CRESTVIEW — Senior citizens on fixed incomes will soon have more affordable housing options.
The City Council has approved an agreement with the Florida Department of Economic Opportunity that ensures senior rental housing in the Hub City for at least 40 years.
The DEO has granted $1 million so that Katie Manor Ltd., will contract with the city to buy property for a facility that it will build and operate.
Katie Manor, a limited liability company in Florida, plans to build a three-story, 108-unit building with 55 one-bedroom and 53 two-bedroom units, according to the agreement.
Grand funding will cover the property purchase, and $6.4 million in Florida Housing Finance Corporation tax credits will help fund construction, according to city documents.
Under the agreement, which city leaders unanimously approved May 11, the property must be purchased before June 15 and the facility's construction must begin within six months after that.
The rental housing likely would be available sometime in 2016 or 2017, according to the agreement, which states that the city will pay for attorney fees and time for city staffers' work on the project.
This article originally appeared on Crestview News Bulletin: Crestview: Expect affordable senior housing in a few years