Largo Affordable Housing Community to Receive $3.36 Million in Construction Funding

Heritage Oaks, a new affordable housing community that will provide 80 residential units for seniors in Largo, Florida, will receive $3.36 million for construction funding. The Pinellas County Board of County Commissioners approved the funds which will come from various sources. The project will receive $1.5 million from the HOME Investment Partnerships Program, $860,000 will come from the State Housing Initiatives Program, and $1 million will come from The Community Development Block Grant (CDBG) Program.  In early 2022, Heritage Oaks received 9% tax credits, but the developer requested additional funding due to rising interest rates and increases in construction costs. Additional financing for the $29 million project will come Raymond James loan proceeds, the 9% tax credit equity and deferred developer fee. The three-story building is phase one of redevelopment of the Rainbow Village public housing complex. The new community will replace 48 existing units on the Rainbow Village Apartments site. The project will include demolishing 24 buildings. Heritage Oaks will offer 74 one-bedroom and six two-bedroom units. Construction is expected to begin late May 2023.

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