FLORENCE, S.C. — The Housing Authority of Florence will hold a groundbreaking on Wednesday, Oct. 28, for the Dr. Iola Jones Community, a 64-unit affordable apartment development that takes the place of the Oakland Place apartments.
The ceremony starts at 1:30 p.m. at the Dr. Iola Jones Amphitheater, 608 E. Maxwell St. The housing authority has opened the event to residents, partners and supporters and plans to honor the history of Oakland Place as work begins.
The garden-style community will have one- to four-bedroom apartments along with a clubhouse, business center, fitness room, playground, picnic area and on-site management. Every unit is set aside for households earning up to 40% or 60% of the area median income.
The housing authority is developing the project with Paces Preservation Partners, a team made up of The Paces Foundation and Soho Housing Partners. Lender Berkadia arranged $15 million in low-income housing tax credit equity and permanent financing through Freddie Mac.
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