On May 1, HTG Heron Estates Senior, LLC, a partnership between the Riviera Beach Housing Authority and Housing Trust Group, Inc., broke ground on the Heron Estates affordable housing development. Heron Estates is located on the now vacant site of the former Ivey Green public housing complex, 2003 West 17th Street and North Congress Avenue, in Riviera Beach.
The first phase of this redevelopment project entails new construction of 101 affordable multifamily rental units for senior citizens with incomes no greater than 60 percent of area median income. A subsequent phase of the project will entail new construction of 79 affordable multifamily rental units for families.
Financing for the $23 million first phase of Heron Estates includes a $12 million first mortgage from U.S. Bank National Association, $4.9 million SAIL and $720,000 ELI loans from the Florida Housing Finance Corporation, $2.5 million in equity from the sale of low-income housing tax credits, and $1 million from the Riviera Beach Housing Authority.
Through the Department of Housing & Economic Sustainability, Palm Beach County participated in funding the project by providing a $115,000 local government match required by the state's tax credit program. Construction of Heron Estates will generate an estimated economic impact of $44.5 million over two years.
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