Oak Valley was developed in partnership with non-profit AM Affordable Housing, led by NBA Hall of Famer Alonzo Mourning
Housing Trust Group (HTG), an award-winning multifamily developer and one of the nation’s largest developers of affordable housing, announces that it has completed Oak Valley, a new $19 million affordable housing community for seniors in Ocala, Florida.
Oak Valley, HTG’s first community in Ocala, is a garden-style community that delivers 96 one- and two-bedroom units for residents 62 and older who earn 40% and 60% of local area median income (AMI). Rents range from $369 to $730 for income-qualifying residents. The property is 100% occupied, representing the overwhelming need for affordable housing in the area, which is experiencing 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. In 2016, HTG and AM Affordable Housing completed a years-long partnership to deliver the award-winning Courtside Apartments in downtown Miami’s historic Overtown neighborhood. Last year, Valencia Grove II, another collaboration between HTG and AM Affordable Housing located in Eustis, was completed and quickly leased up.
“Ocala is experiencing unprecedented population growth,” said Matthew A. Rieger, President and CEO of HTG. “While some growth can benefit communities, in Ocala and most of Florida, the housing supply has yet to catch up with demand, resulting in astronomical rents. This has the effect of displacing long-term Florida residents who rightly expected to retire here, where they have families, access to healthcare providers and other support systems. Affordable communities like Oak Valley, therefore, are a critical lifeline for these seniors – we owe it to them, and ourselves, to ensure that they have affordable housing. We are grateful for the support and collaboration from AM Affordable Housing and the City of Ocala, who were instrumental throughout the development process.”
Located at 805 NE 28th Street, Oak Valley is located near both dine-in and take-out restaurants, schools, churches, a bank, and a salon, all of which are a short drive or walk away. The new development offers a mix of 66 one-bedroom apartments and 30 two-bedroom apartments. Community amenities include a gathering and catering area, a fitness center, a theater room, a pool, a dog park and a double sports court. Residents have access to a wide array of daily activities, also including financial management programs, employment assistance programs, and adult literacy programs.
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.
The project and design team includes general contractor HTG Rodda, LLC (JV with Rodda Construction); Ocala engineering firm Tillman & Associates; architecture firm The Lunz Group; and interior design group Christina Stiles Interiors.