Housing Trust Group (HTG) has secured financing and broken ground on a 144-unit affordable housing community in Jacksonville, Florida.
Apartments at Normandy Cove will be home to residents earning 30%, 60%, and 70% of the area median income, with a significant focus on the region’s active-duty military members and veterans.
Half of the units will be dedicated to this population, including a 5% set-aside for veterans experiencing homelessness. HTG is partnering with local organizations Hope4Veterans and I.M. Sulzebacher Center for the Homeless to reach prospective residents and to provide supportive programming, including employment assistance, financial management services, homeownership opportunities, and specialized veteran-focused services.
“Normandy Cove is a direct response to the housing mismatch in Jacksonville, where service members and working families are increasingly being priced out of the communities they serve,” said HTG president and CEO Matthew A. Rieger. “By partnering with local veteran service organizations and the Duval County School Board, we’ve been able to transform a complex site into a sanctuary that offers more than just a roof—it offers stability, dignity, and specialized support for those who have served.”
The development marks the Miami-based firm’s first affordable housing development in Jacksonville.
Normandy Cove is financed with $20.8 million in 4% low-income housing tax credits allocated by the Florida Housing Finance Corp. (FHFC) and syndicated by Raymond James Affordable Housing Investments; a $27.5 million construction loan from TD Bank; a $16.4 million permanent loan from Berkadia through Freddie Mac; an $11 million State Apartment Incentive Loan from FHFC; $1.5 million in gap funding from the city of Jacksonville Housing and Community Development Department Revolving Loan Fund; and $500,000 of gap funding from the Jacksonville Housing Finance Authority, which also provided tax-exempt bond financing.
The development will feature one-, two-, and three-bedroom apartments with quartz countertops, luxury vinyl plank flooring, and modern appliances. Community amenities will include a swimming pool, a fitness center, a business center, a multipurpose clubhouse, an outdoor amenity deck, and dedicated office space and meeting areas for veteran service providers.
A future second phase at Normandy Cove is planned to add 99 additional units, bringing the total planned development to 243 residences.
The property is within 20 minutes of downtown Jacksonville, 20 minutes from the Naval Air Station Jacksonville base and 45 minutes from the Mayport Naval Air Station and the U.S. Naval Forces Southern Command.
The design and construction team for Normandy Cove includes architect and interior designer FK Architects, general contractor BDI Construction, and civil engineer NV5.