Housing Trust Group Taps LIHTC Finance for Miami Affordable Apartment

Paradise Lakes Apartments

MIAMI—Locally-based Housing Trust Group has closed on financing for Paradise Lakes Apartments, a new $25 million garden-style affordable apartment community with ground-floor retail space in the West Kendall section of Miami. Construction is slated to begin immediately.

“Miami’s affordable housing crisis grows more dire each year, so it’s critical that more developments like Paradise Lakes get built, and the most effective way to do that is to expand the federal Low Income Housing Tax Credit program,” HTG’s President and CEO Matthew A. Rieger tells GlobeSt.com. “HTG currently has approximately 2,000 new affordable units in its pipeline in Florida, all made possible through the federal program. However, it’s not enough – we still need a lot more new supply to alleviate the pressure on our working families and seniors. Our hope is that this issue moves to the forefront of our nation’s priorities as we head into an election year.”