Housing Trust Group has closed on the financing of Valencia Grove, a $21 million affordable housing community in Eustis, Fla. Located 35 miles to the northwest of Orlando, the 144 unit complex will sit on the northwest corner of Huffstetler Drive and Kurt Street. The property will be a mix of one-, two- and three-bedroom units with amenities including a clubhouse, playground, outdoor pool, and car wash. Rental levels will range between $358 to $790, depending on the income levels of the tenants.
The project is being financed through a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp., a grant from the City of Eustis, tax credit equity from US Bank and through tax-exempted Multifamily Revenue State Bonds from SunTrust. Construction on the project got underway at the end of November and is slated for completion in 13 months.
“Valencia Grove will serve the much-needed housing market for working families in Eustis,” said Matthew Rieger, President/CEO of Housing Trust Group. “It is the only currently allocated new affordable housing development in Lake County, and it will bring to the County dozens of new jobs and over $13 million in federal or State funding sources to the local economy.”
