$8.5 million FCLF financing (3 loans)
$350 million total project cost
Construction and infrastructure financing
1,000 units of affordable rental housing + 72,000 sq ft of community space
Wendover Housing Partners, LLC, located in Altamonte Springs (Seminole County), was established in 1995 to provide safe, clean and welcoming affordable housing, thus empowering individuals and families and transforming lives. The organization focuses on providing high quality and innovative approaches to affordable housing. Over its history, Wendover has developed over 8,000 units of housing across 55 properties.
Wendover Housing was selected via a nationwide RFP by Comcast Universal to design, develop, and operate Catchlight Crossings, a 1,000-unit workforce / affordable apartment community, on property located near the upcoming theme park, Universal’s Epic Universe.
The Catchlight Crossings development will be located in the International Drive (I-Drive) resort area − one of the most visited destinations in the world. The area includes theme parks, hotels and vacation accommodations, the nation’s second largest convention center (Orange County Convention Center), the UCF Rosen College of Hospitality, many restaurants and nightlife establishments, and 1,800 total businesses. Universal Orlando Resort is the largest employer in the area. However, the project is in a census tract with median household income at 69.89% of AMI (Area Median Income). Approximately 19% of residents in the census tract have income at or below the poverty line and 74% are minorities.
Florida Community Loan Fund provided financing for infrastructure and construction for Catchlight Crossings. The development is on a 20-acre site and will feature 9 residential buildings, on-site parking garages, and 72,000 square feet of ground floor commercial space including a school, offices, healthcare, retail, and other residential amenities. FCLF received a Capital Magnet Fund (CMF) award from the Community Development Financial Institutions (CDFI) Fund, which allowed FCLF to offer more favorable terms to Catchlight Crossings to further help the project be successful. Additional financing is provided by local, State, Federal, and private sources.
Of the 1,000 units, 75% will be designated and reserved for households with incomes at or below 60% of the area median income, and the remaining will be available as workforce housing. The housing will remain affordable for 99 years under a land use restrictive agreement (LURA).
This project is the first of its kind, providing affordable housing units, a transit plaza, parking garages, and commercial-retail-nonprofit spaces. It will provide much needed affordable housing to a diverse group of households across varied income levels.
Florida Community Loan Fund and Wendover Housing have previously partnered on: