DEERFIELD BEACH, Fla. — Housing Trust Group (HTG) has started construction of Hillsboro Landing, a $41 million affordable seniors housing community in Deerfield Beach, approximately 45 miles north of Miami.
The 75-unit community is a joint venture between HTG and the Broward County Housing Authority.
Apartments at Hillsboro Landing will be reserved for income-qualifying residents age 62 and older who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225.
The project is scheduled for completion by October 2024. It is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007.
“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,” says Matthew Rieger, president and CEO of HTG.
Hillsboro Landing will be a six-story building 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.
Funding sources include $17.4 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James; a construction loan of $25 million that Fifth Third Bank provided; a permanent loan of $12.2 million that Grandbridge Real Estate Capital provided; 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.
The design and construction team for Hillsboro Landing includes ATL Architecture, general contractor Ferncore Corp., engineer Keith & Associates, interior design by Builders Design and landscape architecture by Sieger Suarez Architects.