HOLLYWOOD, FL - Housing Trust Group (HTG), Florida’s leading affordable housing developer, has closed on financing and begun construction of a $36 million affordable/workforce housing community in Hollywood, Florida called Hudson Village. The eight-story, high-rise building will deliver 96 one- and two-bedroom spacious rental apartments for residents who earn 30%, 60% and 70% of local area median income (AMI). Rents will range from $501 to $1,403 for income-qualifying residents. The property is slated to deliver in August of 2021.
“The City of Hollywood provided invaluable support to make this luxurious affordable housing community a reality,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “We owe many thanks to the City Mayor Josh Levy, Communications, Marketing & Economic Development Director Raelin Storey and Director of Development Services Shiv Newaldass.”
He added, “Broward County is among the most cost-burdened counties in the country, with very limited high-quality affordable housing, and almost all new apartment development east of I-95 is luxury product. So a community like this, in the heart of the central business district, will be a boon to the many low-income, working families who currently endure long commutes to get to their jobs in downtown Hollywood or at the hotels and restaurants along the beach. Affordable communities like this are the key to making our downtowns safer, more equitable and vibrant.”
Located at 901 S. Federal Highway, Hudson Village is in Hollywood’s Central Business District, offering convenient access by foot or car to numerous restaurants, banks, grocery stores, convenience stores, and a library.
The new development will offer a mix of 54 one-bedroom, one-bath apartments with an average size of 748 square feet and 42 two-bedroom, two-bath apartments with an average size of 1,087 square feet. All apartments feature balconies. Community amenities include a 6,000-square-foot pool deck with a large resort-style swimming pool, a trellis-covered BBQ area with a sink, lounge chairs and planters; a clubhouse/multi-purpose room with a catering kitchen and bar, media center, ping-pong table and pool table with access to an exterior terrace; a lobby with a community media room, seating areas, and a foosball table; a fitness center with free weights and a Yoga Studio Room; a package delivery room; a bike storage room; and a three-story parking garage with 122 spaces in total. Residents will also have access to an Adult Literacy Program, an Employment Assistance Program and a Financial Management Program.
Funding sources for Hudson Village include a $27.9 million construction loan from Chase Bank, $26 million in 9% Low Income Housing Tax Credits from Florida Housing Finance Corporation syndicated through Raymond James Tax Credit Funds, and a $9.75 million permanent loan from Walker & Dunlop through Freddie Mac.
The project design and construction team for Hudson Village includes general contractor HTG Gomez Construction, LLC; engineering firm Thomas Engineering; architecture firm Corwil Architects; and landscape architects Witkins & Hultz.
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, Georgia, Texas 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