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Crestview Senior Citizen housing plans
CRESTVIEW -- Crestview - Experts say the economy is bouncing back, but it's still tough for those on fixed incomes like senior citizens.
That's why Vestcor Development Corporation wants to build an affordable housing off of Brookemeade Drive in Crestview.
If built the structure could earn the city $25,000 in tax revenue.
The Jacksonville developer wants to build the three story 123 unit apartment complex for seniors on.
The apartments would not serve as a nursing home or assisted living.
But for those seniors who might be finically strapped.
"We need affordable living places that are decent and nice for other people," said Cathy Jones.
Tenants would have to be 55 years old or older
They would also have to earn less than 60% of Okaloosa's $64,000 median income.
The developers expect 80% of the tenants would be female ages 65 to 68.
There is currently no housing like this in Okaloosa County.
"I believe that is a great idea and something that needs to be looked into and something that really needs to be built," said Gary Jones.
"People keep losing their homes because people keep going up on their prices," said Bobby Weaver.
Right now the luxury apartments are in the county, but the developer wants the building annexed into the city.
At a 120-units, the water collection fees would be around $54,000.
But, if annexed the connection fees would be waved potentially earning the city $25,000 in tax revenue.
Bobby Weaver says his friend lives on a fixed income and the apartments would be the perfect financial relief she maybe looking for.
"Her income I think she probably gets disability and stuff. She probably draws about $500 to $600 a month and something like that would probably help somebody like her," said Weaver.
The first reading of the annexation will be held on the 23rd at the next city council meeting.