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Ability Housing to Bring New Affordable Housing to St. Augustine

Villages of New Augustine will be Ability Housing’s first multifamily community in St. Johns County

FOR IMMEDIATE RELEASE 

Ability Housing to Bring New Affordable Housing to St. Augustine

Villages of New Augustine will be Ability Housing’s first multifamily community in St. Johns County

June 8, 2023 — ST. AUGUSTINE, Fla. — Ability Housing today 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.

“Housing affordability has been a real challenge for working residents of St. Johns County for many years, but the problem has grown exponentially in the last few years,” said Shannon Nazworth, President and CEO of Ability Housing. “This development will keep working families in St. Augustine, where they can contribute to the area’s unique culture without having to worry about being driven out due to exorbitant increases in rent.”

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.

“We have seen Ability Housing’s success in bringing affordable multifamily housing to Jacksonville for several years, and welcome them as partners and neighbors to St. Johns County,” said Sarah S. Arnold, Vice-Chair and District 2 Representative of the St. Johns County Board of County Commissioners. “Through our collaboration on the Villages of New Augustine

development, hundreds of St. Johns County residents will benefit from the opportunity to move into a brand-new, high-quality apartment in the growing West Augustine area.”

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.

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About Ability Housing:
Ability Housing is an industry-leading not-for-profit multifamily rental housing developer dedicated to creating high-quality affordable housing. We invest in communities through properties that enhance their surrounding neighborhoods, improve each community’s quality of life, and connect residents with a network of voluntary support services.

For more information, visit AbilityHousing.org, like the organization on Facebook (facebook.com/AbilityHousing) and follow on Twitter (@AbilityHousing).

Press Contact:
Natalie DeYoung

c: 904-891-0672

natalie@wearewingard.com