Housing Trust Group broke ground on a new workforce housing development in Palm Coast, Florida. The Palms at Town Center will offer 88 units. Rents will range from $234 for a one-bedroom and $1,101 for a three-bedroom apartment. Funding for the project came from multiple sources including $8.5m from Florida Housing Finance Corporation, $6m from Fifth Third Bank, $3m from Chase Bank and $6.2m in 4-percent housing credit equity from Raymond James Tax Credit Funds.
“The Palms at Town Center is HTG’s largest ‘workforce housing’ community, providing affordably priced apartments for residents who are not technically low-income but whose incomes are marginally above what would allow them to qualify for affordable housing,” said Matthew Rieger, president and CEO of HTG. “This is a demographic that we believe desperately needs attention, as these individuals – teachers, police, firefighters, service workers, and others – are the backbone of our society. We are pleased to be able to kick start Palm Coast’s Innovation District with the first new development in the area, which will help stimulate the local economy.”
