Housing Trust Group broke grounds on a $15 million affordable senior housing development in Fort Lauderdale, reports South Florida Times.
The Village Place project was funded by Broward County Housing, which is providing $125,000, and US Bank, which is providing $38.6 million through its community development subsidiary. The funding includes a $13.2 million construction loan, a $3 million permanent financing loan and more than $22.4 million in Low-Income Housing Tax Credit equity from U.S. Bancorp Community Development Corporation awarded by Florida Housing Finance Corp., the newspaper reports.
A total of 112 units will be allocated to people over age 55, including 82 one-bedroom/one-bath units and 30 two-bedroom/two-bath units in one residential building. The development is located in an area that is primarily African American and the developers are anticipating that residents will be mostly blacks.
The ground-breaking took place Dec. 18. Upon completion, the development will be certified as a Green building by the National Association of Home Builders, according to the developers.