FORT WALTON BEACH, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach, a small city in the Florida Panhandle.
Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month.
The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to literacy training, financial assistance and employment assistance services on-site.
Funding sources for Shoreline Villas include $10.4 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity from JP Morgan Chase and Raymond James as syndicator, as well as a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank.
The project team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Stiles Interior and Builders Design, and surveyors Panhandle Associates.