What is affordable housing in Manatee and who is it for?
A new affordable housing apartment complex expected to open next month is nearly complete and accepting applications for 90 units of living space as well as a retail space.
The property at 702 Sixth Ave. E. was formally 3.5 acres of vacant land and is now home to The Addison, a new option for affordable housing in Bradenton. A groundbreaking ceremony for the complex was on June 4, 2018.
As of Monday, the apartments were 95 percent complete and will be open in early August, Matthew A. Rieger, president and CEO of Housing Trust Group, said in an email to the Bradenton Herald.
Applications are already coming in, said Rieger, with more than 50 received so far that span all income brackets.
Housing Trust Group, a developer based in Miami, was awarded tax credits by the Florida Housing Finance Corp to construct the five-story, 90-unit apartment complex. Of those, 77 units will have “affordable” rents. The rest will be market rate.
Tax credits are sold to investors to raise the funding necessary for low-profit affordable housing projects. This project was also financed by a construction loan, a State Apartment Incentive Loan, a Community Development Block Grant loan from the city of Bradenton and a loan from Freddie Mac.
As they worked on the building, developers installed better finishes and amenities, which increased construction costs, Rieger said.
Apartments at The Addison will range from $299 a month to $1,325, based on the resident’s income. There are 25 one-bedroom units, 53 two-bedroom units and 12 three-bedroom units. Apartments range in size from 660 square feet to 1,065 square feet.
Rieger said a new tax bill allowed the company to use income averaging to determine income restrictions and set asides, so they could rent to people with various income levels.
The complex will also feature a swimming pool, media center, community room, dog park, playground and fitness center.
There’s also 650 square feet of retail space in the building, which HTG is still looking to fill. Rieger wrote they’re “looking for a retailer that will benefit the community and the residents.”
HTG often develops affordable housing, with 20 other properties listed on their website. The company is also planning on breaking ground this fall on a project in the 3500 block of State Road 70 West in Manatee County, the Oaks at Lakeside. The project was previously called Oaks at Creekside.
“The demand is extraordinary and HTG hopes to build more affordable housing (in the area), in addition to Oaks at Lakeside,” Rieger said.
For leasing information at The Addison, 702 Sixth Ave. E., Bradenton, email email@example.com.
Those interested in the retail space can contact Ben Bakker at firstname.lastname@example.org.