JACSONVILLE, FL - Vestcor will begin construction in December on two senior affordable communities in Jacksonville, Florida. Peyton Ridge, a 123-unit community, will be located at 1800 Corporate Square Boulevard off Atlantic Boulevard. Caroline Oaks, an 82-unit community, will be located at 5175 North Main Street.
Amenities at both communities include a library, community center, fitness center, theatre room, game room, outdoor garden and salon. The one and two bedroom units will include a living and dining area and a fully equipped kitchen.
Peyton Ridge and Caroline Oaks will serve seniors who make less than $30,000 per year. Ten percent of the units will be set aside for seniors who make less than $17,000 per year. The communities are being built using proceeds from the Low Income Housing Tax Credit program administrated by Florida Housing Finance Corporation as well as the State Apartment Incentive Loan program and local support from the Jacksonville Housing Finance Authority. Construction is expected to be completed in December of 2015.
“We are excited to begin construction on our latest two senior affordable communities in Jacksonville. Many of our senior’s had their life savings deteriorate during the recent economic downturn and also are being negatively impacted by the current low interest rate environment” said Vestcor Chairman John Rood. “These communities provide an active, quality environment for this valued population.”