TITUSVILLE, Fla. — Housing Trust Group (HTG) has completed construction of Luna Trails, a $19.6 million, 86-unit affordable housing development for seniors in Titusville, along Florida’s Space Coast region.
Apartments are reserved for seniors ages 55 and older earning at or below 60 percent of area median income (AMI). Rents range from $346 per month for a one-bedroom apartment to $791 per month for a three-bedroom apartment. The property is currently 100 percent leased.
“This is HTG’s first development in Brevard County and therefore marks an important milestone for our firm, which has developed several award-winning senior communities throughout Florida,” says Matthew Rieger, president and CEO of Housing Trust Group. “Brevard County, like South Florida, is experiencing the flip side of strong population and job growth, with rising housing costs putting a financial strain on service industry employees and seniors on fixed incomes. To prevent these community members from being displaced, it is critical that Brevard County municipalities invest in more affordable housing developments like Luna Trails in the years to come.”
Luna Trails offers a mix of one-, two- and three-bedroom apartments ranging from 700 square feet to 1,141 square feet.
Funding for Luna Trails was provided through a $14.2 million construction loan from TD Bank; $14.3 million of 4 percent low-income housing tax credit equity through Raymond James; a $1.2 million Florida Housing Viability Loan; and $2.7 million permanent loan from Neighborhood Lender Partners.
The project team for Luna Trails includes general contractor Gomez Construction, architect Fugleberg Koch and engineering firm Honneycut and Associates.