Affordable Senior Housing - in Seminole County
Updated: 2 days ago
Winter Park Construction (WPC) is nearing completion of the Georgetown Square Apartments located at 400 South Locust Avenue in Sanford, Florida. The developer of the project is Redding Development Partners and the architect is Slocum Platts Architects.
Georgetown Square is a 90-unit affordable senior community being developed in partnership with the Sanford Housing Authority and Gardner Capital on the site of the former Redding Gardens public housing development. The development will consist of 65 one-bedroom units and 25 two-bedroom units in an energy-efficient, four-story elevator building. The 3.2-acre site is near Sanford’s attractive downtown shopping and dining district and near medical services and a variety of recreational activities. Project amenities include indoor and outdoor seating areas, a covered picnic area with a grill and covered patio, a fitness room, a library, and a laundry room.
Of these apartments, 28 will be project-based Section 8 units, and the remainder will be reserved for residents earning 60% AMI. The Housing Choice Voucher Program, funded by the U.S. Department of Housing and Urban Development (also known as Section 8) allows private landlords to rent apartments and homes at fair market rates to qualified low-income tenants, with a rental subsidy administered by Home Forward.
The project received a 9% Low-Income Housing Tax Credit (LIHTC) allocation from Florida Housing Finance Corporation (FHFC). Created by the Tax Reform Act of 1986, the LIHTC program gives State and local LIHTC-allocating agencies the equivalent of approximately $8 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
“The LIHTC is a valuable resource for creating affordable housing in the United States. At WPC we work with many (tax credit) clients on the detailed compliance standards for development and construction of these projects.” Jeff Forrest, President, Winter Park Construction
Photo Credit: Winter Park Construction (WPC)
Since 1974, WPC has provided general contractor, pre-construction, construction management, and renovation services to Central Florida and the southeast United States. With over $200M in projects set for completion in 2020, WPC provides employment for 140+ full-time employees and thousands of subcontractor positions. With a portfolio rich in many sectors, in 2020 WPC is focusing on construction projects in the senior housing market, the hospitality sector as well as on major renovation projects.