Housing Trust Group Completes $21M Affordable Community in Tallahassee
Housing Trust Group has completed Lafayette Gardens, a $21 million affordable housing community in Tallahassee, FL. Lafayette Gardens apartments are available for income-qualifying individuals who make at or below 33 percent of area median income or 60 percent of AMI.
Funding sources for Lafayette Gardens included an initial $15 million construction loan by Chase Bank, $16.1 million in 9% Low Income Housing Tax Credit Equity provided by Raymond James and a $4.8 million permanent loan through Freddie Mac/Walker & Dunlop.
“As rent and cost of living continues to skyrocket, so many working Americans are being priced out of the places they call home,” said HTG president and CEO Matthew Rieger. “Those people are the backbone of our local economies, and our goal has always been to create homes to keep them in the community.”
Lafayette Gardens has four three-story buildings with 96 apartments. Residents have access to employment assistance, financial management and literacy services.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.