May 21, 2020 Comments Off on HTG Breaks Ground on $19M Senior Housing Project in Downtown Miami Views: 653 Florida News, South Florida, Top Florida

HTG Breaks Ground on $19M Senior Housing Project in Downtown Miami

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Housing Trust Group (HTG) has broken ground on a new $18.5 million affordable housing development for seniors in downtown Miami’s Overtown neighborhood. The community is named after the late Reverend Canon Richard Livingston Marquess-Barry, a community leader, housing advocate and former pastor of The Historic St. Agnes Episcopal Church in Overtown

Located at 301 Northwest 17th St., Father Marquess-Barry Apartments will consist of 60 new affordable one-and two-bedroom units for residents 62 and over earning at 28% and 60% of area median income (AMI), along with six workforce housing units. The community is slated to be completed in April 2021.

Funding sources for Father Marquess-Barry Apartments include $9.4 million in Low Income Housing Tax Credit Equity (LIHTC) provided by Raymond James, a $13 million construction loan from TIAA Bank, a $6 million permanent loan through Freddie Mac/Walker & Dunlop and $2 million in HOME funding through Miami-Dade County.

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