Verandas of Punta Gorda Phase III

Punta Gorda, FL

The Verandas of Punta Gorda III is the third and final phase of a planned master development to replace public housing units destroyed by Hurricane Charlie. This co-development between Newstar and the Punta Gorda Housing Authority (PGHA) is located in Punta Gorda, FL. This development received a 9% tax credit award from Florida Housing Finance Corporation (FHFC) in 2021 and will consist of 72 family units contained in four three-story buildings and consisting of 30 one-bedroom/one-bath, 27 two-bedroom/two-bath units, and 15 three-bedroom/two-bath units. The development has committed 8 (10%) of units at 35% of the AMI, and 64 (90%) of units at 60% of the AMI. Financing includes 9% tax credit equity from Bank of America, PGHA funds, construction and permanent loans from Bank of America, and City of Punta Gorda funds.