Housing Trust Group (HTG), a leading multifamily developer, in partnership with AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, proudly announces the completion of Astoria on 9th, a $37.4 million affordable housing community for seniors.
Astoria on 9th is now open and accepting applications from income-qualifying residents who earn at or below 22%, 30%, and 60% of the local AMI, with rents for one- and two-bedroom units ranging from $322 to $1,316 per month, well below the local average of $1,639 per month for a one-bedroom apartment (RentCafe).
The five-story building features a mix of one- and two-bedroom units ranging from 635 to 907 square feet. Located at 2244 9th Street West, Astoria on 9th includes an array of amenities including a clubroom, cyber café with a catering kitchen and bar, state-of-the-art
fitness center, surface parking and dog park. Resident programs include adult literacy training and assistance with daily activities, such as grocery shopping, laundry and housekeeping. Located less than ten minutes from downtown Bradenton, the community is
situated close to numerous local eateries, supermarkets and churches.
“As housing continues to remain a priority for many communities across Florida, Astoria on 9th will serve as another example of the immediate solutions that can be delivered for seniors in metro areas statewide,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “With one of the highest concentrations of elderly residents in the nation, we’re proud to deliver high-quality and readily available housing like Astoria on 9th that meets the housing and lifestyle needs seniors deserve.”
Funding sources for Astoria on 9th include a $19 million construction loan provided by Fifth Third Bank; $17.18 million in 4% Low-Income Housing Tax Credit equity syndicated through Raymond James; a $4.75 million State Apartment Incentive Loan (SAIL), a $713,400 National Housing Trust Fund (NHTF) loan and a $600,000 Extremely Low Income (ELI) loan. Florida Housing Finance Corporation also released funding through the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL.
Additionally, the property received a $7.64 million Freddie Mac loan through Capital One; $1.2 million in funding from Manatee County, as well as a $600,000 loan from the Bradenton CRA.
The project team for Astoria on 9th includes general contractor Hennessy Construction Services Corp.; architecture from Fugleberg Koch, LLC, engineering firm Hamilton Engineering & Surveying, LLC, and interior designer Builders Design.
