(Orlando, Fla.) June 19, 2015 – LIFT Orlando was awarded approximately $20.5 million in housing tax credits as well as a $2 million state loan from the Florida Housing Finance Corporation Board to help develop a mixed-income multifamily rental housing development. LIFT Orlando, which purchased properties from the City Orlando with funding from Dr. Phillips Charities back in April, is developing mixed-income housing near the Citrus Bowl as part of an innovative and holistic approach to help families overcome poverty.
In partnership with Columbia Residential, a national leader in mixed-income housing development, their interest is to initiate a holistic transformation of this community beginning with the complete renovation of this parcel into a safe and economically sustainable community where residents can thrive.
The housing credits will be paid over a 10-year period. The $2 million loan is from the State Apartment Incentive Loan (SAIL) Program as a part of the construction and permanent financing for the development to be known as, “The Villages at West Lakes”. “We are so thankful for the aid this will provide as we seek to build a community that can break the cycle of poverty for those seeking a way out,” said Eddy Moratin, Executive Director of LIFT Orlando. “We are now one step closer to building high quality, mixed-income housing that will increase the quality of life for families, and provide the opportunity for them to succeed. This is part of a greater neighborhood revitalization plan that also includes economic development, job creation, establishing an exceptional cradle to career educational pipeline, and designing a community centered around health and wellness.”
About Lift Orlando
Founded in 2012, LIFT Orlando is a nonprofit organization founded by business leaders in Orlando, Florida, to partner with residents and break the cycle of poverty through holistic neighborhood revitalization focused around mixed-income housing, cradle to career education, community health and wellness and long-term economic viability.