Pasco County, Fla. (Sept. 26, 2019) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Osprey Pointe, a 110-unit affordable apartment community located in Dade City, approximately 45 minutes northeast of Tampa. Most of the units (99) will be set aside for residents earning at or below 60% of the Pasco County area median income (AMI) and 11 units will be set aside for those earning at or below 40% AMI. Rents will range from $502 to $1,044 per month. The property is scheduled to have units available by April 2020.
The $32.8 million development is being financed through a combination of 4% low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a SHIP loan in the amount of $50,000, and Florida Housing Finance Corporation awarded the development $6 million in SAIL funds and $556,900 in ELI funds.
“These new apartments will help ease the financial burden on Pasco County’s hard-working families and provide much-needed, high-quality housing to the community,” said HTG President and CEO Matthew A. Rieger. “We’re grateful to Pasco County officials for recognizing the dire need for safe, clean and affordable housing in their neighborhoods and working with us to secure the necessary financing to bring this development to fruition."
HTG estimates the new development will create 200 construction jobs and at least three long-term/permanent positions.
Located at 13021 US Highway 301 in Dade City, Osprey Pointe will offer one-, two- and three-bedroom apartment homes ranging from 675 to 1,151 square feet. Community amenities include a fitness center, tot lot, dog park, ample green space, gathering rooms and a swimming pool.
HTG has delivered over 7,000 affordable apartments to Florida residents since its inception, and currently has several other affordable communities under development including The Addison in Bradenton, Isles of Pahokee in Palm Beach County, and The Palms at Town Center in Palm Coast, Fla.
