This new community of 80 garden apartments will be constructed in Oakland Park in partnership with Pinnacle Housing Group. The completed community will consist of five, two and three story buildings with craftsman style architecture. The apartments will range from one to three bedrooms and feature Energy Star appliances, impact windows and doors and a family enhanced design.
With a lake-side setting, the community will include a barbeque area, playground and pool to encourage an active outdoor life-style. An on-site management office, clubhouse, fitness center and internet lounge will give residents the amenities typically found in market rate apartments. However, Oakland Preserve will be maintained as affordable to families with incomes at or below 60% of the area median income.
The development will leverage private investment dollars through the Low Income Housing Tax Credit program and local funding from Broward County to allow rents to remain lower than comparable properties while still offering residents an exceptional lifestyle. The live/work environment will provide residents with easy access to public transportation and the many amenities that this urban area has to offer. Residents will also be able to participate in a down payment rebate assistance program (5% of rent returned during tenancy for home purchase) as a tool to promote future homeownership.
Using a statistical model based on a 2009 study commissioned by the National Association of Home Builders, Oakland Preserve is expected to generate through construction to its first year of operations, over $6.96 million in income (wages for workers, profits for proprietors, etc.), $2.64 million in taxes and local fees for federal, state and local government, and at least 93 jobs, half of which will be in the construction sector.
Another important aspect of the project is the inclusion of public art, a trademark of co-developer Pinnacle Housing Group. Incorporating community art gives residents and neighbors a sense of pride in the development while showcasing the work of respected local artists and architects. Pinnacle has co-developed several other affordable properties with Building Better Communities, Inc. and each has included art specially selected for the particular community.