Affordable housing developer Lincoln Avenue Communities (LAC) has broken ground on a new project named 52 at Park in Orlando, Florida, US.
The ground-breaking ceremony was attended by LAC executives, local legislators, and partners.
This development will provide 300 affordable housing units to individuals and families earning up to 60% of the area median income in the region.
The 52 at Park community will feature eight residential buildings, with the entire project set for completion by the end of next year.
It will include various amenities, including a fitness centre, swimming pool, clubhouse, central laundry facilities, and a playground.
The property will incorporate a solar installation designed to offset 100% of the community’s electricity consumption.
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By GlobalDataLAC claimed that it will become one of the pioneering affordable housing communities in Florida to achieve full solar offsetting.
LAC vice-president and regional project partner Jordan Richter said: “Lincoln Avenue Communities is proud to grow our portfolio of affordable housing developments in Florida.
“Once completed, 52 at Park will provide hundreds of high-quality, affordable homes in one of the state’s fastest-growing metropolitan areas.”
Financing for the project involved tax-exempt bonds issued by the Orange County Housing Finance Authority and a Low-Income Housing Tax Credit equity investment from Freddie Mac, syndicated by Berkadia.
Additionally, the project received a Construction Inflation Response Viability Funding loan from the Florida Housing Financing Corporation.
Deutsche Bank provided construction and permanent loans, with Berkadia servicing these loans. The development also benefits from solar energy credit equity.
In December 2023, LAC broke ground on a new affordable housing project in Manchester, New Hampshire, US.
