BRADENTON, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton.
Development costs are estimated at $37.4 million. The units will be reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month.
The property is scheduled to open in fall 2024 with leasing slated to begin in summer 2024.
Funding sources for Astoria on 9th include a $19 million construction loan provided by Fifth Third Bank; $17.2 million in 4 percent Low-Income Housing Tax Credit equity syndicated through Raymond James; a $4.8 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, Florida Housing Finance Corp. released the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL.
Additionally, the property received a $7.6 million Freddie Mac loan through Capital One; $1.2 million in funding from Manatee County; and a $600,000 loan from the Bradenton CRA.
Located at 2116 9th St W, Astoria on 9th will be a five-story, mid-rise community offering a mix of one- and two-bedroom units.
The project team for Astoria on 9th includes general contractor Hennessy Construction Services engineering firm Hamilton Engineering & Surveying LLC and architecture from FK Architecture, a Fugleberg Koch Company.