Buen Vecino Apartments

JPH & Associates, along with two other consulting firms, have been working with the Osceola Council on Aging to secure funding to construct 60 units of affordable apartments for seniors.  The project will consist of a series of one-story multi-unit buildings on a 6.58-acre site that was formerly a golf course within the community of Buena Vista Lakes in Osceola County.  The total project cost is projected to be $20 million. In an effort to finance the project, the Council and consultant team have been working to secure funding commitments. The team has secured grand funding totaling over $12 million, which consists of Section 202 grant funding from the US Department of Housing and Urban Development of $5.7 million and over $6 million in funding from local governments.  The team is now seeking to secure $8 million in tax credits from Florida Housing Finance Corporation. In addition, project rents will remain affordable due to securing $335,000 in annual project based rental subsidies from HUD. Construction is anticipated to commence in the fourth quarter of 2023.

Comments are closed.