Wendover Housing Partners, a privately held real estate development, investment, and management company, has opened its first affordable senior community in Tampa, Fla.
The 80-unit Haley Park Apartments serves seniors earning no more than 40% and 60% of the area median income.
“The National Housing Conference predicts that the number of Florida residents age 65 and older will more than double by the year 2030,” said Jonathan L. Wolf, president and founder of Wendover Housing Partners, in a statement. “As the state’s aging population increases, there is an immediate need for cost-effective rental homes for seniors, especially in metro areas near hospitals and doctors’ offices. Haley Park will help address this rising need in Hillsborough County.”
The $14.5 million development was financed using a variety of sources, including low-income housing tax credits (LIHTC) from the Florida Housing Finance Corp., tax-exempt bonds from the Housing Finance Authority of Hillsborough County, the HOME program, and the Neighborhood Stabilization Program. RBC Capital Markets—Tax Credit Equity Group was the LIHTC syndicator.
Other financing partners include JPMorgan Chase and the Florida Community Loan Fund.
With monthly rent from $605 to $720, Haley Park’s apartments are priced well below Florida’s average range of $1,176 to $1,657. The one- and two-bedroom units come with a monitored emergency call system. Residents also are offered access to a variety of indoor and outdoor areas to socialize, including a fitness center, a library, a swimming pool, green space with benches and a gazebo, and a dog park.
Wendover also has four other affordable senior communities in Florida.