SANFORD, Fla. — A new, $16 million dollar affordable housing complex in the historic area of Goldsboro in Sanford is now offering 84 units.

What You Need To Know

  • Somerset Landings Phase II will accept eligible residents earning 35-60% of area median income to take residence in the historic area of Goldsboro

  • The site was formerly known as Lake Monroe Terrace which was demolished in 2013

  • Some residents at the complex are happy to see more affordable housing options available, while some officials and developers say there's still more work to be done

Somerset Landings Phase II will accept eligible residents earning 35-60% of area median income to take residence.

The site used to feature 100 multi-family units. Demo of this site, formerly known as Lake Monroe Terrace, was completed in 2013 after the U.S. Department of Housing and Urban Development (HUD) determined the housing units were no longer liveable.

From the road, it may just look like an ordinary apartment complex, but Katrina Gano can tell you why it’s not.

“Things are not affordable right now,” said Gano, a resident of Somerset Landings. “Everything is way out of our price range right now, with a lot of people. Not just me.”

After deciding not to live at home with her parents anymore, Gano was hoping to find some place she could be on her own, as well as afford. Somerset Landings offers that.

”It’s a one-bedroom unit,” Gano said, describing her residence. “Nice big front room, nice kitchen, nice bathroom, and the bathrooms are very safe for anyone with a disability.”

Richard Monocchio of HUD was in town for the grand opening. He says as nice as it is to see Somerset Landings Phase II open, it’s just a starting point for what is needed.

“Thirty, 40, 50-thousand apartments short, I think, in the Sanford-Orlando area alone,” Monocchio said. “So this is what I see all over the country. The only way to deal with it is to build.”

Wendover Housing Partners developer Ryan Von Weller, whose company built Somerset Landings, and is building the 1,000-unit Catchlight Crossing affordable housing unit project by Universal Orlando, admits there are challenges to satisfy the need.

“We have to have very low interest money with governmental subsidy money in order to make these projects work,” Von Weller said. “You can’t charge a lower compress amount of rent without having some very low cost of money.”

This project was awarded a 4% low income housing tax credit with a state initiative loan and bond for financing.

Monocchio also reports the country is about four to five million units short of fulfilling the demand for affordable housing.