Developers Attain Construction Financing And Break Ground On Orchid Lake In Cocoa, Florida

Orchid Lake. Credit: Housing Trust Group.

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. 

Orchid Lake. Credit: Housing Trust Group.

“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.

Conditions at the southwest corner of University Lane and Michigan Avenue in Cocoa, Florida as of August 2022. Photo from Google Maps.

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.

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8 Comments on "Developers Attain Construction Financing And Break Ground On Orchid Lake In Cocoa, Florida"

  1. When will they start accepting applications or can your name be added to a list

  2. I would be interested in getting a application for a one bedroom apartment my income is below 25,000 .

  3. When will they be available? Looking for a 3 bdrm for my daughter n myself. Do you accept dogs n weight limit? If so pet deposit, pet monthly rent? The price for a 3bdrm with a single income of $38k yrly.
    Thank you

  4. Pattie Oxley-jefferson | April 4, 2023 at 1:39 pm | Reply

    Good afternoon, has the application process started as yet? Please advise. Thank you.

  5. Vincent Faison | April 4, 2023 at 2:14 pm | Reply

    I am very interested my wife Jacqueline, my daughter starr,and I Vincent Faison could u email me a application for a 3room apartment, think you.

  6. senior still working part-time and very interested in becoming a resident. 2 bed/2 bath as soon as applicable. Any other info would be greatly appreciated


  8. Charlene Fyda | July 3, 2023 at 3:40 pm | Reply

    I’m interested in an apartment for my mom. Thanks!

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