Cardinal Oaks in Homosassa Funded – 80 Units

The Cardinal Oaks site is in Homosassa in Unincorporated Citrus County, Florida on Lewdingar Drive close to Cardinal Street near a Super Walmart in an underserved multifamily market in the southwest portion of the County. A Cardinal Street exit off the Suncoast Extension recently opened as part of a larger planned expansion with the next exit being at Highway 44 North of Crystal River. There are currently no LIHTC funded apartments in the southern half of the County.

The funding is 9% tax credits along with $340,000 from Citrus County. The construction will be concrete along with flat roofs. The building will have an NGBS Green certification.

Site Characteristics:

Total Acres:  19.5 acres in approved PUD (160 Units) with additional acreage should a second phase be desired. 80-units funded on 8.32 acres in the first phase. 2nd phase to be applied for in 2024.

Development Buildings:   Three 3-story Residential Buildings, 2 – 60-Unit and 1- 40-Unit, plus a free-standing Community Building

Unit Mix:  16 – 1BR/1B, 48 – 2BR/2B, 16 – 3BR/2B – 116 Parking Spots