LAKELAND — The Lakeland Housing Authority’s planned redevelopment of West Lake Apartments received a $1.2 million boost Tuesday from the Federal Home Loan Bank of San Francisco.
The grant is part of a larger $73.6 million funding package supporting 89 affordable housing projects in Florida and six other states.
“We are very thankful for any help,” said Ben Stevenson, executive director of the Lakeland housing agency. “It’s very important that we build affordable housing units.”
The grant from the California bank will offset the approximately $16 million price tag to construct a three-story, 100 unit building for seniors ages 62 and older at West Lake, a complex that’s roughly 60 years old and dates to a time when public housing was spartan and bleak, with few amenities.
The apartment complex is the first of three planned phases spanning the next several years, costing an estimated $60 million.