Image Caption: Astoria on 9th, new affordable senior housing community in Bradenton, Florida
Housing Trust Group and AM Affordable Housing have officially opened Astoria on 9th, a brand-new $37.4 million affordable housing development designed specifically for seniors in Bradenton, Florida.
Astoria on 9th is a five-story, 120-unit apartment community for residents aged 55 and older. The property offers a range of affordable one- and two-bedroom units, with sizes ranging from 635 to 907 square feet. These units are available to individuals and families earning at or below 22% to 60% of the area median income (AMI), with monthly rents ranging from $322 to $1,316.
Located at 2244 9th Street West, the development features a host of modern amenities including a clubroom, cyber café with a catering kitchen and bar, and a fully equipped fitness center to promote socialization and wellness among residents.
Funding for this project included a $19 million construction loan provided by Fifth Third Bank and $17.18 million in 4% Low-Income Housing Tax Credit equity syndicated through Raymond James. Additionally, the project received a $7.64 million Freddie Mac loan via Capital One and financial support from various government agencies.
Hennessy Construction Services Corp. served as the general contractor on the project.
Astoria on 9th marks a significant step toward expanding access to quality housing for older adults in the Bradenton area.
