PUNTA GORDA — A new $25.7 million apartment complex should help low-income residents have a new, clean, safe place to live in Punta Gorda.
Coming in 2025, the Verandas III, at the corner of Airport Road and Cooper Street, will help address the “critical need” for affordable housing in Charlotte County.
“The need stems from rising home values and higher rental rates,” Punta Gorda Housing Authority Executive Director Kurt Pentelucuc said. “Currently, the Punta Gorda Housing Authority has more than 650 applicants on the waitlist for an affordable apartment home.”
Construction by Newstar Development began on the the third phase of the Verandas of Punta Gorda with 72 apartment homes, joining the 120 apartment homes already in the first two phases of the Verandas.
The Verandas III includes four three-story buildings with one, two and three bedroom apartment homes. The first two Verandas are for the 55 and older residents.
There are eight units reserved for residents earning at or below 35% of the area median income, known as AMI. Those rents are equal to 30% of the resident’s income.
The remaining 64 units are reserved for residents earning at or below 60% of AMI. Those rents are $710 for a one-bedroom; $853 for a two bedroom home and $988 for a three bedroom home. They feature open floor plans, granite countertops, Energy-Star appliances and balconies/porches. There’s a business center, fitness center and playground.
The Verandas III will also offer onsite enrichment including education, job training and placement programs, along with computer availability and financial literacy programs to promote self-sufficiency.
The Verandas of Punta Gorda III marks the final phase in the redevelopment of the Punta Gorda Housing Authority’s public housing apartment homes, which were lost during Hurricane Charley in 2004.
The first redevelopment site, Gulf Breeze Apartments, was completed in 2008. The second and third phases, Verandas I and II, were completed in November 2017.
Other regional affordable housing projects built by Newstar Development include Venetian Walk Phases I & II, in Venice and the Renaissance Preserve Phases I-IV in Fort Myers.
Funding for the project includes city of Punta Gorda, Charlotte County, a Punta Gorda Housing Authority, a Florida Housing Finance Corporation viability loan, Punta Gorda Housing Authority and low-income housing tax credit equity and construction and permanent loans from Bank of America.
The Verandas must offer rent control-affordable for 50 years, before they can go private, per a deed restriction with the Florida Housing Finance Corp., as well as the ground lease from PGHA.
Applicants on a waiting list can check the status and rank of the application by calling 1-501-404-4133.
For more information, call 941-639-4344 or visit www.puntagordaha.org.
Most Popular
Comments / 0