PALM COAST, FL - Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has started apartment leasing at The Palms at Town Center, an 88-unit apartment community located at 470 Bulldog Drive in Palm Coast, Fla. which will open in May.
The property is designated for a combination of affordable and workforce housing, consisting of 32 units for families at or below 30 percent area median income (AMI), 8 units for at or below 60 percent AMI, and 48 units for at or below 80 percent AMI. Rents will range from $234 for a one-bedroom up to $1,101 for a three-bedroom apartment home. The reduced rents, made possible through the use of the federal LIHTC program and Florida SAIL program, will vary depending on each eligible resident’s income.
Prospective residents interested in leasing should contact HTG Management at 386-569-6449 or thepalmsmgr@htgf.com. With social distancing guidelines still in place in many places across the country, HTG’s leasing team is also offering virtual tours and conducting business online to better serve future residents.
“The COVID-19 health crisis and ensuing shutdown of businesses that employ many in the service industry has exacerbated Florida’s affordable housing crisis, and is putting many families’ livelihood – and housing – at risk,” said Matthew A. Rieger, President and CEO of HTG. “Communities like this one will allow families to gain stability in these uncertain times.”
The Palms at Town Center is HTG’s largest ‘workforce housing’ community, providing affordably priced apartments for residents who are both low income and those who are marginally above what would allow them to qualify for affordable housing. “This is a demographic that we believe desperately needs attention,” added Rieger, “as these individuals – teachers, police, firefighters, healthcare workers, and others – are the backbone of our society, particularly right now.”
The Palms at Town Center is a garden-style development of 3 three-story buildings and a clubhouse. The new community offers a mix of units ranging from 30 one-bedroom, 50 two-bedroom and 8 three-bedroom units. Units feature open floor plans, full-sized Energy-Star appliances, ceiling fans, and washers and dryers. Amenities at The Palms at Town Center include a swimming pool, volleyball court, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations.
The construction and design team for The Palms at Town Center includes Fugleberg Koch of Winter Park (architect); Singhofen and Associates of Orlando (civil engineer); Foster Conant & Associates of Orlando (landscape architect); Christina Stiles Interiors of Maitland (interior designer); and Gomez Construction Company of Orlando (general contractor).
Funding sources for The Palms at Town Center was provided through a $8.5 million SAIL loan from Florida Housing Finance Corporation, a $6 million construction loan from Fifth Third Bank, a $3 million construction loan that converts a to permanent loan from Chase Bank and $6.2 million in four percent housing credit equity from Raymond James Tax Credit Funds.
HTG has won several awards for its affordable housing properties throughout Florida, and currently has several other affordable housing communities in various stages of development across the U.S.
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. For more information, please visit www.htgf.com