Volusia County Council members stated the math just made sense – to invest $23.15 per-month each on 216 apartment units in Daytona Beach to keep the rent affordable for lower income tenants.
On July 22nd, the council unanimously approved a 15-year incentive agreement with the developers of an apartment complex located on an approximately 24-acre site along Clyde Morris Boulevard just south of LPGA Boulevard.
Affordable Housing to be Incentivized by Volusia County
Called Clyde Morris Landing, the complex consists of 17 multifamily residential buildings – with many of the individual units already completed and occupied. The complex will be a mixture of units priced for low and moderate income residents and other units rented at the going market rate.
To help offset the price reduction on the 216 affordable units, the council agreed that the county will pay the developer $60,000 a year for 15 years, for a total of $900,000. In exchange, the units will be priced in the affordable range for the duration of the agreement.
For example, for a family of three whose income is 60 percent of the median income, the monthly rent would be capped at $1,020.
The county incentive works out to $23.15 per-month for each of the 216 affordable units over the 15-year time frame.
The county currently is conducting a series of affordable housing webinars, which will culminate in a summit on Aug. 27 at the Ocean Center to help develop a proposed action plan for the County Council to consider.