Housing Trust Group (HTG) has started construction on a $24.5 million affordable housing community for seniors in Crystal River, Florida.
The Fountains at Hidden Lake will provide 81 units for residents 62 and older and earning at or below 40% and 60% of the area median income. Monthly rents will range from $581 to $1,045.
“For nearly a decade, our team has been working tirelessly to bring much-needed affordable housing to the residents of Crystal River,” said Matthew A. Rieger, president and CEO of HTG. “Recognizing the growing demand for housing among seniors in this community, the groundbreaking of The Fountains at Hidden Lake brings us one step closer to fulfilling this long-awaited development.”
The community will include 61 one- und 20 two-bedroom units ranging from 645 to 952 square feet. The property will include a resort-style swimming pool, a horseshoe court, a state-of-the-art fitness center, a dog park, and a multipurpose community room.
Residents will benefit from assistance with light housekeeping, grocery shopping, and laundry, as well as various community events and activities.
Funding sources include $20.4 million in 9% low-income housing tax credits allocated from Florida Housing Finance Corp. and syndicated through CREA; an $18.5 million construction loan and a $4.15 million permanent loan from KeyBank; and a $340,000 loan from the city of Crystal River.
The design and construction team includes FK Architecture, BDI Construction, Hamilton Engineering & Surveying, Builders Design, and Forward Planning & Design.
