LAKELAND, FL – Housing Trust Group (HTG), one of the nation’s most prolific developers of affordable housing, and the Lakeland Housing Authority celebrated the grand opening today of Twin Lakes Estates I, 100 affordable apartments for seniors (age 62 and up). Monthly rents at Twin Lakes I will range from $491 to $786.
Twin Lakes Estates I is the first of three planned phases of the redevelopment of an aging public housing complex (formerly West Lake Apartments) into a new and modern development with a total of 318 one- and two-bedroom affordable apartments for seniors and families, along with multiple community amenities.
Twin Lakes Estates I consists of 50 one-bedroom and 50 two-bedroom apartments in a single, three-story, garden-style apartment building. Ten apartments will be set aside for senior residents earning at or below 45% of area median income (AMI). The remaining units are set aside for senior residents at or below 60% AMI. Eighty of the units are to be assisted with Project-Based Housing Vouchers. Amenities include a computer/reading room, community room with chef’s kitchen, theater room and a picnic pavilion with a BBQ grill within the building’s courtyard.
“This is an excellent example of how public and private entities can work together to build stronger, healthier communities,” said HTG President and CEO Matthew A. Rieger. “The affordable housing crisis that our nation faces hits seniors particularly hard, as they are often on fixed incomes and generally have greater healthcare needs. By providing our seniors with safe, clean and affordable places to live, we’re doing more than just putting a roof over someone’s head – we’re making it possible for grandparents to live closer to their grandchildren, and we’re making it possible for people to afford necessary life-saving medicines. It all connects, and it all begins with affordable housing.”
Twin Lakes Estates I was financed with an $8.3 million construction loan from US Bank backed by a Multifamily Mortgage Revenue Note issued by the State of Florida through Florida Housing Finance Corporation (FHFC); $3.7 million in permanent financing from Freddie Mac though Walker & Dunlop; $6 million of 4% low-income housing tax credit equity through Raymond James; a $1.2 million AHP loan from the Federal Home Loan Bank of San Francisco; and a $5 million State Apartment Incentive Loan and $294,00 Extremely Low Income loan, both from FHFC.
The first phase of development has created approximately 50 local construction jobs, and three permanent jobs on site. Phase two of the re-development – which will add 132 units for families – is slated to begin in Fall 2019.
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., Arizona and Puerto Rico. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com