Apartment complexes are popping up across the entire nation as more interest is coming from today’s populations to seek rental options. Often there are different tiers of building styles, those high-end, more affordable and low-income. But a relatively new style is entering Florida’s Orlando housing market and it is addressing not only a need for housing but also a need to support the community’s residents and its overall development.
Previously run down properties that had gone into foreclosure and sat under-developed and unsafe for residents for several years have been recently bought by the city of Orlando to seek revitalization for the community and of the housing complexes. Coordinating with non-profit development firm Ability Housing, the properties were then purchased again to invoke on a nearly $25 million housing project that seeks to offer an alternative living solution to the city’s residents. Expected to open the first units this August, the buildings will be exclusively rented out for low-income and homeless residents, a much anticipated need for the state who ranks the worst in the nation for shortage of affordable rentals. With many of the area’s population previously run out by new development tailored to higher brackets of income as Orlando’s popularity continues to rise, this comes as a relief providing security and safety to a complex once deemed with millions of dollars in code-enforcement fines for unfit living conditions. Now the complex will be an accommodating, energy efficient property that is already adding to community development in the area while still under construction. “Rental properties are now being established across the United States seeking to bring housing options to all resident demographics. More affordable-living projects not only help the populations they are built for but also helps to aide entire communities. City values will rise once the living conditions of an area are improved across all incomes, this is where the impact of these non-profit projects come into play to help cities struggling to ensure all residents are taken care of while also building up other areas for higher income living.” shares 30-year veteran apartment-complex developer Marcus Hiles of Western Rim Properties.
With the commitment to reserve half of the property for Orlando’s homeless populations, the other half will be rented out to people making less than 60% of the area’s median income which works out to be just over $35K for a family of four. The going rental rates for the new development will also reflect the affordable cost of living these projects aim for, with studios renting for $450 and three bedrooms going up to $1,000 per month. The opening of these housing options are expected to make a significant impact in the community and has undergone many phases from the city’s original purchase of the property to where it stands today, a newly renovated complex set to open its doors soon that is expected to add value and diversity to the area.
This isn’t the only affordable-housing project in development as part of Orlando’s plans to revitalize the area with at least 10 more properties in the works throughout the popular Florida spot. These developments continue to be set on addressing the growing need for the area’s populations that can’t afford higher-end living and will work to make a positive impact community-wide thanks to those that have invested in taking the renovations to a new level.