Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, announces the completion of the second and final phase of Freedom Gardens, an affordable apartment community located in Brooksville, an hour north of Tampa, FL. HTG completed the first phase of the development in 2017, consisting of 96 affordable apartments, and broke ground on 94 additional apartments last year.
The majority of the apartments are set aside for residents earning at or below 60 percent of area median income (AMI), with 10 units for residents earning at or below 40 percent of AMI. Monthly rents range from $503 to $1045, and the community is fully leased.
“Access to affordable housing continues to be one of Florida’s most pressing economic and social challenges,” said HTG President and CEO Matthew A. Rieger. “We’re grateful that Hernando County and the City of Brooksville recognized the dire need for safe, clean and affordable housing, and partnered with HTG to create a high-quality residential community that residents and the community can be proud of.”
Located at 932 Freedom Way, Freedom Gardens is a garden-style, mid-rise property with one-, two- and three-bedroom apartments. The centerpiece of the community is a 4,806-square-foot Grand Clubhouse with a cyber café, 1,000-square-foot pool, after-school care, laundry facility, exercise room, walking path, central community gathering area and a pet park.
Freedom Gardens II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corporation; permanent financing from CitiBank of up to $5.2 million; $5.9 million of housing credit equity (4%) through Raymond James; and a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 “Extremely Low Income” (ELI) loan, both through Florida Housing Finance Corporation.
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, the Southeastern U.S. and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments.