Housing Trust Group & AM Affordable Housing Break Ground On Affordable Senior Community in Bradenton

National affordable housing developer Housing Trust Group (HTG) has joined forces with AM Affordable Housing, a non-profit organization established by NBA Hall of Famer and Miami Heat legend Alonzo Mourning. Together, they have secured funding and recently broke ground on Astoria on 9th, a $37.4 million, 120-unit affordable housing community tailored to seniors aged 62 and above. Located a mere mile from downtown Bradenton, Astoria on the 9th aims to accommodate residents whose incomes fall at or below 22, 30, and 60 percent of the area median income (AMI). Prospective tenants can expect monthly rents to range between $356 and $1,165. With leasing set to begin in the Summer of 2024, the property is slated to welcome its first residents in the Fall of 2024.

The 5-story mid-rise community will be situated at 2116 9th Street West, featuring a blend of one- and two-bedroom units. This prime location is a mere ten minutes from downtown Bradenton and within close proximity to an array of local eateries, supermarkets, and churches. Residents can indulge in many amenities, including a clubhouse, cyber café equipped with a catering kitchen and bar, fitness center, surface parking, and a dog park. Furthermore, the community will offer resident programs such as adult literacy training, grocery shopping assistance, laundry services, and housekeeping support.

Astoria on 9th. Designed by FK Architecture.

Astoria on 9th marks HTG’s inaugural senior affordable community in Bradenton and its fourth affordable housing endeavor in the city, following the development of The Addison, Oaks at Lakeside, and the currently under construction Riverview6. Matthew A. Rieger, President and CEO of HTG, underscores the significance of tackling the affordable housing crisis that affects seniors. Rieger envisions Astoria on 9th as a safe and attractive housing option that grants residents access to many recreational and lifestyle amenities, ultimately enhancing their quality of life.

Astoria on 9th. Designed by FK Architecture.

Notable figures contributing to the development of Astoria on 9th include Commissioner George Kruse of Manatee County and Katerina Gerakios-Siren, Bradenton CRA Executive Director, and CRA Board members and City Commissioners. Their expertise in affordable housing financing and unwavering support has been vital to the project’s viability.

Astoria on 9th’s funding sources encompasses a $19 million construction loan from Fifth Third Bank, $17.18 million in 4% Low-Income Housing Tax Credit equity syndicated through Raymond James; a $4.75 million State Apartment Incentive Loan (SAIL), a $713,400 National Housing Trust Fund (NHTF) loan, and a $600,000 Extremely Low Income (ELI) loan. Due to market volatility, the Florida Housing Finance Corporation has also allocated $4.3 million of SAIL through the Construction Housing Inflation Response Program (CHIRP).

Additionally, the property has obtained a $7.64 million Freddie Mac loan through Capital One, $1.2 million in funding from Manatee County, and a $600,000 loan from the Bradenton CRA. The project team behind Astoria on 9th encompasses Hennessy Construction Services as the general contractor, Hamilton Engineering & Surveying, LLC as the engineering firm, and FK Architecture, a Fugleberg Koch Company, contributing their expertise as the architecture firm.

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