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Natalie DeYoung
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Ability Housing Fulfills Vision Nearly a Decade in the Making with Completion of Villages of New Augustine
Nonprofit organization’s first multifamily development in St. Augustine brings 92 affordable rental homes to the growing community
Aug. 18, 2026 — St. Augustine, Fla. — Representatives from Ability Housing, St. Johns County, the City of St. Augustine, the West Augustine Community Development Corporation (CDC), Bank of America and the National Equity Fund today celebrated the completion of the Villages of New Augustine with a ribbon-cutting ceremony.
The 92-unit apartment community, located at 280 N. Volusia Street in St. Augustine, represents the fulfillment of a vision nearly a decade in the making. In 2018, the West Augustine Historical CDC approached Ability Housing to collaborate on plans for an apartment community that could fill a critical need for working families in the neighborhood.
The project is the first St. Augustine development for Ability Housing, a Jacksonville-based nonprofit developer of affordable housing with properties across Florida. The community’s completion represents a new beginning for individuals and families unable to afford fair-market rent in one of the state’s fastest-growing counties. All units are affordable for households earning up to 60% of the Area Median Income, based on data updated annually by the U.S. Department of Housing and Urban Development (HUD). Rental prices vary based on household size, income and apartment size, and currently range from approximately $634 per month for a one-bedroom unit to $1,599 per month for a three-bedroom unit.
“This development is the product of a vision for a better West St. Augustine – a community where people have quality, affordable housing options that lead to long-term stability and a place to call home,” said Reggie Fullwood, CEO of Ability Housing. “The community’s ongoing commitment and passion for transformation was the seed that started this partnership. We hope this project will inspire further investment in affordable housing solutions, because it’s symbolic of what is possible when the public, private and nonprofit sectors work together.”
The development features four three-story residential buildings, with 20 one-bedroom apartments, 36 two-bedroom apartments and 36 three-bedroom apartments. Seven units incorporate design accommodations in alignment with the Americans with Disabilities Act (ADA). Additional amenities include a gym; a community center with on-site leasing offices; a computer lab; a library; flexible spaces for workshops, training and events; outdoor recreational features like a pavilion and dedicated walking trail; and surface parking.
Ability Housing pairs its housing developments with voluntary programs that provide each household with additional resources to support their long-term stability. The organization will engage community partners to present free resident programs like adult literacy, employment assistance and personal finances.
Funding for the $26.5 million project was secured through various state, local and private sources. Florida Housing Finance Corporation provided $4,265,345 in affordable housing loan financing and awarded $1.625 million in Low Income Housing Tax Credits, which resulted in a $14,867,263 equity investment from a nonprofit syndicator, National Equity Fund, with Bank of America providing the equity investment. Bank of America also provided a construction loan in the amount of $14,227,317. Churchill Stateside Group provided the post-construction permanent financing with a $5.37 million mortgage.
“Access to quality, affordable housing strengthens neighborhoods, expands economic opportunity, and helps families thrive. Projects like this exemplify our commitment to investing
in the communities we serve,” said Mark Bennett, President of Bank of America, Jacksonville.Local and statewide policy support was also crucial to the community’s creation. 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. Additionally, in 2022 the Board passed an ordinance making it possible to defer impact fees — a decision that reduced upfront development fees at a time of significant fluctuation in the costs of materials, labor and capital. Florida Housing Finance Corporation provided a $724,350 predevelopment loan to the West Augustine Historical Community Development Corporation.
“As the county’s population continues to grow, the Villages of New Augustine serves as an exemplary model for development that balances immediate, individual needs with sustainable support,” said Joe Cone, Assistant Director for Health & Human Services of St. Johns County. “Families moving into this community are surrounded by people and organizations ready to help connect them with tools, programs and resources — an approach that maximizes the positive impact of public investment.”
Group 4 Design, Inc. was the project architect. Bradley Construction Co., Inc. was the general contractor. JBPro was the civil engineering firm.
Villages of New Augustine is actively leasing units. For more information about the property, visit VillagesNewAugustine.org. For additional details about Ability Housing’s work, visit AbilityHousing.org.
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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 LinkedIn (linkedin.com/company/ability-housing/).