The Inverness City Council on Tuesday, July 27, 2026, approved a $340,000 loan commitment to help bring a 92-unit affordable senior housing development to the city. The loan will support the development of Longwood Gardens, a planned apartment community on 6.5 acres at 500 Longwood Ave. and Forest Drive.
The project, which will include one- and two-bedroom apartments, a clubhouse, a fitness center, a swimming pool, a game room, and a media center, is being developed by the same group behind Colonnade Park. The loan terms include a 2 percent annual interest rate and a 15-year term, with an estimated $53,802 in interest earned by the city. The funding source will be included in a future budget, likely from reserves, and payments will be made after construction is completed and a certificate of occupancy is issued.
The city’s financial participation is part of the Florida Housing Finance Corporation’s Local Government Area of Opportunity process, which requires local support for affordable housing projects seeking competitive state funding. The City Council previously approved a resolution in 2025 committing to provide local support. The developer has since received the necessary housing tax credits, moving the project into the next phase of financing and construction.
Originally reported by Citrus County Chronicle – Inverness
Sources: Citrus County Chronicle – Inverness
