Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and commenced construction on The Fountains at Hidden Lake, a $24.5 million affordable housing community with 81 units designated for seniors aged 62 and up. Serving as the company’s first senior housing development in Crystal River, Florida, construction is set to be completed by late 2025.
Apartments at The Fountains at Hidden Lake will be reserved for income-qualifying residents who earn at or below 40 and 60 percent of the area median income (AMI). Monthly rents will range from $581 to $1,045.
“For nearly a decade, our team has been working tirelessly to bring much-needed affordable housing to the residents of Crystal River,” said Matthew A. Rieger, President and CEO of HTG. “Recognizing the growing demand for housing among seniors in this community, the groundbreaking of The Fountains at Hidden Lake brings us one step closer to fulfilling this long-awaited development.”
Located at 10456 W. Ashburn Lane, The Fountains at Hidden Lake will include 61 one-bedroom units and 20 two-bedroom units ranging from 645 to 952 square feet. Encompassing more than 81,000 square feet across 7+ acres, residents will enjoy a wide range of amenities including a resort-style swimming pool, horseshoe court, state-of-the-art fitness center, dog park, and multipurpose community room.
As part of HTG’s elevated standard of service for residents, the community will include a variety of complimentary programs onsite. Residents will benefit from assurant check-ins, assistance with light housekeeping, grocery shopping, laundry, and various community events and activities.
Funding sources include $20.4 million in 9% Low-Income Housing Tax Credits (LIHTC) allocated from Florida Housing Finance Corporation (FHFC) and syndicated through City Real Estate Advisors; a $18.5 million construction loan and a $4.15 million permanent loan from KeyBank; and a $340,000 loan from the City of Crystal River.
The design and construction team for The Fountains at Hidden Lake includes building designer FK Architecture, general contractor BDI Construction, Hamilton Engineering & Surveying, interior designer Builders Design, and landscape architect Forward Planning & Design.
External Sources:
Pinnacle Going Ahead With S. Florida Affordable Housing Project – Connect CRE
