Heritage Oaks

Largo, FL

Heritage Oaks is located in Largo, FL and is the first phase of a four phase master redevelopment plan to replace 200 units of existing, functionally obsolete public housing owned by Pinellas County Housing Authority (PCHA). Newstar and PCHA are co-developers for Heritage Oaks. This development received a 9% tax credit award from Florida Housing Finance Corporation (FHFC) in 2021 and will consist of 80 senior units contained in a three-story midrise building and consisting of 74 one-bedroom/one-bath and 6 two-bedroom/two-bath units. Heritage Oaks will set aside 8 (10%) of the units for households earning 33% or less of the Area Median Income(AMI) and 72 (90%) of the units for households earning 60% or less of AMI. The development is scheduled to close on financing the first quarter of 2023 with completion occurring approximately 14 months later. Financing includes 9% tax credit equity from Raymond James Tax Credit Equity, construction and permanent debt from Raymond James Bank, and Pinellas County funds.