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Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have announced the completion of Tucker Tower, a new $44 million affordable housing community for seniors ages 62 and older in Perrine neighborhood.
Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be exclusively available to income-qualifying residents, ensuring accessibility to those earning at or below 25, 30, and 60 percent of the area median income (AMI). With rents ranging from $463 to $1,359 per month, these rates are a notable contrast to the average rental prices in Miami-Dade County, which currently stand at $2,451.
The developer hosted a grand-opening ceremony with partners to commemorate the milestone on Monday, Mar. 4. The event recognized members of the building and design team along with individuals instrumental in making Tucker Tower a reality. Speakers included Alonzo Mourning, director of AM Affordable Housing; Matthew A. Rieger, president and CEO of HTG; Miami-Dade County Mayor Daniella Levine-Cava; Alex Ballina, director of Miami-Dade County Public Housing and Community Development, and District 9 Commissioner Kionne L. McGhee.
“We are delighted to contribute to the expansion of high-quality, affordable housing in Perrine — a burgeoning working-class community in Miami-Dade County facing the challenges of rising rents due to the city’s population surge and increased relocation south in search of attainable housing,” Rieger said. “Additionally, we look forward to fulfilling our commitment to addressing the pressing housing crisis for seniors, who represent one of the most financially vulnerable populations in Miami-Dade County, where housing affordability remains a significant concern for the majority.”
According to a recent study from the University of Florida, Miami-Dade County has a gap of more than 90,000 affordable and available units for renter households with incomes below 80 percent of the area median income. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added.
Located at 9940 W. Hibiscus Street, Tucker Tower is an eight-story community offering a mix of one- and two-bedroom units ranging from 601 square feet to 895 square feet. Six units are fully accessible units and three units are hearing impaired units. Amenities include a state-of-the-art fitness center, luxury swimming pool, pet grooming station, modern library outfitted for leisurely or professional work, a multipurpose theater room, and lighted pathways along accessible routes, providing enhanced safety. In-unit amenities include Energy Star-rated appliances, modern fixtures and vinyl plank flooring.
Funding sources for Tucker Tower include $28.4 million in 9 percent Low-Income Housing Tax Credit equity syndicated through Raymond James and purchased by Bank of America; $30 million construction loan from Bank of America; $9.5 million permanent loan from Berkadia, and an additional $3.2 million in tax credit equity through the 2022 Construction Housing Inflation Response Program (CHIRP).
CHIRP is an emergency program established quickly and efficiently by the Florida Housing Finance Corporation to fill funding gaps as a result of supply chain delays, inflation, labor shortages and construction material price increases. HTG also was granted Miami-Dade County Surtax funding in the amount of $2.4 million.
The project team for Tucker Tower includes general contractor BDI Construction; engineer HSQ Group, LLC; architect Corwil Architects;
For more information about Housing Trust Group, visit www.htgf.com.
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