Home News Indian River County kicks in $340,000 to help fund 79-unit affordable-housing project

Indian River County kicks in $340,000 to help fund 79-unit affordable-housing project

Indian River County kicks in $340,000 to help fund 79-unit affordable-housing project

INDIAN RIVER COUNTY — The county approved using $340,000 in federal COVID-19 relief money for a proposed 79-unit affordable housing project in Gifford.

The residential complex, proposed by Housing Trust Group, LLC, would be at 4355 38th Ave., a vacant lot adjacent to Dodgertown Elementary School. The housing project is intended for low-income seniors and would consist of 79 one- and two-bedroom rental units, according to the developer’s proposal.

The County Commission Tuesday unanimously approved the contribution, which ends up being about $4,000 per unit.

“This $4,000 per unit represents a very minimal investment for us, for the county, with a very maximal return,” said Commissioner Laura Moss. “So I’m especially pleased.”

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The project would cost $23 million, according to the developer, and would consist of 39 one-bedroom apartments, each 700 square feet, and 40 two-bedroom apartments, each 900 square feet.

Rent for the smaller units would be between $495 and $900 a month, while rent for the larger units would be $594- and $1,080, according to the proposal.

All for low-income residents

All the units would be reserved for low-income residents: 71 units would be reserved for those who make no more than 80% of the area’s median income, and the remaining eight units reserved for those who make no more than 33% of the area’s median income, according to the proposal.

Layout for the proposed 79-unit, multi-family rental development by Housing Trust Group, LLC at 4355 38th Ave., Gifford.

The complex would consist of three three-story buildings, as well as a pool, clubhouse and gym, according to the proposal.

Bringing up the issue of rising housing costs, Moss and Community Development Director Phil Matson mentioned rising homelessness spanmong seniors; it was a concern Moss said she heard directly from older Gifford residents during public meetings about the affordable-housing project.

“You’d have to think that the traditionally underserved communities are even more acutely affected by that,” Matson said Tuesday.

The county’s $340,000 contribution would come through the Indian River County Low-Income Housing Tax Credit program, one of several programs started in 2021 to distribute COVID-relief money to affordable-housing projects.

Only one proposal

This particular program can allocate up to $400,000. Housing Trust Group, which has built other spanffordspanble-housing projects spancross the stspante, was the only developer to submit a proposal for the program’s funding. With the county’s grant, Housing Trust Group becomes eligible for additional tax credits from the state to help secure the majority of the funding.

Housing trust aims to get site-plan approvals by December 2023, start construction in 2024 and open by 2025, according to the proposal.


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