CRESTVIEW — City Council members have unanimously expressed support for developing affordable housing off Brookmeade Drive.
Vestcor Development Corporation, of Jacksonville, has proposed building a three-story, 120-unit apartment complex off Brookemeade Drive for senior citizens earning less than 60 percent of Okaloosa’s $64,000 median income.
The project, which includes a request that the city waive $20,000 in water connection fees, hinges on an annexation agreement, Vestcor representative Stephen Fricksaid. The waived fees would assist in applying for low-income housing tax credits through the Florida Housing Financing Corporation.
A 120-unit development’s water connection fees typically would be around $54,000, city planner Eric Davis said. After completion, the structure could earn the city $25,000 in tax revenue.
The council, which agreed on Sept. 9 to waive the water connection fees, has done the same for Addison Place and Spring Creek Apartments, Davis said.
Frick said his company provides a need to Okaloosa County.
"There is a drastic under-service of affordable senior deals in medium-sized counties ... Okaloosa being one," he said.
"I think it's needed...because we serve the elderly of Crestview," Councilman Shannon Hayes said.
Vestcor will present the property owners’ annexation agreement during a future council meeting.
Contact News Bulletin Staff Writer Matthew Brown at 850-682-6524 or firstname.lastname@example.org. Follow him on Twitter @cnbMatthew.