Housing Trust Group (HTG) and Housing for Homeless, Inc. have closed on financing and broke ground on Orchid Lake, a new $30 million affordable housing community located at the southwest corner of University Lane and Michigan Avenue in Cocoa, Florida. Designed by FK Architecture with Manley Design as the landscape architect and DRMP as the civil engineer, Orchid Lake will be a three-story community offering residences in a mix of one-, two-, and three-bedroom floor plans featuring interiors by Builders Design. Hennessy Construction is the general contractor, and work is expected to complete in early 2024.
Funding sources for the development 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.”
Orchid Lake will offer 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.
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. Residents will be provided with an array of support services that include adult literacy training, an employee assistance program, and financial management program.