There’s a new, 250-unit affordable housing apartment complex on Tallahassee’s south side. Ridge Road Flats will serve households earning no more than 70 percent of the area median income.
John Shepard works with Elmington Capital, the developer of Ridge Road Flats. He says his company will leverage public funds to help provide support for the development’s residents.
“If you are a resident of Ridge Road Flats for at least two years in good standing, and you move out to buy a house, Elmington will refund 5 percent of the rent you’ve paid over your entire term of living here to go toward the down payment of the house,” Shepard said. “It means we have more skin in the game, which is always important. It allows us to leverage scarce public resources and to make those resources go further in terms of building more units, and it allows us to deliver a better product and a better community for the residents who live here.”
The complex is rent-restricted to ensure long-term affordability. Residents will also have access to tax preparation and financial counseling workshops.
The project received about $80 million dollars in support from local officials—including the Leon County Government, the City of Tallahassee and the Florida Housing Finance Corporation.
