A Miami-based developer recently completed a $37.4 million affordable housing project for seniors in Bradenton and is now accepting applications from potential tenants. Astoria on 9th was developed by Housing Trust Group in partnership with AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning.
Astoria on 9th is the fourth affordable housing community developed by Housing Trust Group in Bradenton; others are Riverview6, the Oaks at Lakeside and The Addison.
Located at 2244 Ninth St. W., Astoria on 9th consists of a five-story building featuring one- and two-bedroom apartments from 635 to just over 900 square feet. There are 120 units. Among the amenities are a clubhouse, a cyber cafe with catering kitchen and bar, a fitness center, and a dog park. Programs for residents include adult literacy training and assistance with daily activities like grocery shopping, laundry and housekeeping, according to a statement.
Funding for Astoria on 9th came from a variety of sources, including the following, according to a statement: a $19 million construction loan from Fifth Third Bank; $17.18 million in 4% Low-Income Housing Tax Credit equity syndicated through Raymond James; a $4.75 million State Apartment Incentive Loan (SAIL); a $713,400 National Housing Trust Fund loan; and a $600,000 Extremely Low Income loan. Florida Housing Finance Corporation also released funding through the Construction Housing Inflation Response Program, and the property was allocated an additional $4.3 million of SAIL. It also received a $7.64 million Freddie Mac loan from Capital One, $1.2 million in funding from Manatee County and a $600,000 loan from the Bradenton Community Redevelopment Agency.