HTG Secures Financing for Affordable FL Community
- May 25, 2018
Housing Trust Group has broken ground on Freedom Gardens’ second phase, an affordable housing project in Brooksville, Fla. The company has also secured financing for the development, which will include the construction of more than 90 units. The project is slated for completion by June 2019. Housing Trust Group celebrated the opening of Freedom Gardens‘ first phase back in 2017.
Citibank and Multifamily Mortgage Revenue from Florida Housing Finance Corp. financed the project with an $8.4 million construction loan. Citibank has also provided permanent financing of up to $5.2 million. Raymond James supplied $5.9 million in housing credit equity, while Florida Housing Finance Corp. delivered a $5.5 million State Apartment Incentive Loan with a $493,400 “Extremely Low Income” mortgage.
Located at 932 Freedom Way, the project will include four garden-style, mid-rise buildings featuring 32 one-, 28 two-, and 34 three-bedroom apartments. Ten units are reserved for residents earning at or below 40 percent of the area median income, while the rest of the apartments are designated for residents earning at or below 60 percent of the area median income. Common-area amenities will include:
- 4,806-square-foot clubhouse
- cyber café
- 1,000-square-foot pool
- laundry facilities
- exercise room
- walking path
- central community gathering area
- pet park
The development received a green building certification under the National Green Building Standard administered by the National Association of Home Builders. The company recently broke ground on another 92-unit affordable community in Spring Hill, Fla. Together, the two projects will total more than 380 affordable apartments in Hernando County. According to Housing Trust Group, monthly rents will range from $480 to $997.
“These apartments will help ease the financial burden on Hernando County’s hard-working families,” said Matthew Rieger, president & CEO of Housing Trust Group, in prepared remarks. “We’re grateful that Hernando County and Brooksville recognized the dire need for safe, clean and affordable housing in their neighborhoods and worked tirelessly to support this effort.”
Image courtesy of Housing Trust Group