EUSTIS, Fla. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando.
The project is the second phase of the Valencia Grove project, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of local area median income (AMI). Rents range from $286 to $937 per month.
Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021.
HTG has partnered on the project with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing.
“The COVID-19 pandemic has intensified Central Florida’s affordable housing shortage, so we need more developments like Valencia Grove that provide quality housing for some of our most vulnerable residents, particularly seniors,” says Matthew Rieger, president and CEO of Housing Trust Group.
Funding sources for Valencia Grove II include an $11.4 million construction loan provided by Fifth Third Bank and a $7.2 million permanent loan from Truist Bank through Freddie Mac. Additionally, Raymond James is providing $7.2 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income (ELI) Loan and a $742,000 National Housing Trust Fund (NHTF) Loan.
The project and design team for this development includes general contractor Hennessy Construction; Wicks Engineering firm; architect Fugleberg Koch; landscape architect Foster Covenant; and interior design group Cristina Stiles Interiors.