CENTRAL REGION
FCLF LOAN $3.85 million
REFINANCE & REHAB LOAN to preserve rental affordability
100 multi-family rental homes

Maitland Oaks is an apartment complex 4 miles north of Orlando in Maitland, Florida. Built in 1981, the complex consists of 11 buildings containing a total of 100 apartments. The majority of the units (75%) are restricted to low-income households, providing a large number of affordable rental apartments in this community.

Orlando Neighborhood Improvement Corporation (ONIC) purchased the Maitland Oaks complex and has done renovation to the apartments to bring them up to existing market conditions. ONIC has been a developer of affordable housing in Central Florida since 1989, currently owning and/or operating 10 multi-family rental complexes, all of which also offer services to residents such as education, counseling, personal enrichment, or recreation. ONIC is a chartered member of NeighborWorks America and a certified Community Housing Development Organization under the federal HUD HOME Investment Partnership program.

Florida Community Loan Fund provided $3.85 million in refinancing to ONIC to pay for renovations completed to Maitland Oaks apartments. The low interest rate offered by FCLF's Florida Preservation Fund generates more cash flow to the borrower, which allows them to reinvest into the project in areas such as repairs and maintenance. This ensures that these 1- and 2-bedroom apartments will remain affordable for low- and very low-income families.

View more photos of Maitland Oaks on FCLF's Flickr Page.

For more information on ONIC, visit www.orlandoneighborhood.org.