Housing Trust Group (HTG) has announced the completion of its largest “workforce” housing community.
The Palms at Town Center is providing 88 affordably priced apartments for residents who are low income as well as those who are marginally above the income level that what would allow them to traditionally qualify for affordable housing in Palm Coast, Florida.
“Housing Trust Group is appreciative of Flagler County and Palm Coast officials for recognizing the need for more housing for working families in this community, and working with us to complete The Palms at Town Center,” says Matthew A. Rieger, HTG president and CEO. “The COVID-19 crisis has had a significant impact on the economic stability of the entire country, so having attainable housing accessible to as many as possible is key to ensuring the well-being of those who have been hit the hardest.”
Comprised of three three-story buildings and a featured clubhouse, the new community has 30 one-, 50 two-, and eight three-bedroom units. The apartments 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, a dog park, a playground, walking trails, a clubhouse, a media center, car canopies, and grilling stations.
Thirty-two units serve families at or below 30% of the area median income (AMI), eight units are for those at or below 60% of the AMI, and 48 units are for those at or below 80% of the AMI. Rents range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents, made possible through the use of the federal low-income housing tax credit (LIHTC) and Florida Housing Finance Corp. SAIL programs, vary depending on each eligible resident’s income.
Financing sources for the $17.8 million development was provided through an $8.5 million SAIL loan from Florida Housing, a $6 million construction loan from Fifth Third Bank, a $3 million construction loan that converts to a permanent loan from Chase Bank, and $6.2 million in 4% LIHTC equity from Raymond James Tax Credit Funds. The Palm Coast Innovation District Kick Start Program also provided $440,000 toward water/sewer fees to make the development feasible.
Other partners include architect Fugleberg Koch, civil engineer Singhofen & Associates, landscape architect Foster Conant & Associate, interior designer Christina Stiles Interiors, and general contractor Gomez Construction Co. The leasing broker and land manager of the Town Center at Palm Coast Community Development District is Douglas Property & Development, and HTG Management is the property manager.