with Rodda Construction); Ocala engineering firm Tillman & Associates; architecture firm The Lunz Group; and interior design group Cristina Stiles Interiors.