BELLE GLADE, FL – Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, in a joint venture with The Spectra Organization, Inc. (an affiliate of the Palm Beach County Housing Authority), held a groundbreaking ceremony for Covenant Villas, a 144-unit apartment community in Belle Glade, Florida. The previously market-rate apartments will be converted to affordable housing and set aside for families earning at or below 60% and 33% of the Palm Beach County area media income (AMI). Newport Property Construction is the general contractor.
The Groundbreaking Ceremony was attended U.S. Congressman Alcee Hastings; along with representatives on behalf of County Commissioner Melissa McKinlay and the Palm Beach County Department of Economic Sustainability; Belle Glade Mayor Steve B. Wilson; and City Manager Lomax Harrelle.
“Palm Beach County, and Belle Glade in particular, has a tremendous immediate need for safe, clean and affordable housing for its residents, and it is so gratifying to be able to provide exactly that for the families of this city,” said HTG President and CEO Matthew Rieger. “Our work has made us a leader in multifamily affordable housing, and we are so proud to be able to take part in such an important project which will provide newly renovated apartments to the deserving citizens of the City of Belle Glade and Palm Beach County.”
“We specialize in multifamily construction nationwide and we are particularly pleased to partner with HTG on this project serving our South Florida community,” said Jose More, Principal, Newport Property Construction.
Covenant Villas was built in 1988 and consists of 144 one-, two- and three-bedroom apartments in 18 garden-style buildings. HTG’s renovation program will bring the property up to local code and satisfy all Florida Housing Finance Corporation affordable housing guidelines. All buildings will get new metal roofs, impact-resistant windows, new electrical, plumbing and HVAC systems, and new interior carpentry, drywall, paint and cabinetry. There will also be enhanced landscaping and paving/re-stripping, and enhanced site lighting.
HTG acquired the property for $22 million, which includes funding for renovations. Financing sources include $18.2 million in 9% Low Income Housing Tax Credit equity invested by Raymond James Tax Credit Funds; loans totaling $2.2 million from Palm Beach County; permanent financing from National Lending Partners of $1.9 million; and a $13.5 million construction loan from TD Bank. Rehabilitation commenced in the fourth quarter of 2016 and is expected to be completed September 2017.
The general contractor on this project is Newport Property Construction, a leading provider and builder of construction services in South Florida. Palm Beach County local, Kimberly A. Dellastatious, PA, is the architect and West Palm Beach Land Developers Consortium are the engineers for the rehabilitation of Covenant Villas.
HTG recently completed construction of Courtside Family in Miami, FL, in partnership with Alonzo Mourning, Wagner Creek in the City of Miami’s burgeoning Health District and Valencia Grove in the City of Eustis and has four other affordable housing communities currently under construction in Florida including, Freedom Gardens in Brooksville, Park at Wellington (two phases) in Holiday, Arbor View in Margate and Hammock Ridge in Brooksville. HTG also has two market rate communities in development outside of Florida, Forest Cove in Chattanooga, TN and Aviva in Mesa, AZ.