The Housing Trust Group acquired funding for a new affordable apartment scheme in Brevard County, Florida. All 86 units at Luna Trails will be reserved for households earning at or below 60 percent of the area median income level, which is currently $38,880 for a family of four. Amenities include a swimming pool, clubhouse, exercise room and shuffleboard court.
Funding was provided through a $14.2m construction loan from TD Bank, a $1.2m Florida Housing Viability Loan and a $2.7m permanent loan from Neighborhood Lender Partners. Raymond James also provided $14.3m of 4 percent low-income housing tax credit equity. Projected for completion in October 2019, the project must remain affordable for a minimum of 50 years.
“We are delighted by the opportunity to work with the City of Titusville to bring more affordable apartments to this community, which has not seen any new affordable housing development in some time,” said Matthew Rieger, president and CEO of the Housing Trust Group. “We have a long track-record of building apartment communities that enhance the communities in which they are in, and provide residents with an array of amenities and resident services that are on par with, or exceed, those found in market-rate communities.”
