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.

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