HTG Begins Development of Pinellas County Apartments
- Dec 23, 2014
Largo, Fla.—Housing Trust Group (HTG) has started work on Whispering Palms Apartments, a 63-unit affordable housing development targeting families in Largo and Pinellas County, Fla. The community will also include four units specifically for special needs families.
Whispering Palms will be on a 4.4-acre site at 601 16th Ave, SE, just east of Seminole Blvd., in Largo. Besides adding to the inventory of affordable rental housing in the area, the new apartments will also create 24 permanent jobs after it opens.
The project will feature a mix of two- and three-bedroom townhome and garden-style units surrounded by landscaping. Common amenities will include a multipurpose clubhouse, large pool with pergola, fitness center, playground and computer lab. Residents will also have an opportunity to participate in on-site programs such as after-school children’s programs, literacy training and employment assistance and skills workshops.
HTG has incorporated green design in the construction of Whispering Palms, following the requirements for National Green Building Standards. Residential units include low-flow plumbing fixtures, low-VOC paint, Energy-Star qualified appliances, Energy-Star windows and energy efficient HVAC systems.
Development costs are estimated at $12.4 million. Project funding sources include Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corp. low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corp.; and a loan from the Pinellas County HOME Investment Partnership loan program.