June 25, 2020 Comments (0) Views: 382 Central Florida, Florida News, Top Florida

Atlantic Housing Breaks Ground on $29M Affordable Housing Community in Central Florida

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Developer Atlantic Housing Partners has broken ground on Lake Sumter Apartment Homes, a $28.7 million affordable housing community in Lady Lake, approximately 55 miles northwest of Orlando.

The community will consist of 158 apartment homes serving those making 40% to 80% of the area median income. The project is located nearby Lake Sumter Landing in The Villages and is the first affordable housing community in Sumter County in 16 years.

Funding for Lake Sumter Apartment Homes was sourced from $14.3 million in Tax-Exempt Bonds, issued by the Housing Finance Authority of Volusia County, $10.8 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corporation, and other sources provided through Atlantic Housing Partners.

ConcordRENTS has been tapped the manage the property.

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