Housing Trust Group (HTG), an award-winning multifamily developer and one of the nation’s largest developers of affordable housing, announces the opening of Lafayette Gardens, a $21 million affordable housing community in Tallahassee, Florida. Lafayette Gardens delivers 96 one-, two- and three-bedroom apartments with rents ranging from $415 to $1,093 per month available for income-qualifying individuals who make at or below 33 percent of area median income (AMI) or 60 percent of AMI. The property is 100 percent occupied.
HTG’s first development in Florida’s capital in several years, Lafayette Gardens is located at 1211 East Lafayette Street on a 5.76-acre site in the Woodland Drives neighborhood, approximately 1.5 miles from downtown. The site is in close proximity to many local businesses and stores, schools, parks and more, making it perfectly situated for families who work in the area to have the opportunity to cut their commutes.
“As rent and cost of living continues to skyrocket, so many working Americans are being priced out of the places they call home. Those people are the backbone of our local economies, and our goal has always been to create homes to keep them in the community,” said HTG President and CEO Matthew A. Rieger. “Lafayette Gardens has given Tallahassee’s working class a place they can call home, and we are proud to continue to make housing affordable for local families who need it.”
Lafayette Gardens is a garden-style community made up of four three-story buildings with apartments ranging from 709 square feet (one bedroom) to 1,159 square feet (three bedroom). Community amenities include a clubhouse, pool, playground, media center, a state-of-the-art fitness center, a bike/walk trail, and dog park. Residents will also have access to employment assistance, financial management, and literacy services on-site. The property is conveniently located just off Apalachee Parkway, close to popular performance venue The Moon, DeSoto Site Historic State Park and Cascades Park.
Funding sources for Lafayette Gardens include an initial $15 million construction loan by Chase Bank, $16.1 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) provided by Raymond James and a $4.8 million permanent loan through Freddie Mac/Walker & Dunlop.