Housing Trust Group Completes a $13M 63-Unit Affordable Community
- Dec 09, 2013
Lake Worth, Fla.—Housing Trust Group (HTG), a developer and manager of real estate in Florida and the Southeastern United States, has completed construction of Pine Run Villas, a $13 million, 63-unit affordable housing townhome-style family rental development located at 4728 Big Ben Lane in Lake Worth.
“Pine Run Villas is HTG’s newest community in Palm Beach County where I have a long and storied history spanning 40 years,” says Randy Rieger, HTG’s Chairman. “HTG is deeply committed to providing safe, secure, amenity rich and affordable rental communities and it is an honor and privilege to welcome 63 new families to their new home.”
Pine Run Villas includes 47 three-bedroom/two-bath and 16 four-bedroom/two-bath units (four units are handicapped accessible) with attached garages, providing larger families a quality housing option with an attractive layout. The community is in close proximity to neighborhood schools and site amenities include a large clubhouse, pool, Wi-Fi access, computer lab, green features such as eco-lighting and water conservation, a half basketball court and tot lot, a covered school bus stop at the development’s entrance, and on-site property management. Resident services incorporate monthly activities, homeownership opportunity classes, and after school and academic programming at the clubhouse.
The three-bedroom unit monthly rental rates range from $843-$925 and the four-bedroom unit monthly rental rates range from $930-$1,034. As an affordable housing development, half of the units are reserved for households earning no more than 50 percent of area median income (AMI). HUD has determined that the AMI for a family of four in Palm Beach County is $64,600. The development is 100 percent leased.
Located in Palm Beach County’s urban redevelopment area, the development was financed with more than $5.5 million in U.S. Dept. of Housing and Urban Development (HUD) Neighborhood Stabilization funds (to mitigate the negative impact of the nation’s economic decline and housing market collapse and to stabilize and revitalize communities and areas hit the hardest) and HOME Program loan funds for affordable housing for low-income households; bond financing issued through the Housing Finance Authority of Palm Beach County; a $4 million construction and permanent financing loan through Citi Community Capital and housing tax credit funds through Raymond James Tax Credit Funds.