Palm Coast senior residents can look forward to new age-restricted affordable housing provided under the auspices of the ‘Live Local Act’, which was signed in law in 2023.
Per a news release issued by the city, the name of the residential community will be Kensington at Old Kings and will be situated adjacent to Interstate 95, north of Town Center Boulevard and west of Old Kings Road. It will contain 113 residential units, which is 120 units less than was allotted for the site, resulting in a ratio of units per acre of 7.28 to 1.
Banner printing services are frequently used at construction sites to inform the public of what to expect.
The Live Local Act was created to address Florida’s affordable housing dilemma. Specifically, it was designed to provide private investors in affordable housing with incentives as well as encouraging mixed-used development in besieged areas.
Per the plan’s provisions, developers will be eligible to receive tax exemptions if 70 units are set aside for affordable housing. Additionally, it expedites affordable-housing unit permits and development orders.
According to the city, Kensington at Old Kings will have approximately 40 percent of its units set aside for those earning 120 percent or less of the area’s medium income. The press release explained that the affordability of the units would be guaranteed for at least 30 years.
