Orchid Lake will deliver 90 affordable apartments with monthly rents starting at $228
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and Housing for Homeless, Inc., a nonprofit that provides the homeless of Brevard County with support services and safe housing solutions, have closed on financing on Orchid Lake, a new $30 million affordable housing community located in Cocoa, Florida.
Apartments at Orchid Lake will be reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The property is scheduled to deliver in early 2024.
Funding sources for Orchid Lake include $15.7 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $9 million loan through the State Apartment Incentive Loan program (SAIL), a $380,000 loan from Florida Housing ELI, and an additional $556,500 loan from the National Housing Trust Fund through the Florida Housing Finance Corporation and a $2.6 million loan through Raymond James Bank.
“The need for affordable housing in Florida is at an all-time high, and parts of the Space Coast are feeling that need the most,” said Matthew A. Rieger, President and CEO of HTG. “At a critical time when plans for many affordable communities are getting canceled due to inflation and other rising construction costs, we are particularly grateful to be building Orchid Lake with the help of our committed partner, Housing for Homeless. We look forward to continuing to help address the demand and building a quality, safe affordable housing community for the residents of Brevard County.”
Located at the southwest corner of University Lane and Michigan Avenue, Orchid Lake will be a three-story community offering a mix of one-, two-, and three-bedroom units ranging from 802 square feet to 1,137 square feet. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor BBQ area, and media room for residents. In-unit amenities include Energy Star®-rated appliances, modern fixtures and vinyl plank flooring.
Orchid Lake will also provide its residents with an array of support services that include adult literacy training, an employment assistance program, and financial management program.
The project team for Orchid Lake includes general contractor Hennessy Construction; engineer DRMP; architect FK Architecture; landscape architect Manley Design; and interior designer Builders Design.