Hudson Village opens in Hollywood
From David Volz
The Housing Trust Group, a multifamily developer and a large developer of affordable housing, and City of Hollywood leaders celebrated the opening of Hudson Village, a residential high-rise delivering 96 affordable apartments in downtown Hollywood.
Apartments at Hudson Village are reserved for residents earning 30, 60 or 70 percent of local area median income (AMI), with rents ranging from $401 to $1,300 for income-qualifying residents. The property is currently 100% percent occupied. It is the first new affordable “high-rise” residential development in the City of Hollywood in more than two decades.
The development is part of an overall vision by the City of Hollywood to create a more pedestrian-friendly downtown and increase the supply of high-quality attainably priced housing in areas close to commercial activity and new public transportation networks.
Located at 901 S. Federal Highway, Hudson Village features striking contemporary architecture and luxurious amenities including a 6,000-square-foot pool deck. It is ideally located in Hollywood’s Central Business District, a mile and a half south of Young Circle and less than three miles from Hollywood Beach. Numerous shops, restaurants, grocery stores, schools, and a library are within walking distance.
“Hudson Village is a testament to the extraordinary things that are possible when the public and private sectors work together to address a critical need such as affordable housing,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “Broward County is among the most cost-burdened counties in the entire country, with very limited affordable housing. This property will be a godsend for the many working families and students who currently face long commutes to their jobs in downtown Hollywood or at the hotels and restaurants along the beach.”
“This development exemplifies the kind of high quality, well-designed attainable housing that residents can be proud of and that enhances our city,” says Mayor Levy. “The HTG team has paid attention to every detail to deliver a Class A product that working families can afford.”
The $36 million property, which broke ground in 2020, was financed with a $28 million construction loan from Chase, $26 million in 9% Low Income Housing Tax Credits from Florida Housing Finance Corporation syndicated through Raymond James Tax Credit Equity Funds with Chase as the Upper Tier Investor, and a $9.75 million permanent loan from Walker & Dunlop through Freddie Mac.
“Hudson Village is a shining example of what affordable housing can and should be and it comes at a time of tremendous need in this community, and throughout South Florida,” said Tammy Haylock-Moore, Chase Bank’s head of community development lending in Florida. “We’re incredibly proud of our role in bringing Hudson Village to fruition and the impact it will have on the individuals and families who now call it home.”
