$2,050,000 FCLF financing
96 affordable rental apartments for low-income seniors
Pine Hills, one of the oldest and largest neighborhoods in Orange County, Florida, began as an upper middle class community, but has seen decline in recent decades. A 2010 Orange County plan called for redevelopment of Pine Hills in order to bring needed improvements to the area, including an increase the availability of affordable housing. With the growth of the elderly population in the area, there is a substantial demand for affordable housing with a focus on seniors. No new elderly housing has been built in the community for at least the last 20 years.
Emerald Villas Phase II will provide 96 units of new, affordable rental housing for low-income seniors in the Pine Hills community. The project will be developed by a partnership between Orlando Neighborhood Improvement Corporation, ONIC, and Related Urban Development Group, RUDG. The apartments will be reserved for households with incomes of 60% or less of area median income (AMI), and on-site amenities include a library, fitness room, pool and outdoor activities, business center with computers, laundry area, and more. ONIC will manage the site, including providing supportive services for residents including recreation, education, counseling, and personal enrichment. These services will be provided through a network of local partners including Pine Hills Community Center, Wayne Densch YMCA, Pine Hills Performing Arts Center, and Evans Wellness Cottage.
Florida Community Loan Fund provided a $2,050,000 term loan for Emerald Villas Phase II. The project will be financed through the LIHTC (Low-Income Housing Tax Credit) program, with additional funding from Orange County and Florida Housing Finance Corporation.
ONIC is a Central Florida-based nonprofit organization, and since 1989 they have developed affordable housing for ownership and for rent. RUDG was founded in the Miami area, and has expanded to develop multifamily properties throughout Florida.