Rents at Princeton Grove in Crestview, Florida start at $381 per month with limited availability remaining of the $1,048 one-bedrooms and $1,263 two-bedrooms
Crestview, Fl. – October 27, 2025 – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and AM Affordable Housing, the nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the recent grand opening of Princeton Grove, a new $28 million affordable housing community in Crestview, Fl.
Located at 475 Aplin Road, Princeton Grove provides 107 one- and two-bedroom apartments reserved for seniors aged 55 and older, including six dedicated units for veterans of the U.S. Armed Forces. Apartments are reserved for income-qualifying residents who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $381 to $1,323 per month.
There is limited availability on our 60% AMI units with rents starting at $1,048.
An official ribbon-cutting ceremony on October 23 drew city leaders, community partners and development team members, including HTG COO, Jordan Tolman, and AM Affordable Housing Founder Alonzo Mourning, City of Crestview Councilmember Dusty Allison, Okaloosa County Commissioner Paul Mixon, and Crestview Chamber of Commerce, Board Chairman John Feeney. This is the ninth finished community by HTG and AM Affordable Housing, with several more planned or under construction, furthering their joint mission to expand access to high-quality affordable housing across Florida.
According to the latest University of Florida rental market report, Okaloosa County has a shortage of over 5,000 affordable and available rental units for renters at the 60% AMI level.
“The demand for quality rental housing in Northwest Florida has never been greater,” said Matthew A. Rieger, President and CEO of HTG. “Princeton Grove will do more than just meet the demand for apartments – it will enhance quality of life for Crestview seniors and veterans. We’re honored to deliver a property that the entire community can be proud of, and that give those who served our country access to safe, affordable and high-quality housing in their own community.”
“Providing safe, dignified and affordable housing for seniors and veterans is at the heart of AM Affordable Housing’s mission,” added Alonzo Mourning. “Princeton Grove represents what’s possible when nonprofit and private partners work together to deliver solutions that truly matter.”
“I’m proud to support Princeton Grove because it aligns perfectly with Crestview’s desire to maintain our Community Character through thoughtful growth,” said Councilmember Allison. “This development provides much-needed housing options for those who’ve given so much to this community. It’s the kind of project that keeps Crestview a place where every generation can thrive.”
Economic Growth, Population Surge Fuels Northwest Florida’s Housing Demand
Located approximately 1.5 hours from Mobile, Alabama and 1 hour north of the popular Emerald Coast city of Destin, Crestview has emerged as one of the fastest-growing cities in the Florida Panhandle. Princeton Grove is just 30 minutes from Eglin Air Force Base, one of the largest employers in Northwest Florida, 20 minutes from Duke Field and less than an hour from Hurlburt Field, which together employ tens of thousands of military and civilian personnel.
Beyond the military, Crestview’s economy is supported by a growing network of healthcare facilities, logistics operations, and educational institutions. Earlier this year, the State of Florida and Williams International announced a plan to build a new $1 billion, one-million square foot aviation manufacturing facility in the Shoal River Industrial Park in Okaloosa County – making it one of the largest projects in Northwest Florida’s history.
The area’s affordability relative to coastal markets has also attracted young families, veterans, and retirees relocating from nearby counties such as Walton and Santa Rosa, as well as out-of-state movers seeking a lower cost of living and strong community amenities.
“This growth, combined with limited new multifamily construction and rising single-family home prices, has widened the affordability gap, making developments like Princeton Grove essential to meeting the community’s housing needs,” said Rieger.
High-Quality, Supportive Living for Seniors and Veterans
The four-story Princeton Grove offers amenities including a clubhouse, resort-style swimming pool, state-of-the-art fitness center, pickleball court, dog park, theater room, and clubroom with computer stations. Individual apartments feature Energy Star® appliances, granite countertops, and other modern finishes, and the property is National Green Building Standard certified. Residents have access to services including financial literacy and employment assistance programs.
Princeton Grove was financed with $9.1 million in 4% Low Income Housing Tax Credit equity provided by Truist Capital Corporation; a $14 million construction loan from Truist Bank; $8.55 million from the State Apartment Incentive Loan (SAIL) program; a $600,000 Extremely Low Income (ELI) loan; a $654,000 National Housing Trust Fund loan; and a $7.45 million Freddie Mac loan through Grandbridge Real Estate Capital. The development team included Bayern Construction (general contractor); Choctaw Engineering (civil engineer); PQH Group (architecture and interior design); Booth Design Group (landscape designer), and Builders Design (interior designer).
Those interested in applying can visit www.princetongrovehtgm.com, call (850-909-7550), or stop by our leasing office to learn more and take a tour.
Housing Trust Group (HTG), an award-winning developer of market-rate and affordable housing, proudly announces the official opening of Hillsboro Crossing, a $42 million affordable senior community in Deerfield Beach, Florida. This development in partnership with the Broward County Housing Authority, provides 75 affordable apartments designed for residents aged 62 and older. Hillsboro Crossing marks the first phase in a two-phase redevelopment of a former public housing site, which was demolished in 2007.
Located at 3851 N Dixie Highway, Hillsboro Crossing offers spacious one- and two-bedroom units spanning from 702 square feet to 927 square feet. Monthly rents range from $348 to $1,926 for income-qualifying residents earning at or below 22%, 25%, and 60% of the area median income (AMI).
"As housing costs remain at elevated levels throughout Florida, the problem is particularly acute for seniors in our community,” said Matthew A. Rieger, President and CEO of HTG. “Roughly ten percent of those aged 62 and older are experiencing homelessness throughout the state according to the Florida Council on Homelessness. The delivery of Hillsboro Crossing is meant to alleviate this problem and serve as an example of effective public-private development.”
Hillsboro Crossing offers 5,000 square feet of amenity space, including a state-of-the-art fitness center, a multipurpose room, and outdoor rooftop terraces, providing residents with both comfort and convenience. The community is also pet-friendly and includes 96 parking spaces. It is conveniently located near Hillsboro and Pompano Beaches, Publix and Whole Foods grocery stores, and Broward Health North.
The property meets National Green Building Standard certification, featuring energy-efficient lighting and appliances to promote sustainability.
With the recent completion of Hillsboro Crossing, one of HTG’s newest communities in Broward County, and the addition of Mount Hermon Apartments—a 104-unit senior community in Fort Lauderdale—plus the recent completion of University Station with 216 units in Hollywood, HTG continues to make a significant impact in South Florida. These developments reflect HTG’s ongoing commitment to affordable housing, bringing the total to over 900 affordable units across eight properties in Broward County and more than 3,000 units across 26 properties throughout the South Florida tri-county area.
Hillsboro Crossing was funded through a combination of public and private sources, including $17.4 million in Low-Income Housing Tax Credits (LIHTC) provided by Florida Housing Finance Corporation syndicated by Raymond James, along with a State Apartment Incentive Loan (SAIL) and Community Housing Impact and Preservation (CHIRP) loan totaling $7.1 million; a National Housing Trust Fund (NHTF) loan of $1.5 million, an Extremely Low Income (ELI) loan of $600,000; a $25 million construction loan from Fifth Third Bank; a $12.17 million permanent loan from Grandbridge Real Estate Capital, a $1,050,000 land loan from Broward County Housing Authority (BCHA), and a Broward Housing Finance Authority (BHFA) grant of $100,000.
The design and construction team for Hillsboro Crossing includes general contractor Ferncore Corporation, ATL Architecture, engineer Keith & Associates, interior design by Builders Design and landscape architecture by Sieger Suarez Architects.
Riverview6 delivers 80 affordable housing units starting at $605 per month in Bradenton, Florida
Housing Trust Group (HTG), a leading multifamily developer, announced the completion of Riverview6, an 80-unit affordable housing community located in the community of Bradenton, just south of Tampa.
The development is HTG’s fourth community in Bradenton and 49th overall completed community in Florida, speaking to the demand for affordable housing in the state but also HTG’s commitment to delivering across multiple markets.
HTG is now leasing two brand-new affordable housing communities in Bradenton: Riverview6 for families, and Astoria on 9th for seniors aged 55 and older. Both properties offer high-quality apartments at below-market rents, thoughtfully designed to meet the needs of local residents. Interested families and seniors are encouraged to apply today.
To learn more or to apply please visit:
· Riverview6 | Apartments in Bradenton, FL or call (941) 800-3710
· Astoria on 9th | Apartments in Bradenton, FL or call (941) 538-5950
Apartments at Riverview6 are reserved for income-qualifying residents making at or below 30, 60, and 70 percent of the area median income (AMI). The pet-friendly community offers one-, two-, and three-bedroom units ranging from 621 to 1,085 square feet, with monthly rents from $605 to $1,959. Located at 801 6th Ave W, Bradenton, FL 34205, Riverview6 also features a community clubhouse with a catering kitchenette and dining areas, lounging and gaming spaces, and a fitness center.
Riverview6 will provide its residents with an array of support services such as an employment assistance program, adult literacy program and a financial management program.
“As housing costs continue to rise in Florida’s key metros and their surrounding communities, affordable housing developments like Riverview6 will only be in greater demand,” said Matthew A. Rieger, President and CEO of HTG. “We are thrilled to have completed another high-quality development near the Tampa Bay area while expanding our footprint throughout the state, and look forward to continuing this positive momentum.”
Funding sources for Riverview6 include $22 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $23 million construction loan through Fifth Third Bank, a $6.6 million permanent loan through Grandbridge and Freddie Mac, a $1.4 million loan from Manatee County, a $1.3 million soft loan from Bradenton CRA, and an additional $460,000 loan from the City of Bradenton, as well as $3.7 million of deferred developer fee equity.
The project team for Riverview6 includes general contractor Hennessy Construction; civil engineering and landscape firm Thomas Engineering; architect Flux Architects; and interior designer Builders Design.
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Housing Trust Group (HTG), a leading multifamily developer, and Mount Hermon African Methodist Episcopal Church Inc., under the ministry of Rev. Dr. Henry E. Green Jr., proudly announce the completion of Mount Hermon Apartments, a $43.5 million affordable housing community for seniors aged 62 and older.
This development brings 104 new affordable homes to the heart of Fort Lauderdale, meeting a growing need for senior housing in Broward County.
Mount Hermon Apartments is now open to income-qualifying residents who earn at or below 25% and 60% of the area median income (AMI), with rents ranging from $433 to $1,422 per month, well below the local average of $2,229 for a one-bedroom apartment in Fort Lauderdale (Apartments.com). The seven-story development features a mix of one- and two-bedroom units, ranging from 650 to 950 square feet. Community amenities include an expansive rooftop terrace that includes a dedicated paved walking pathway for residents, covered lounge seating and an outdoor kitchen with a BBQ, a state-of-the-art fitness center, a multipurpose clubroom, and an outdoor community gathering space on the 2nd floor.
Located at 750 NW 4th Street, Mount Hermon Apartments offers comprehensive services for residents, including 24-hour assistance, an assurance check-in program, adult literacy training, and help with light housekeeping, grocery shopping, and laundry.
“The completion of Mount Hermon Apartments is a major milestone in our efforts to address the urgent need for affordable housing in Broward County,” said Matthew A. Rieger, President and CEO of HTG. “Partnering with Rev. Dr. Henry E. Green Jr. and the Mount Hermon AME Church has allowed us to create a high-quality community that not only offers seniors a safe and supportive environment but also provides an affordable place to call home. This project underscores the impact of collaboration in tackling the housing crisis, particularly for vulnerable seniors in South Florida.”
Mount Hermon Apartments was financed with $32.6 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $33 million construction loan from TD Bank, a $7.536 million permanent loan through Berkadia and Freddie Mac, and a $640,000 loan from the City of Fort Lauderdale.
The project team includes general contractor HTG Gomez Construction, civil engineering and landscape firm Thomas Engineering, architect REP-R-TWAR, and interior designer B. Pila Design Studio.
Housing Trust Group (HTG), a leading multifamily developer has closed on financing and commenced construction on The Rushmore, a $33.8 million affordable housing community located in the Energy Corridor of Houston, Texas. The family-oriented development comprised of 101 units is HTG’s first community in Houston and third overall in Texas.
Apartments at The Rushmore will be mixed-income. There will be 85 units reserved for income-qualifying residents earning at or below 30%, 50%, and 60% of the area median income (AMI) and 16 units priced at market rate.
“With Houston’s population continuing to grow rapidly, so does its need for affordable housing that addresses immediate demand throughout the area,” said Matthew Rieger, President and CEO of HTG. “As the nation’s fourth largest city, affordable housing options have remained scarce, creating a severe shortage in apartment units accessible to low-income renters.”
According to a report from the National Low Income Housing Coalition, Houston has the nation’s second most severe shortage of affordable and available rental homes at just 15 available per 100 extremely low-income households (NLIHC).
Located at 800 Highway 6 S, The Rushmore will consist of 32 one-bedroom, 50 two-bedroom, and 19 three-bedroom units with rents ranging from $532-$1,875 per month. Residents will enjoy onsite amenities including a resort-style swimming pool, community clubroom, workroom, state-of-the-art fitness center, game room, and a designated dog walking path.
Furthering these amenities, The Rushmore will include resident-focused offerings such as annual income tax preparation, career training and partnerships, quarterly social events with law enforcement and first responders, bimonthly arts and crafts, and notary services during business hours.
The Rushmore is a public-private partnership. Funding sources include $20 million in construction financing from Citi Community Capital, $15.2 million in Low-Income Housing Tax Credits (LIHTC) syndicated through Raymond James, $3 million in HOME financing from the City of Houston, a $5.975 million American Rescue Plan Act (ARPA) loan from Harris County, and an $8.1 million permanent loan from Citi Community Capital. The Harris County Housing Financing Corporation is the general partner and is providing a 99-year ground lease to ensure long-term affordability.
The design and construction team for The Rushmore includes General Contractor Harris County Housing Finance Corporation, Prime Subcontractor EOS Builders LLC, HEDK Architects, engineer WGI Inc., interior design by Builders Design, and landscape architecture by GreenScape Associates.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and commenced development on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami, Florida. Construction is expected to be completed in Q1 2027, with leasing to begin in late 2026.
Rainbow Village will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70, and 80 percent of the area median income (AMI). Monthly rents for our one-, two-, and three-bedroom apartments will range from $793 to $2,634, significantly below the median rents in Miami, which range from $1,875 to $9,070 for comparable units. (Zillow).
“As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” said Matthew Rieger, president and CEO of Housing Trust Group. “This new development will not only provide a place to call home but will also serve as a cornerstone of stability and opportunity for generations to come.”
Located at 2000 NW 3rd Ave, Rainbow Village will feature 30 studio apartments, 163 one-bedroom units, 85 two-bedroom units, 28 three-bedroom units, and 4 four-bedroom units. Spanning more than 698,000 total square feet, Rainbow Village will include almost 12,000 square feet of retail, more than 50,000 square feet of amenity space, and 442 parking spaces.
Residents will enjoy a wide range of amenities including a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, theatre room, community center with kitchen, a juice bar, bike storage room, state-of-the-art fitness center, study and play areas, onsite generators, and a fire pit area.
Residents will also benefit from other services including resident assurance check-ins, assistance with light housekeeping, grocery shopping, laundry and various community events and daily activities.
After the completion of Rainbow Village, HTG will have developed 1,500 affordable units across 12 different properties in Miami-Dade County, and over 3,000 units across 26 properties in the South Florida tri-county.
Funding sources include approximately $70 million in 4 percent Low-Income Housing Tax Credits (LIHTC) equity syndicated by Raymond James Equity Investor; State Apartment Incentive Loan (SAIL) financing of $15 million; $52 million and $57.2 million in construction financing provided by KeyBank Real Estate Capital and JPMorgan Chase Bank, respectively; $60.4 million in permanent financing provided by KeyBank Real Estate Capital; a $500,000 grant provided by Miami-Dade County, a $3.1 million PHCD seller note; a $3 million PHCD HOME loan; a $15 million loan provided by the Southeast Overtown/Park West Community Redevelopment Agency (SEOPW CRA), and $11.8 million in Bond Reinvestment Earnings.
The design and construction team for Rainbow Village includes general contractor ANF Group, architect Zyscovich, Inc., civil engineer Kimley-Horn and Associates Inc., Interior Designer Builder’s Design, and landscape architect Witkin Hults.
“ANF is proud to partner with Housing Trust Group to take on the revitalization of Rainbow Village. This project is a testament to our commitment to community excellence,” said Al Fernandez, CEO of ANF and the construction manager for the project. “Together, we will create a vibrant, transformative space that will modernize older public housing properties and add more density to help address the housing affordability shortage.”
