Housing Trust Group (HTG), one of the largest developers of affordable housing in the United States, is ramping up its development activities in several new states to help meet the overwhelming demand for affordable housing in the wake of the COVID-19 pandemic.
To accelerate HTG’s growth, the company has restructured and appointed HTG executives to oversee pipeline growth and development activities in four territories: the Gulf Region (including Florida, Puerto Rico and Alabama), Atlantic Region (including Georgia, North Carolina and South Carolina), Midwest Region (including Illinois and Missouri), and Southwest Region (including Texas, Colorado and Arizona). The combined target states are responsible for administering over $608 million in 9 percent Low Income Housing Tax Credits (LIHTC) each year.
“The pandemic has exacerbated demand for affordable housing across the country so there is a tremendous need for firms like HTG with a proven track record to deliver affordable developments. We have been putting boots on the ground in local markets around the country to address each community’s unique needs,” said Matthew A. Rieger, HTG President and CEO. “HTG has excelled for over a decade as an award-winning affordable developer in Florida, and we’re excited to be able to deliver this expertise to more state and community leaders who want to tackle the housing crisis head-on using the most prudent, fiscally responsible strategies possible.”
Housing industry experts are optimistic that Congress will allocate more resources to affordable housing development in the year ahead, including potentially expanding the federal tax credit program, which gives financial incentives to private sector firms who invest in underwriting a portion of affordable housing.
“The housing crisis is a problem so large and universal that it is beyond the ability of any single municipality or state to address,” said Rieger. “Fortunately, the federal tax credit program has enjoyed broad bipartisan support from democrats to republicans alike since its inception over 35 years ago.”
In 2021, HTG will submit proposals and applications for tax credit-funded affordable development opportunities in Texas, Florida, Georgia, North Carolina, South Carolina, Colorado and Illinois. By 2025, the company intends to expand its footprint even further with development activity in Alabama, Puerto Rico, Tennessee, Nevada, Utah, Michigan and Indiana.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has officially completed The Palms at Town Center, an 88-unit apartment community located at 470 Bulldog Drive in Palm Coast, Florida. The property is already 100 percent occupied.
The Palms at Town Center is HTG’s largest ‘workforce housing’ community, providing affordably priced apartments for residents who are both low income and those who are marginally above what would allow them to traditionally qualify for affordable housing.
“Housing Trust Group is appreciative of Flagler County and Palm Coast officials for recognizing the need for more housing for working families in this community, and working with us to complete The Palms at Town Center,” said Matthew A. Rieger, President and CEO of HTG. “The COVID-19 crisis has had a significant impact on the economic stability of the entire country, so having attainable housing accessible to as many as possible is key to ensuring the well-being of those who have been hit the hardest.”
The Palms at Town Center is a garden-style development of 3 three-story buildings and a full featured clubhouse. The new community offers a mix of units including: 30 one-bedroom, 50 two-bedroom and 8 three-bedroom units. Units feature open floor plans, full-sized Energy-Star appliances, ceiling fans and washers and dryers. Amenities at The Palms at Town Center include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations.
The Palms at Town Center is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), 8 units for those at or below 60 percent AMI, and 48 units for those at or below 80 percent AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents, made possible through the use of the federal LIHTC program and Florida Housing SAIL program will vary depending on each eligible resident’s income.
The construction and design team for The Palms at Town Center includes Fugleberg Koch of Winter Park (architect); Singhofen and Associates of Orlando (civil engineer); Foster Conant & Associates of Orlando (landscape architect); Christina Stiles Interiors of Maitland (interior designer); and Gomez Construction Company of Orlando (general contractor). The leasing broker and land manager of the Town Center at Palm Coast CDD is Douglas Property and Development and HTG Management is the property manager.
Financing sources for The Palms at Town Center was provided through a $8.5 million SAIL loan from Florida Housing Finance Corporation, a $6 million construction loan from Fifth Third Bank, a $3 million construction loan that converts to a permanent loan from Chase Bank and $6.2 million in four percent housing tax credit equity from Raymond James Tax Credit Funds. The Palm Coast Innovation District Kick Start Program also provided $440,000 toward water/sewer fees to make the development feasible.
Prospective residents interested in leasing should contact HTG Management at 386-569-6449 or عنوان البريد الإلكتروني هذا محمي من روبوتات السبام. يجب عليك تفعيل الجافاسكربت لرؤيته.. With social distancing guidelines still in place in many places across the country, HTG’s leasing team is also offering virtual tours and conducting business online to better serve future residents.
Housing Trust Group (HTG), an award-winning multifamily firm and one of the nation’s largest developers of affordable housing, is proud to announce the appointment of Jordan D. Tolman to the role of Chief Operating Officer. As COO, Tolman will oversee all of HTG’s real estate divisions including acquisitions, entitlements, new development, construction, legal, finance, and property management. He reports to President and CEO Matthew A. Rieger.
HTG is an award-winning, full-service developer of multifamily residential communities with over 6,000 affordable and market-rate units throughout Florida, Georgia, Texas, and Arizona, and more than 2,000 new apartments in the pipeline.
“Jordan’s extensive real estate and construction experience will make him an invaluable asset for our team,” said Rieger. “Having someone with a diverse and broad legal background step in as COO will uphold our standard of quality and propel Housing Trust Group forward in its national expansion plans.”
Prior to moving to Florida and joining HTG, Tolman served as a Principal of a real estate development company headquartered in New York City. Prior to that, Tolman was a partner of two law firms where he represented numerous clients in diverse legal areas such as: drafting and negotiation of construction contracts and consulting agreements, commercial and residential leasing, and building management. He represented developers, owners, and management companies in all facets of the development cycle.
Tolman earned a B.A. from the University of Pennsylvania and a Juris Doctor from Cardozo School of Law in New York City. Tolman brings a wealth of expertise to HTG regarding construction, development and law as well as leasing, licensing, and management.
Flagler Station will deliver 94 affordable apartments with monthly rents starting at $393
West Palm Beach, Fla. – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Flagler Station, a new $33 million affordable apartment community located in West Palm Beach, Florida. Apartment homes at Flagler Station will be set aside for income-qualifying residents who earn at or below 30, 60, 70 and 80 percent of area media income (AMI), with rents ranging from $393 to $1,689. The property is scheduled to deliver in February of 2022.
The development is a public-private partnership between HTG and the City of West Palm Beach and Palm Beach County.
“As the demand for affordable housing in South Florida skyrockets in the wake of the pandemic, affordable properties like Flagler Station are a lifeline for families struggling to survive until the economy recovers,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “This exceptionally well- located residential community is just a few blocks from the new Brightline commuter rail station, CityPlace, and all the hotels, restaurants and offices of downtown West Palm Beach, making it ideal for residents who rely on public transit or commute on foot.”
Financing sources for Flagler Station include $23.27 million in 9% housing tax credits through the Florida Housing Finance Corporation (FHFC) that will be purchased by CREA; a $20.3 million construction loan from KeyBank; an $8.93 permanent loan through Freddie Mac; a $75,000 City of West Palm Beach loan; a $500,000 City of West Palm Beach grant; a $314,446 Palm Beach County grant; and a $550,000 HOME loan from Palm Beach County.
Located at 991 Banyan Boulevard, Flagler Station is an eight-story, high-rise property with a mix of one-, two- and three-bedroom apartments. Community amenities will include a 3,200-square foot, double-high multi-purpose clubroom, a computer/business center, a rooftop pool, a state-of-the-art fitness center, and on-site parking.
The project team for Flagler Station is general contractor Rinaldi Construction, engineer and landscape designer Wantman Group, and architecture firm Corwil Architects.
For more information, please visit www.htgf.com.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, announces the completion of Luna Trails, a new $19.6 million, 86-unit affordable housing development for seniors in Titusville, Florida, in the heart of Florida’s “Space Coast” region.
Apartments are reserved for seniors ages 55 and older earning at or below 60 percent of area median income (AMI). Rents range from $346 per month for a one-bedroom apartment to $791 per month for a three-bedroom apartment. The property is currently 100 percent leased.
“This is HTG’s first development in Brevard County and therefore marks an important milestone for our firm, which has developed several award-winning senior communities throughout Florida,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “Brevard County, like South Florida, is experiencing the flip side of strong population and job growth, with rising housing costs putting a financial strain on service industry employees and seniors on fixed incomes. To prevent these community members from being displaced, it is critical that Brevard County municipalities invest in more affordable housing developments like Luna Trails in the years to come.”
Located at 1705 South De Leon Avenue, Luna Trails offers a mix of one-, two- and three-bedroom apartments ranging from 700 square feet to 1,141 square feet. Community amenities include a swimming pool, clubhouse, state-of-the-art fitness center and shuffleboard court.
Funding for Luna Trails was provided through a $14.2 million construction loan from TD Bank; $14.3 million of 4 percent low-income housing tax credit equity through Raymond James; a $1.2 million Florida Housing Viability Loan; and $2.7 million permanent loan from Neighborhood Lender Partners.
The project team for Luna Trails includes general contractor Gomez Construction, architect Fugleberg Koch, and engineering firm Honneycut and Associates.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units and whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Georgia, Texas and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.
Heron Estates Family will deliver 79 townhomes with monthly rents starting at $264
Riviera Beach, Fla. (November 4, 2020) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Units at Heron Estates Family will be set aside for income-qualifying residents who earn at or below 30, 60 and 70 percent of area media income (AMI), with rents ranging from $264 to $1,598 per month. The property is scheduled to deliver in October of 2021.
The development is a public-private partnership between HTG and the Riviera Beach Housing Authority, and is the second phase of a two-phase redevelopment that includes Heron Estates Senior, a 101-unit garden-style apartment community for seniors that HTG completed in 2019.
“We applaud the City of Riviera Beach for investing in high-quality affordable housing for both families and seniors,” said Matthew A. Rieger, President and CEO of HTG. “We know Palm Beach County’s population will continue to grow, with people from all over the country moving to the area for the business-friendly climate and warm weather. It’s important, however, that members of our community earning less than area median – many of them deemed ‘essential workers’ throughout this pandemic – are not displaced or deprived of a safe and affordable place to call home.”
Financing for Heron Estates Family include an $11 million mortgage bond from the Florida Housing Finance Corp. (FHFC) that will be purchased by JPMorgan Chase Bank; a $6.1 million loan from FHFC’s SAIL program; a $1.44 million loan from the National Housing Trust Fund; and a $500,000 HOME loan from Palm Beach County.
Located at 2003 West 17th Court, the two-story townhome community will offer a mix of one-, two- and three-bedroom units ranging from 712 square feet to 1,354 square feet. Community amenities will include a clubhouse with club room, state-of-the-art fitness center, media center, and business center/leasing office; a playground, pool, dog park, multipurpose sports court, and outdoor grill/lounge seating areas. Residents will also have access to employment assistance, financial management, and literacy services on-site.
The project team for Heron Estates Family includes general contractor Newport Construction LLC, architect Luntz Group, and engineering firm Wantman Group Inc.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Georgia, Texas and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.
