ST. AUGUSTINE, Fla. – City, county and nonprofit leaders on Tuesday cut the ribbon on the Village of New Augustine, a 92-unit affordable apartment community at 280 N. Volusia St.
The development, the result of a partnership that began in 2018 between the West Augustine Community Development Corporation and Jacksonville-based Ability Housing, is the nonprofit’s first project in St. Augustine. It aims to provide long-term housing for working families in one of Florida’s fastest-growing counties.
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All units are reserved for households earning up to 60% of the area median income, based on annual data from the U.S. Department of Housing and Urban Development. Rents vary by household size and unit type and currently range from about $634 a month for a one-bedroom to $1,599 for a three-bedroom.
“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,” Ability Housing CEO Reggie Fullwood said.
The community comprises four three-story buildings with 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments. Seven units include Americans with Disabilities Act design accommodations. On-site amenities include a gym; a community center with leasing offices, a computer lab and a library; flexible meeting space for training and events; a pavilion; a walking trail; and surface parking.
Ability Housing will offer voluntary resident programs in partnership with local organizations, including adult literacy, employment assistance and personal finance workshops.
The $26.5 million project was financed with state, local and private sources. Florida Housing Finance Corporation provided $4,265,345 in loan financing and awarded $1.625 million in low-income housing tax credits, which enabled a $14,867,263 equity investment from nonprofit syndicator National Equity Fund, with Bank of America providing the equity. Bank of America also made a $14,227,317 construction loan. Churchill Stateside Group provided $5.37 million in post-construction permanent financing. Florida Housing additionally made a $724,350 predevelopment loan to the West Augustine CDC.
“Access to quality, affordable housing strengthens neighborhoods, expands economic opportunity, and helps families thrive,” Mark Bennett, president of Bank of America, Jacksonville, said.
Local support included a $460,000 affordable housing grant and $1,207,134 in American Rescue Plan Act funds from the St. Johns County Board of County Commissioners. In 2022, the board approved an ordinance allowing developers to defer impact fees, reducing upfront costs amid volatile construction prices.
“As the county’s population continues to grow, the Village of New Augustine serves as an exemplary model for development that balances immediate, individual needs with sustainable support,” Joe Cone, assistant director for health and human services for St. Johns County, said. “Families moving into this community are surrounded by people and organizations ready to help connect them with tools, programs and resources.”
For more information about the property and leasing, click here.