JACKSONVILLE, FLA. — Housing Trust Group (HTG) has secured financing and begun construction of Normandy Cove, a 144-unit affordable housing community in the Westside area of Jacksonville. Apartments will be reserved for income-qualifying renters earning up to 30, 60 and 70 percent of area median income, with monthly asking rents ranging from $470 to $1,716.
Half of Normandy Cove’s units will be specifically for active-duty military members and veterans, including some units solely for veterans experiencing homelessness. HTG is partnering with local organizations Hope4Veterans and I.M. Sulzebacher Center for the Homeless to reach prospective residents and to provide supportive programming, including employment assistance, financial management services and homeownership opportunities.
Normandy Cove was financed through multiple sources and project partners, including $20.8 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity allocated by the Florida Housing Finance Corp. (FHFC) and syndicated by Raymond James. TD Bank provided a $27.5 million construction loan. Berkadia arranged a $16.4 million permanent loan through Freddie Mac. HTG also received an $11 million State Apartment Incentive Loan from FHFC. The City of Jacksonville Housing and Community Development Department and the Jacksonville Housing Finance Authority also were financial partners.