Housing Trust Group Breaks Ground On New Affordable Community For Seniors In Broward County

Housing Trust Group (HTG) has closed financing and commenced construction on Hillsboro Landing, a $41 million affordable senior community in Deerfield Beach, Florida. This community is a joint venture between HTG and the Broward County Housing Authority, focused on providing stable and quality affordable housing options for low and moderate-income families and seniors. The project’s design and construction team includes ATL Architecture, Ferncore Corporation, Keith & Associates, Builders Design, and Sieger Suarez Architects.

Apartments at Hillsboro Landing will be reserved for income-qualifying residents aged 62 and older who earn at or below 22, 25, and 60 percent of the area median income (AMI). Monthly rents will range from $374 to $1,225. Construction is scheduled to commence in June 2023, with completion expected by October 2024. It is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007.

Hillsboro Landing. Credit Housing Trust Group.

“There’s a tremendous need for affordable housing in South Florida’s smaller downtown beach communities like Deerfield Beach, where strong demand from high-earners threatens to push out middle- and lower-income families,” said Matthew A. Rieger, President and CEO of HTG. “As we have done with our partners in Riviera Beach, West Palm Beach, and Hollywood, HTG is working closely with public officials and other housing groups to ensure these towns maintain a mix of high-quality housing for all income levels, which is key to ensuring vibrant, healthy communities.”

Located at 3851 North Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring spacious one and two-bedroom apartments, with 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. It will have 5,000 square feet of amenity space, including a multipurpose room, state-of-the-art fitness center, bocce ball court, outdoor rooftop terraces, and 96 parking spots. The National Green Building Standard Certified property will also have energy-efficient lighting and appliances. The property is ideally located east of I-95, just 15 minutes from Hillsboro and Pompano Beaches, five minutes from Broward Health North, and less than 10 minutes from several Publix grocery stores and Whole Foods.

Funding sources include $17.4 million in 9% Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $25 million provided by Fifth Third Bank, a permanent loan of $12.17 million provided by Grandbridge Real Estate Capital, a State Apartment Incentive Loan (SAIL) and Community Housing Impact and Preservation (CHIRP) loan totaling $7.1 million, an Extremely Low Income (ELI) loan of $600,000 and a Broward Housing Finance Authority (BHFA) grant of $100,000.

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