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LARGO, Fla. — A new housing complex for seniors officially opens Thursday, marking the first in a series of upgrades and changes to Largo’s Rainbow Village neighborhood.
The new Heritage Oaks complex has 80 affordable one-bedroom units for seniors. The apartment-style building replaces what was 48 old block style homes that were part of the original public housing development.
Rainbow Village was first constructed in the late 1960s and consisted of 200 units of public housing for families.
Heritage Oaks marks the first part of a 4-phase redevelopment plan for the area. Those who were living in the homes that were demolished to make way for Heritage Oaks were placed into alternative housing situations with help from Pinellas County or went to live with family.
Yvette Feazell, 64, was one of the first residents of Heritage Oaks when she moved in November. She says since graduating college, she had lived independently until 18 months ago when rent spiked and she had to move out of her apartment. She spent just over a year living with her daughter and her four grandchildren.
“It was nice but I felt like I was imposing,” she said. “I’ve lived independently almost all my life.”
Heritage Oaks is for seniors living at 60% of the average median income in Pinellas County. Feazell said being in a place that’s safe, nice and affordable is what she had been hoping for.
“It takes the stress off of… am I going to be able to afford to live in this apartment? Is the rent going to jump up like it did in my last apartment where people are like… I can’t afford that,” she recalled.
The $31 million project was made possible by Raymond James Affordable Housing Investments and Raymond James Bank, $3.36 million in Pinellas County HOME Investment Partnerships Program (HOME), State Housing Initiatives Partnership (SHIP), and Community Development Block Grant (CDBG) funds, low-income tax credits allocated by Florida Housing Finance Corporation, PCHA funds, and HUD rental assistance.
Thursday’s ribbon cutting of Heritage Oaks marks the first of four planned phases to re-imagine Rainbow Village. In all, 400 units of housing for families and individuals will replace the 200 units that were built in the 1960s.
Heritage Oaks is a product of Newstar Development, a full-service development firm specializing in affordable and workforce housing.
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Angie Angers
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