The proposed Banyan East Town Apartments will be a multifamily, affordable-housing development consisting of a 3-story, energy-efficient, wood frame structures with elevators that will provide housing for 120 families (71 one-bedroom one-bath units and 49 two-bedroom two-bath units). The community will include on-site management offices, fitness center, meeting rooms, computer rooms, and a detached parking garage. The project is located in Altamonte Springs, Florida, and is conveniently within ¼ of a mile from the Altamonte Springs’ SunRail Station.

The development will serve low to very low income families in the area, with 86.7% of the units being certified affordable housing and 13.3% being market rate. The affordable housing will consist of 92 units set aside for tenants making incomes of 60% Area Median Income (AMI) and 12 units set aside for tenants making 30% AMI.

Construction is expected to begin in the 1st quarter of 2023 and be completed and fully leased by the 3rd quarter of 2024.

The project will be funded by 9% Housing Credits and State Housing Initiative Partnership program (SHIP).