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$36M Affordable High Rise is Hollywood’s First in Two Decades
The Housing Trust Group has completed Hudson Village, a $36-million residential high rise delivering 96 affordable apartments to downtown Hollywood, FL.
Apartments at Hudson Village are reserved for residents earning 30%, 60% or 70% percent of local AMI, with rents ranging from $401 to $1,300 for income-qualifying residents. It is the first new affordable high-rise residential development in the City of Hollywood in more than two decades.
The development is part of a vision by the City of Hollywood to create a more pedestrian-friendly downtown and increase the supply of high-quality attainably priced housing in areas close to commercial activity and new public transportation networks.
The property was financed with a $28 million construction loan from Chase, $26 million in 9% Low Income Housing Tax Credits from Florida Housing Finance Corporation syndicated through Raymond James Tax Credit Equity Funds with Chase as the Upper Tier Investor, and a $9.75 million permanent loan from Walker & Dunlop through Freddie Mac.
- ◦Development
