Miami-based developer Housing Trust Group (HTG) celebrated the grand openings of two developments providing affordable housing for working families in the Tampa Bay area in mid-March.
The developments’ 324 units are meeting critical need in the Tampa-St. Petersburg-Clearwater metro area, where there are only 36 affordable and available units per 100 households earning at or less than 50% of the area median income (AMI), according to the National Low Income Housing Coalition’s latest The Gap: A Shortage of Affordable Homes report.
Park at Wellington I and II in Holiday, 30 miles north of Tampa, includes 220 one-, two-, and three-bedroom units for households at or below 60% and 40% of the AMI. Rents at the development, which was fully leased upon opening, range from $367 to $827 per month.
“We are proud to welcome residents to Park at Wellington, which will alleviate the burden many working families face when it comes to affordable living in Florida,” said Matthew Rieger, HTG president and CEO. “Pasco County is just one of the many areas impacted by rising rental costs, and our development provides modern, affordable housing in a safe, friendly neighborhood environment.”
Amenities include a grand clubhouse, with a cyber café, a pool, an exercise room, after-school care, and a laundry facility. A playground, a dog park, a walking path, and outdoor seating areas also are on site.
Services include a structured and supervised after-school program, weekly literacy lessons, and employment assistance workshops.
The $37.9 million development is comprised of two phases. Phase I financing includes 9% low-income housing tax credit (LIHTC) equity provided by CREA and a construction loan, which converts to a permanent loan after completion, provided by KeyBank Real Estate Capital. Financing for the second phase includes the use of a tax-exempt loan provided by the Florida Housing Finance Corp., 4% LIHTC equity from CREA, and a construction loan from KeyBank.
Other partners include architect Fugleberg Koch, civil engineer High Point Engineering, and general contractor Hennessy Construction.
Hammock Ridge, located in Spring Hill in Florida’s central Gulf Coast, is comprised of 104 one-, two-, and three-bedroom apartments for households earning at or less than 60% of the AMI. This development, where rents range from $287 to $704 per month, also was fully leased upon opening.
In addition to the housing, HTG made a significant investment in the water and sewer infrastructure that serves other public and municipal users.
“Hammock Ridge is a true success for Hernando County that will create significant economic benefit for the area,” said Rieger. “Not only will the development serve the much-needed housing market for working families, this community will generate a total of $140,000 in tax revenues for the county.”
Financing for the approximately $19 million first phase of the development includes LIHTC equity provided by Raymond James Tax Credit Funds and a construction loan that will convert to a permanent loan from SunTrust Commercial Real Estate.
Additional partners include architect Fugleberg Koch, civil engineer Lucas Carlo, and general contractor Hennessy Construction.
HTG has three additional affordable housing developments under construction in Florida: Arbor View in Margate, Covenant Villas in Belle Glade, and Princeton Park in Miami.
