HTG Breaks Ground on 73-Unit Affordable Housing in Kissimmee

Housing Trust Group has broken ground on Kissimmee Cove, a 73-unit affordable housing community in the City of Kissimmee, financed in part with $8.4 million in federal Hurricane Ian disaster-recovery funding.

Why it matters

It’s HTG’s first project in our coverage outside its South Florida base, after seven straight Miami-Dade, Broward and Hollywood-area stories this year, a signal the Miami-based affordable-housing developer is following the same Central Florida population surge drawing in institutional capital elsewhere. Osceola County’s population has grown an estimated 24% since 2020, driven in part by NeoCity, the county’s semiconductor and technology district, and average one-bedroom rents in the submarket now top $1,500. Kissimmee Cove’s rents start at $592. For developers and builders tracking where affordable-housing demand is outrunning supply, Central Florida’s disaster-recovery funding pipeline is now a live financing lane, not just a South Florida one.

The numbers

Kissimmee Cove will deliver 62 one-bedroom and 11 two-bedroom units at 1790 N Hoagland Blvd., reserved for households earning 30%, 60% and 70% of area median income, with rents ranging from roughly $592 to $1,660 a month. The capital stack includes $9.37 million in FHFC tax credits syndicated by Raymond James, the $8.4 million CDBG-DR loan, a $12 million construction loan from Fifth Third Commercial Funding, and a $6.57 million permanent loan from Grandbridge through Freddie Mac. The CDBG-DR financing comes through FHFC’s RFA 2024-306, which is funding 10 developments and 1,004 new affordable homes total across areas hit by Hurricane Ian. Park & Eleazer is general contractor, FK Companies is architect and interior designer, and Hamilton Engineering & Surveying is civil engineer. “Kissimmee Cove is about meeting the needs of a community that is growing and changing rapidly,” said Matthew Rieger, President and CEO of HTG.

What’s next

The property is slated to deliver amenities including a club room, fitness center and pool, and will seek National Green Building Standard certification. HTG, which has closed on more than $5 billion in transactions across Florida, Texas, Illinois and Arizona, has not disclosed a construction completion date. For more on HTG’s run of South Florida affordable deals this year, see our South Florida coverage.