Housing Trust Group (HTG), a respected developer of affordable housing, has partnered with AM Affordable Housing, the nonprofit founded by basketball legend Alonzo Mourning, to open their ninth collaborative development. Their partnership reflects a strong commitment to addressing the rising demand for quality, affordable rental housing among seniors and veterans in Northwest Florida.

The Project at a Glance

The newly completed development in Crestview, Florida, features 107 one- and two-bedroom apartments designed for individuals aged 55 and above. Six of these units are dedicated to veterans. The apartments are income-qualified, ensuring accessibility for those earning at or below 22 percent, 30 percent, and 60 percent of the area median income (AMI). Rents start from $381 per month and go up to approximately $1,323, depending on the unit and applicant eligibility.

This thoughtful structure ensures affordability for residents with different income levels, creating an inclusive environment for those who have served their communities and their country.

Strategic Location, Growing Community

Crestview has emerged as one of the fastest-growing cities in Florida’s Panhandle. The development’s location provides residents with proximity to major military installations such as Eglin Air Force Base, Duke Field, and Hurlburt Field. These operations contribute significantly to the local economy, offering thousands of employment opportunities to both military personnel and civilians.

The area’s appeal goes beyond its economic strength. Compared to Florida’s coastal cities, Crestview provides greater affordability and a quieter lifestyle. This has attracted a diverse mix of residents including young families, veterans, retirees, and professionals relocating from neighboring counties and other states. The new housing development meets the needs of this expanding community while supporting sustainable growth.

Mission-Driven by Both Sides

Matthew A. Rieger, President and CEO of HTG, shared that the demand for quality rental housing in Northwest Florida has reached its highest point. The project, therefore, serves a purpose far greater than simply providing apartments. It is designed to enhance the quality of life for seniors and veterans while strengthening the social fabric of the region.

Rieger expressed pride in delivering a community that residents can truly call home. He emphasized that projects like this demonstrate what can be achieved when developers commit to creating meaningful impact.

From the nonprofit perspective, Alonzo Mourning highlighted that providing safe, dignified, and affordable housing for seniors and veterans is central to AM Affordable Housing’s mission. Their collaboration with HTG stands as proof of what can happen when private-sector expertise meets nonprofit purpose. Together, they have built more than housing—they have created hope and stability.

How It Was Financed and Built

The total cost of the project reached approximately $28 million. Its financing structure brought together several key funding sources, including:

• $9.1 million in 4 percent low-income housing tax credit equity through Truist Capital Corp.
  
  
• A $14 million construction loan from Truist Bank.
  
  
• $8.55 million from Florida’s State Apartment Incentive Loan (SAIL) program.
  
  
• $654,000 from the National Housing Trust Fund.
  
  
• A $7.45 million loan via Freddie Mac through Grandbridge Real Estate Capital.

The project also involved several expert partners such as Bayern Construction, Choctaw Engineering, PQH Group, Booth Design Group, and Builders Design. Each team contributed to shaping a community that meets modern standards of design, comfort, and sustainability.

Why This Matters

This development represents more than another housing complex. It responds to the growing need for affordable homes for seniors and veterans, two groups often left behind in the housing market. By focusing on accessibility and dignity, the project helps individuals regain a sense of independence and security.

Its location also reflects a broader shift in housing patterns, with emerging inland markets like Crestview gaining attention for their balance of affordability and opportunity. The partnership between HTG and AM Affordable Housing illustrates how collaboration between private developers and nonprofit organizations can move from simply building homes to building community.

The layered financing model underscores the complexity and collaboration required to make affordable housing feasible. It highlights how multiple stakeholders, banks, state programs, and national funds, must work together to create lasting change.

Looking Forward

For Crestview and the Northwest Florida region, this development marks an important milestone. It signals continued progress in creating inclusive communities for seniors and veterans. The ninth project between HTG and AM Affordable Housing builds upon a track record of success, showing their shared momentum and dedication to expanding access to affordable homes.

The model also provides a valuable blueprint for other regions: identify growing but accessible markets, collaborate across sectors, and prioritize those most in need. As communities nationwide face rising housing costs, this partnership demonstrates how compassion, strategy, and shared purpose can lead to sustainable progress.

In essence, the Crestview project stands as a symbol of what can be achieved when vision meets commitment, a new chapter in affordable housing that offers dignity, belonging, and hope for those who have given so much to society.