Housing Trust launches 6th Florida affordable housing project

Housing Trust Group has closed on $19.5 million in financing and broken ground on its sixth affordable housing project in Florida. Work began on the the initial phase of Park at Wellington, a $37.9 million affordable housing community in Pasco County, about 30 miles north of Tampa. The company secured financing for the first phase of the project through several sources: $16 million in Low Income Housing Tax Credit (LIHTC) Equity from Indianapolis-based City Real Estate Advisors; and a $15.5 million construction loan from Cleveland-based KeyBank, which will convert to a long-term $3.5 million loan upon the project’s completion.

The first phase with 110 units is slated to open in late 2017. The apartments will be reserved for those earning at or below 40 to 60 percent area median income, with rents ranging from $367 to $783 per month. Construction on the second phase is expected to begin in November 2016 with units to be delivered near the middle of 2017. The second phase will be a mid-rise, four-story building for seniors and larger, three-bedroom units for families. HTG’s five affordable housing communities currently under construction in Florida include: Valencia Grove in Eustis; Freedom Gardens in Brooksville; Wagner Creek in Miami and Courtside Family Apartments in Miami, a joint venture with retired NBA player Alonzo Mourning.