Housing Trust Group (HTG) and AM Affordable Housing have opened their ninth development together, with several more projects in the works.
HTG is a leading affordable housing developer, and AM Affordable Housing is a nonprofit founded by basketball legend Alonzo Mourning.
Their latest collaboration brings 107 one- and two-bedroom units for people 55 and older, including six units reserved for veterans, in Crestview, Florida. Apartments at Princeton Grove are reserved for income-qualifying residents who earn at or below 22%, 30%, and 60% of area median income (AMI), with rents ranging from $381 to $1,323 per month.
“The demand for quality rental housing in Northwest Florida has never been greater,” said Matthew A. Rieger, president and CEO of HTG. “Princeton Grove will do more than just meet the demand for apartments—it will enhance quality of life for Crestview seniors and veterans. We’re honored to deliver a property that the entire community can be proud of, and that give those who served our country access to safe, affordable and high-quality housing in their own community.”
According to officials, Crestview has emerged as one of the fastest-growing cities in the Florida Panhandle. The new development is near Eglin Air Force Base, Duke Field, and Hurlburt Field, which together employ tens of thousands of military and civilian personnel. The area’s affordability relative to coastal markets has attracted young families, veterans, and retirees relocating from nearby counties as well as people moving to Florida from other states.
“Providing safe, dignified, and affordable housing for seniors and veterans is at the heart of AM Affordable Housing’s mission,” added Mourning. “Princeton Grove represents what’s possible when nonprofit and private partners work together to deliver solutions that truly matter.”
Financing for the $28 million includes $9.1 million in 4% low-income housing tax credit equity provided by Truist Capital Corp.; a $14 million construction loan from Truist Bank; $8.55 million from the State Apartment Incentive Loan (SAIL) program from Florida Housing; a $654,000 National Housing Trust Fund loan; and a $7.45 million Freddie Mac loan through Grandbridge Real Estate Capital.
The development team included Bayern Construction, Choctaw Engineering, PQH Group, Booth Design Group, and Builders Design.