Parramore Asset Stabilization Fund Keeps Rental Housing Affordable in Central Florida

21 January 2020

PASF couple outside renovated home“This is a like a dream come true… This is just wonderful.” – PASF Resident


 In Orlando, 76% of low-income households are cost burdened, spending more than 40% of income on rent and utilities. In the Parramore neighborhood – a historic and predominantly African-American area – the median income is $15,000, and unemployment is at 24%, making it one of the poorest sections of the city.

In February 2019, Parramore Asset Stabilization Fund, PASF, was formed as a collaboration of three nonprofits – Florida Community Loan Fund, Central Florida Foundation, and New Jersey Community Capital – to improve and preserve quality, long-term, affordable rental housing through an $8 million investment. PASF purchased 83 scattered-site residential units across 44 properties in Orlando’s Parramore neighborhood, with a commitment to renovate the homes and keep rents affordable. As of January 2020, rehab work is underway and more than half of the properties are now complete.  Rehab work is expected to be complete in the third quarter of 2020.

Major renovations include new roofs, kitchens, bathrooms, floorings, and in many instances, entirely new HVAC systems. In addition, in partnership with the Orlando Utilities Commission, the homes have received energy conservation upgrades that will reduce monthly utility bills for residents: attic insulations, duct repairs, efficient showerheads, low flow toilets, energy efficient lighting, window replacements, and new heat pumps.

On a recent visit with residents April and James, they expressed their excitement over the changes made to date. They shared, “This is a like a dream come true. Everything they did in here, compared with how we were living… this is just wonderful.”

James, who’s disabled and uses a cane to get around, adds that he and his wife are no longer ashamed of their living conditions. “Now, people come over and we’re glad they come over and see how everything looks. It really makes us feel good,” he says.

In an effort to ensure strong communication and relationships, PASF has a Community Liaison on staff who will help seek solutions to residents’ concerns, collaborate with residents and community leaders on projects, and identify area groups that can provide services for residents and the overall community.

PASF is committed to keeping rents affordable, and after seven to nine years, residents will be offered the option to purchase their home. Those homes not purchased by the current residents will transition from PASF to the Central Florida Regional Housing Trust, ensuring long-term affordability. The significant financial capability of the three PASF partners laid the groundwork for this collaboration, making community-wide improvements of this scale achievable. PASF demonstrates FCLF's commitment to collaborating with partners who share our vision of greater opportunities for Florida communities.

Parramore Asset Stabilization Fund would like to thank these partner for their support:  JPMorgan Chase Foundation • City of Orlando • OUC • Wells Fargo • SunTrust • Seaside National Bank & Trust • Orlando City Soccer Club • Orlando Magic • BB&T • and other private donors.

Pictured below, a typical PASF property kitchen before rehab, and resident April proudly shows off her newly renovated kitchen.

PASF kitchen before renovations PASF kitchen after renovations

For more information:
Rachel Calderon This email address is being protected from spambots. You need JavaScript enabled to view it.
Janet de Guehery This email address is being protected from spambots. You need JavaScript enabled to view it.
Caroline White This email address is being protected from spambots. You need JavaScript enabled to view it.

FCLF Logo 2015 280px      CFF Logo      NJCC Logo

 

“We cannot thank FCLF enough for this partnership, creating permanent housing for our neighbors in need, and their commitment to Florida communities.” – Shannon Nazworth, President & CEO

Ability Housing

"I recommend FCLF for attracting investment to the Florida Preservation Fund... I believe that says something about investor comfort." – Nancy Muller, Policy Director

Florida Housing Finance Corp.

"FCLF has proven its community impact and hard work. We are proud to partner with FCLF." – Leslie Watson, Analyst, Community Investments

Dignity Health

“FCLF will help us have significant ongoing impact in West Lakes as we help families set roots in this community.” – Camille Reynolds, Executive Director

Hannibal Square CLT

"FCLF shows a clear strategy and demonstrated evidence of addressing prevalent community needs." – J. Reymundo Ocañas, Director, Corp Responsibility

BBVA Compass

"FCLF is a difference maker! Their team provides solutions to bring about real change in a community." – Tim Marks, President & CEO

Metropolitan Ministries

"We look forward to continuing our successful relationship with FCLF and working together to meet the needs of our communities." – Nancy Merolla, VP/CRA Officer

Florida Community Bank

"Thank you to our friends at FCLF. Your staff has been patient and helpful. We'll make you proud!" – Bill Lazar, Executive Director

St. Johns Housing Partnership

"BankUnited understands the challenges facing our communities; we applaud FCLF's efforts. Thank you for making our community a better place to live." – Katrina Wright, VP Comm. Dev.

BankUnited

"Our partnership with FCLF helps the American Dream of homeownership come true." – Michael Roberts, Exec Dir

R.E.A.C.H.

"Our partnership with FCLF allows us to build an attractive, state of the art facility that patients, staff, and community will be proud of." – Bakari Burns, President-CEO

Orange Blossom Family Health

"It is really working. FCLF is really touching low-income people." – Florida Community Loan Fund Founding Board Member

Sister Mary Heyser, RSHM

“Thanks to FCLF adults with disabilities are living independently, fully included in their community." – Sheryl Soukup, Exec Dir

Residential Options of Florida

"FCLF has a keen knowledge of Florida challenges & opportunities. We are confident our investment will be used to improve lives." – Kathleen Rizzo Young, Sr. VP, Community Development

HSBC Bank USA, N.A.

"Without FCLF's support, we would not have been able to deliver the services our area so desperately needs. We look forward to a lifetime relationship." – Tom Griffin, CEO

The Transition House, Inc.

"We commend the important work of your organization, are glad to support its efforts." – Beverly Dabney

JPMorgan Chase Foundation

"FCLF understands and is a part of what we are doing: helping families have the American dream of owning a home." – Isaac Simhon, Executive Director

Housing Programs, Inc.

"We appreciate how the work of FCLF primarily benefits low- to moderate-income individuals and areas and supports the needs of our community." – Maria J. Thompson, Community Development Manager

Third Federal Savings

"When nobody else would take a chance on us, FCLF did. Woodlawn is thriving today and we will always be grateful for your part in that.." – PeterTollefson, Dean of Students

Woodlawn Community Academy

"I appreciate FCLF for lending in rural areas, where many other lenders are exiting. From the first moment we spoke with FCLF staff, we felt we had a partner." – Jamie Kerr, President, AMCS Dev.

Griffin Heights

Our Partners

Axiom Bank
Support from Axiom Bank helps FCLF build strong communities.
RCRI Conference 2012
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
TD Charitable Foundation, TD Bank
TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.
Metro Min Grand Opening
FCLF staff with local supporters at Metropolitan Ministries Tampa.
ASPIRA of Florida and FCLF
FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.
Neighbor Up, Affordable Housing
Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.
Million Meals 2012
FCLF staff and supporters volunteer at Million Meals event.
FCLF at Florida Housing Conference
FCLF staff are active at statewide conferences and events.
ASPIRA of Florida Aspirantes
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
Boys & Girls Clubs of Manatee
FCLF staff and US Legislative staff at an event honoring Youth of the Year.
Armature Works
FCLF and the NMTC Program renovated a historic building into a small business incubaor.
BNDC Greater Heights
Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.
Boys & Girls Clubs of Manatee
FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County
FCLF Board and Staff
FCLF Board Members represent our investors, borrowers, and technical experts.
Neighbor Up and FCLF
FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)
Haley Park Construction
FCLF projects create jobs and stimulate development in low-income communities.
DuPuis Pointe Miami
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
KIPP Jacksonville
Rep. Ander Crenshaw visited KIPP Jacksonville School
MTZ Carver Construction
FCLF projects create jobs and stimulate development in low-income communities.
duPont Fund and FCLF
The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.
FLACDC Conference
FCLF Staff meet and greet friends at an FLACDC event.
FCLF at Florida Housing Conference
FCLF Staff are on hand at conferences and events to discuss our programs.
TD Bank Charitable Foundation
Support from TD Bank Charitable Foundation helps FCLF build strong communities.
Northern Trust Roundtable
FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
Valley Bank
Support from Valley Bank helps FCLF build strong communities.
FCLF and Rep. Webster
Rep. Daniel Webster visited FCLF staff.
Casa San Juan Bosco and FCLF
New rental homes are available for farmworker families at Casa San Juan Bosco.
Housing Programs, Inc.
FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.
Casa San Juan Bosco and FCLF
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
Mathis Place Resident
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
FCLF and Florida Housing Coalition
FCLF representatives are ready to talk about your project success.
Emma Jewel Charter Academy
Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.
Emma Jewel Academy and FCLF
Emma Jewel Charter Academy offers education for the whole child in Brevard County.
Greater Heights Resident
FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.
Previous Next
Core Purpose FCLF exists to maximize opportunities for people and places outside of the economic mainstream.
Our Vision Opportunity and dignity exist for every person and community in Florida.
Our Mission Our expertise and capital make projects successful and help organizations improve lives and communities.