Housing Trust Group Completes Final Phase of Affordable Development Near Tampa
The development, located about an hour north of Tampa, is fully leased. HTG completed the first phase of the development in 2017, consisting of 96 affordable apartments and broke ground on 94 additional apartments last year.
BROOKSVILLE, FL—The Housing Trust Group reports construction has been completed on the second and final phase of the 190-unit Freedom Gardens affordable apartment community here.
The development, located about an hour north of Tampa, is fully leased. HTG completed the first phase of the development in 2017, consisting of 96 affordable apartments and broke ground on 94 additional apartments last year.
The majority of the apartments are set aside for residents earning at or below 60% of area median income (AMI), with 10 units for residents earning at or below 40% of AMI. Monthly rents range from $503 to $1,045.
“Access to affordable housing continues to be one of Florida’s most pressing economic and social challenges,” says HTG president and CEO Matthew A. Rieger. “We’re grateful that Hernando County and the City of Brooksville recognized the dire need for safe, clean and affordable housing, and partnered with HTG to create a high-quality residential community that residents and the community can be proud of.”
Located at 932 Freedom Way, Freedom Gardens is a garden-style, mid-rise property with one-, two- and three-bedroom apartments. The centerpiece of the community is a 4,806-square-foot Grand Clubhouse with a cyber café, 1,000-square-foot pool, after-school care, laundry facility, exercise room, walking path, central community gathering area and a pet park.
Freedom Gardens II was financed with an $8.4-million construction loan from CitiBank backed with a Multifamily Mortgage Revenue note from the Florida Housing Finance Corporation; permanent financing from CitiBank of up to $5.2 million; $5.9 million of housing credit equity (4%) through Raymond James; and a $5.5-million State Apartment Incentive loan and a $493,400 “Extremely Low Income” (ELI) loan, both through Florida Housing Finance Corp.
Late last month, Housing Trust Group announced the completion of Princeton Park, a new, $36-million, 150-unit affordable housing community in south Miami-Dade County. Apartments at Princeton Park are reserved for households earning at or below 60% of the area median income (AMI), which is currently $50,820 for a family of four. Rents for qualified residents range from $411 per month for a one-bedroom apartment to $1,104 per month for a three-bedroom apartment. The property is 100% leased.