More affordable housing in Florida clears a big hurdle. Take a look at the plans
A new affordable housing complex on Florida’s Gulf Coast is one step closer to construction.
At a recent meeting, Manatee County commissioners approved a $5.6 million loan to One Stop Housing. The company plans to build 155 affordable housing units at its Forest Cove property at 1478 45th Ave. Circle W. in Bradenton.
Forest Cove currently has 36 affordable apartment units, but One Stop Housing is partnering with 12 local employers to expand its offerings.
Employers including Oysters Rock Hospitality, Cirrus Aviation, Goodwill Manasota, Spirit Movers and Saint Stephen’s are contributing $300,000 toward the project to help their employees secure affordable housing, according to a previous Herald report.
“This is going to be an amazing project in the right location,” Manatee County Commissioner George Kruse said in a statement. “This is truly an effort to provide what the community needs.”
What are the rent rates?
One Stop Housing’s proposal at Forest Cove features a mix of studio, one-, two- and three-bedroom apartments in two, four-story buildings with amenities such as a daycare center, playground, dog park, pool, clubhouse, barbecue area and telehealth center.
Monthly rent rates are estimated at $926 for a studio, $1,380 for a one-bedroom and $1,700 for a two-bedroom. That’s part of One Stop Housing’s promise to keep rent at or below 30% of a worker’s annual salary.
A local economic expert told the Herald that businesses are struggling to attract and keep workers due to a lack of affordable housing in the area.
“We’ve got to do something,” Bradenton Area Economic Development Corporation president and CEO Sharon Hillstrom said in December. The agency is partnering with One Stop Housing on the new venture.
One Stop Housing CEO and managing partner Mark Vengroff said that skyrocketing rent has made it much harder for workers to save for home ownership.
What happens next?
The project’s estimated cost is $28 million. Funding comes from the local businesses, a bank loan and the county’s catalytic loan, the Herald previously reported.
Catalytic loans are a type of impact investment that has more favorable terms than a conventional loan, and they are often used in affordable housing projects, according to the MacArthur Foundation.
Records from Tuesday’s meeting show the county’s loan to One Stop Housing is for 20 years after construction with a fixed interest rate. The rate is set at 1.75% or half of the applicable federal rate, whichever is greater. As of February, half of the applicable federal rate was 2.26%.
If One Stop Housing sells the property or it isn’t developed and in operation within five years of closing, then the full loan amount is due.
The project’s estimated completion date is summer 2026.
