HTG BREAKS GROUND ON VILLAGE PLACE SENIOR HOUSING DEVELOPMENT
Approximately 60 people attended the ground breaking on December 18, 2013 of Village Place, a $15 million senior affordable housing development located at 720 NE 4th Avenue, Fort Lauderdale, Florida, located minutes from Las Olas Boulevard and downtown Fort Lauderdale. Village Place is developed by south Florida-based Housing Trust Group, a leading affordable housing developer whose real estate transactions exceed more than $2 billion in the Southeastern U.S. “Housing Trust Group is very proud to be starting construction of this new senior development made possible by US Bank and Broward County Housing [Broward County Housing Finance and Community Development Division]. We are deeply committed to providing safe, secure, amenity rich and affordable communities that residents can truly call home.” said Matthew Rieger, President/CEO of Housing Trust Group.
Affordable housing targeted at seniors over the age of 55, Village Place will include a total of 112 units, including 82 one-bedroom/one-bath units and 30 two-bedroom/two-bath units in one residential building. “Developments like Village Place for seniors are an opportunity for people to visit Fort Lauderdale and decide this is where they want to live. Seniors will benefit greatly from being near new restaurants and retailers coming into the heart of redevelopment along US1. We hope this is the beginning of many more affordable developments like this.” said Commissioner Dean J. Trantalis, City of Fort Lauderdale – District 2.
Funding for the project came from Broward County Housing [Broward County Housing Finance and Community Development Division] in the amount of $125,000 plus U.S. Bank in the amount of $38.6 million through its community development subsidiary consisting of a $13.2 million construction loan, a $3 million permanent financing loan and more than $22.4 million of Low-Income Housing Tax Credit (LIHTC) equity from U.S. Bancorp Community Development Corporation (USBCDC), awarded by Florida Housing Finance Corporation.
Village Place’s eco-friendly features include Water Sense certified faucets, toilets and showerheads, low-VOC paint and Energy Star qualified refrigerators in addition to amenities like cable or satellite TV hook-ups, a fully equipped exercise room, a gated community entrance with touchpad entry or security guard and much more. Upon completion, the development will be certified as a Green building by the National Association of Home Builders.
Source: PRLog (Press Release) - Dec. 23, 2013 - FORT LAUDERDALE, FL