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Housing Trust Group Completes $19M Affordable Senior Community in Ocala
Housing Trust Group has completed Oak Valley, a $19-million affordable housing community for seniors in Ocala, FL. Funding sources for Oak Valley include a $14 million construction loan and $3.4 million permanent loan from US Bancorp Community Development Corporation, which will ultimately invest $15.7 million in 9% tax credit equity.
Oak Valley is a garden-style community with 96 one- and two-bedroom units for residents 62 and older who earn 40% and 60% AMI. The property is 100% occupied, which according to HTG represents the overwhelming need for affordable housing in the area as it experiences a surge of in-migration from other parts of the country.
Oak Valley was developed in partnership with non-profit AM Affordable Housing Inc., an organization founded by former Miami Heat champion and NBA Hall of Famer Alonzo Mourning.
Community residents have access to a wide array of daily activities, including programs for financial management, employment assistance programs, and adult literacy.
- ◦Development
