MIAMI—Locally-based Housing Trust Group has closed on financingfor Paradise Lakes Apartments, a new $25 million garden-styleaffordable apartment community with ground-floor retail space inthe West Kendall section of Miami. Construction is slated to beginimmediately.

"Miami's affordable housing crisis grows more dire each year, soit's critical that more developments like Paradise Lakes get built,and the most effective way to do that is to expand the federal LowIncome Housing Tax Credit program," HTG's President and CEO MatthewA. Rieger tells GlobeSt.com. "HTG currently has approximately 2,000new affordable units in its pipeline in Florida, all made possiblethrough the federal program. However, it's not enough – we stillneed a lot more new supply to alleviate the pressure on our workingfamilies and seniors. Our hope is that this issue moves to theforefront of our nation's priorities as we head into an electionyear."