LEASING BEGINS AT NEW AFFORDABLE HOUSING COMMUNITY IN TITUSVILLE
Luna Trails will deliver 86 modern, affordable apartments for households aged 55+ to Brevard County
Titusville, Fla. (March 9, 2020) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has begun leasing for Luna Trails, a new 86-unit affordable housing development reserved for seniors located at 1705 South De Leon Avenue in Titusville, Florida. The community is scheduled to be fully completed and open later this Spring.
Apartments at the new development are set aside for seniors ages 55 and older earning at or below 60 percent of Area Median Income (AMI). The one-, two- and three-bedroom apartments are available for rent to qualifying residents. Rent will range from $346 per month for a one-bedroom apartment to $791 per month for a three-bedroom apartment. Prospective residents interested in leasing should contact +1 (321) 291-1081.
“Luna Trails will provide beautiful, new and much-needed affordable housing to the Titusville community, and enhance residents’ quality of life with an array of high-quality amenities and resident services,” said HTG President and CEO Matthew A. Rieger.
The new $19.6 million multifamily community was made possible through the use of Low Income Housing Tax Credits (LIHTC), a federal program administered through the State to provide financing for the development of affordable housing. Titusville, like many parts of Florida, has a severe deficit of apartments for those in the lowest income brackets – roughly 8,000 new affordable units are needed to meet the current demand, according to the Shimberg Center for Housing Studies at the University of Florida.
Funding for Luna Trails was provided through an $14.2 million construction loan from TD Bank; $14.3 million of 9 percent low-income housing tax credit equity through Raymond James; a $1.2 million Florida Housing Viability Loan; and $2.7 million permanent loan from Neighborhood Lender Partners.
The unit mix at Luna Trials will consist of 69 one-bedroom/one-bath units, five two-bed/two-bath units, and 12 three-bedroom/two-bath units. Nine of these units will be set aside for individuals at 40 percent of AMI. Amenities at Luna Trails include a swimming pool, clubhouse, exercise room and shuffleboard court.
HTG has delivered over 7,000 affordable apartments to Florida residents since its inception, and currently has several other affordable communities under development across the Southeast.