New apartments will bring affordable housing to Palmetto. You have to be a certain age
Minnesota-based Dominium, one of the nation’s largest providers of affordable housing, has more than 200 apartments under construction on six acres at 751 Haben Blvd. in Palmetto.
The Reef at Riviera is being constructed for tenants 62 and older who earn 60 percent or less of the area’s median income. The Reef, with one, two and three-bedroom units, is projected to open in late 2021 or early 2022.
Household income limitations apply. Household income is based on gross annual income before any deductions earned from all sources, including wages, Social Security payments, public assistance, pensions, annuities, and interest income.
The property has a minimum household income requirement of 2.5 times the monthly rent amount to qualify. Third party verification will be required of all income and copies of tax returns and pay stubs may be required.
Total household income must be under the following limits based on household size: one occupant - $33,000, two occupants - $37,680, and three occupants -$42,420.
Dominium closed on the six-acre property in May for $2.1 million. Susan Goldstein of MSC Commercial facilitated the transaction, representing both the buyer and the seller.
Originally, the land went under contract in November 2018 and continued moving toward a successful close as the COVID-19 pandemic created new challenges for the commercial real estate market.
Apartments in The Reef showcase open and spacious floor plans, energy-efficient stainless steel kitchen appliances, designer lighting/hardware packages and walk-in closets, The Reef’s web site says.
The Reef touts indoor and outdoor community spaces, including a two-story community clubhouse with library, full-kitchen, on-site theater room and fitness center, and large outdoor courtyard space.
“The Reef at Riviera is a new construction development of much-needed, senior affordable housing,” Devon Quist, development associate with Dominium, said last year in a press release.
“The development utilized 4 percent tax credits and bonds without any competitive financing or ‘gap filler.’ For that reason, this project is additive to regional and statewide goals because it does not drain annual coffers such as those made available under the Sadowski fund. Florida’s annual resources are not enough to solve the affordable housing crisis, so it’s important to utilize other non-competitive resources like 4 percent credits and bonds to make affordable housing projects work,” Quist said.
Current Builders, with offices in Sarasota and Pompano Beach, is the builder for the project.
Dominium is the country’s second largest owner of affordable housing, and manages more than 30,000 apartments in 20 states.
For more information, call 833-918-3029 or visit https://www.reefatriviera.com/.
This story was originally published February 25, 2021 at 5:00 AM.
