DAYTONA BEACH, Fla. – Five acres of land on the corner of Brentwood Drive and Derbyshire Road in Daytona Beach will soon be home to 100 units of affordable housing.
“The goal is to try to keep these rents at a reasonable rate. Typically, around 35 to 40% less than the going market rate,” said Steve Smith, President of Provident Housing Solutions, Inc.
Smith, whose company is behind the project, said in total it will cost about $20 million. He hopes a lot of that funding will come from a state grant and federal credits and that the site meets the requirements.
“They want to be in close proximity, so people don’t have to drive so far to work for medical services, grocery shopping, access to the bus lines so that spot is ideal,” he said.
Rent would range between $390 to $860 per month depending on the unit size and household income.
Smith said he hopes to break ground this fall but he already has his eye on other properties to build even more affordable housing, eventually.
“We’re actively looking at some other properties where we can build because this isn’t even a small fraction to meet the growing demand,” he said.
Daytona Beach Mayor Derrick Henry said employment opportunities are growing but they aren’t paying a lot.
“The median income in that area is around $30,000 per person,” he said.
Henry estimated several thousand more affordable housing units will be needed over the next several years.
“This 100 units will be a step in the right direction and we do have some others that are on the line and we are hoping to be able to reel them in,” said Henry.
Smith said if they can break ground in the fall, they hope to have the apartments available for lease by the end of 2022.