Housing Trust Group Puts Together Financing for Affordable Project
Housing Trust Group closed on the complex financing of its Wagner Creek Apartments, a 73-unit affordable housing development at 1501 NW 13 Court, adjacent to the Health District in Miami. “One of the biggest challenges in affordable housing today in South Florida is finding sufficient sources of financing both at the state and local level," Housing Trust Group CEO Matthew Rieger tells us.
Development costs are estimated at $22M, with funding sources that include a City of Miami HOME loan, Miami-Dade County’s Affordable Housing Surtax Program, permanent and construction financing from Citi Community Capital, 9% Low-Income Housing Tax Credits (purchased by Raymond James Tax Credit Funds) and developer equity. "It's critical that we support our elected officials who prioritize finding adequate resources to build affordable, safe housing for low-income families and the workforce in general," Matthew adds.