FUTURE PROJECTS
New Jobs Comes To The Community
Norwood School Property Development
Grace And Truth Community Development Corporation is developing the former Norwood school property into a mixed use development with 90
units of new Senior Housing, approximately 14,400 square feet of commercial space for business supporting Seniors and an approximately 5,000 square foot
community center; the commercial space will be a revitalization of the empty Norwood school. The community center will be housed in the auditorium
building for the school and the new residences will be in two new buildings.
This development is located in the 32208 zip code, Census track 0014.00, which scores a 19 on the foreclosure score and 18 on the vacancy needs
factor scale. There is 9,529 individuals living within a one mile radius of the site with 1,999 age qualified to live in a senior housing community. Of
these 807 of the seniors have incomes less than $25,000 and 604 have incomes less than $15,000. This development will provide twenty one bedroom
apartments to seniors with income below 30% of the area medium or $13,500 for one individual; 64 one bedroom apartments for seniors with income below
50% of the area medium or $22,350 for one individual; and six two bedroom apartments for couples at or below 50% of the area medium income for two
individuals or $25,550. The rents will be $511, $306, and $613 respectively. The commercial area will house businesses that can service the needs of the
seniors such as hairdressers, medical doctors, dentists, etc.
Grace And Truth CDC is requesting $8,800,000 for the residential portion of the project or $97,778 per unit. The residential portion will be
leveraged with approximately $2,800,000 of tax credit equity. For the commercial portion, Grace And Truth CDC is requesting funds of $1,000,000 or
approximately $70 a square foot.
HomeBuyers' Club
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Norwood Business Association
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