Housing Trust Group (HTG) has recently opened three new housing communities in southern and central Florida, delivering a combined 338 affordable apartment homes.
“Rents throughout Central Florida are rising at a pace faster than we have ever witnessed,” said Matthew A. Rieger, HTG president and CEO. “While it’s gratifying to deliver these brand new communities at a time when the need is so urgent, the reality is that with thousands of people moving to Florida every day we need to build twice or triple the amount to meet the demand. Florida’s economy is heavily dependent on service workers, and those people need safe, clean, and affordable places to live. If we want Florida to remain a place where service workers and seniors on restricted incomes are welcomed and able to provide for their families, then we need to prioritize the creation of more affordable housing.”
The Florida-based firm’s latest developments are Valencia Grove II in Eustis, Twin Lakes Estates II in Lakeland, and Oaks at Lakeside in Bradenton.
Valencia Grove II is a new community for seniors 62 and older. It features 110 one- and two-bedroom rental homes for residents earning 22%, 35%, and 60% of the area median income (AMI). Rents range between $286 and $937 for income-qualifying residents.
The development is a partnership between HTG and nonprofit AM Affordable Housing, an organization founded by former Miami Heat player and Hall of Famer Alonzo Mourning, marking the third collaboration between the two partners. Situated ideally near both dine-in and takeout restaurants, community centers, and shopping centers,
Valencia Grove II offers amenities that include a clubhouse with a state-of-the-art fitness center, a theater room, a swimming pool, a picnic pavilion, a courtyard, shuffleboard courts, and a community garden.
Funding sources for Valencia Grove II include an $11.4 million construction loan provided by Fifth Third Bank and a $7.2 million permanent loan from Freddie Mac through Truist Bank. Additionally, Raymond James is providing $7.2 million of 4% low-income housing tax credit (LIHTC) equity, and Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 extremely low-income (ELI) loan, and a $742,000 National Housing Trust Fund (NHTF) loan.
Twin Lakes Estates II is a partnership between HTG and the Lakeland Housing Authority to redevelop West Lake Apartments, an aging public housing complex on the southern tip of Lake Beulah into a new, affordable community with state-of-the-art amenities. Twin Lakes Estates II is a 132-unit apartment community that offers rents between $437 and $908 for residents earning at or below 40% to 60% of the AMI. Amenities include a fully loaded 3,400-square-foot clubhouse with a large community room and catering kitchen, a lounge room and computer lab, a picnic pavilion, walking promenades, and a playground.
Twin Lakes Estates II is financed with a $288,000 loan from the city of Lakeland; a $12.1 million construction loan from TD Bank; $8.4 million of 4% LIHTC credit equity through Raymond James; a combined $6.6 million SAIL and ELI, both from Florida Housing; a $7.2 million permanent loan from Freddie Mac through Walker & Dunlop; and a $790,000 loan from Lakeland Housing Authority. The development also involved Department of Housing and Urban Development approvals for mixed financing.
Oaks at Lakeside is a 96-unit apartment community reserved for residents earning at or below 60% of the AMI. It is HTG’s second affordable apartment community in the town of Bradenton. The property offers one-, two-, and three-bedroom apartments, and amenities include a 4,300-square-foot clubhouse, a swimming pool, a picnic and barbecue pavilion, a dog park, a playground, and gazebos. Rents range between $335 and $1,270 per month. HTG said the $22.2 million community is also financed with LIHTCs.
