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BONITA SPRINGS — Two affordable housing complexes weren’t affordable any more for the investors who built them.
Turtle Creek Apartments in North Naples and Heritage Apartments in Golden Gate have defaulted on loans totaling $14.9 million and $18.5 million, respectively.
Renters don’t have to worry about losing their homes, but residents at Turtle Creek have dealt with a complex where vacant units were infested with bugs and cannibalized to replace broken items in occupied units, and property maintenance was questioned by the mortgage holder.
Both properties had mortgages guaranteed by the Florida Housing Finance Corp., a nonprofit financial institution created by Florida’s Legislature to support affordable housing.
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