Seniors have a new affordable housing development in Fort Lauderdale, Fla.
Village Place Apartments is a new low-income housing tax credit development by Housing Trust Group in Fort Lauderdale, Fla.
Housing Trust Group (HTG) has completed construction of Village Place Apartments, a 112-unit development in downtown. The property is fully leased.
“Village Place is the company’s masterpiece affordable housing development to date designed for seniors to be able to enjoy upscale amenities provided on site and the many leisure, dining and shopping destinations nearby,” said Matthew Rieger, HTG president and CEO. “This is a standout example of how public-private partnerships can be successfully created to provide much needed affordable and safe housing in Broward County while improving the quality of life for the area’s senior residents and increasing property values as well.”
Located in the Flagler Village urban redevelopment area, the building includes a mix of 82 one-bedroom/one-bath units and 30 two-bedroom/two-bath units. Amenities include granite countertops, split-level designs, and eco-friendly features such as low-flow plumbing fixtures, low-VOC paint, Energy Star-qualified appliances, Energy Star windows, and energy-efficient HVAC systems.
Designed by Sotolongo Salman Henderson Architects of Miami, Village Place is constructed to be a green building in line with National Green Building Standards.
The apartment community also includes a gated entrance, community center with computers and Wi-Fi access throughout, swimming pool, and fitness room with exercise equipment. Residents will also have convenient access to The Wave Modern Streetcar transit system that is scheduled to open in 2017.
Ninety percent of the apartments are for households earning no more than 60% of the area median income (AMI), and 10% of the units are for extremely low-income residents, whose income are no more than 25% of the AMI. For the 60% AMI units, the two-bedroom monthly rental rate is $903 and the one-bedroom monthly rental rate is $760.
Officials report that the construction cost was $25 million. Project financing was provided by U.S. Bank in the amount of $38.6 million through its community development subsidiary, including a $13.2 million construction loan, a $3 million permanent loan, and $22.4 million in LIHTC equity from U.S. Bancorp Community Development Corp. The LIHTCs were awarded by Florida Housing Finance Corp. Project funding also included $125,000 from Broward County Housing.
