Fern Grove Apartments is a 100% senior, multifamily, affordable-housing development that will consist of several 4-story, energy-efficient, concrete block and plank apartment building with elevators across a 25-acre parcel of land in Orlando, FL. A total of 138 units (70 one bedroom one bath units and 68 two bedroom two bath units) are part of the current design. The development will also include a dedicated on-site management office, fitness center, a large gathering room, meeting/card rooms, and a courtyard with a screened-in porch and multiple gazebos.
The development will serve low to very low income senior families in the area, with 100% of the units considered certified affordable housing and set-aside for tenants earning incomes of 60% of that Area Median Income (AMI) on average. 5 units are set aside for tenants earning 22% of AMI and another 21 units for tenants earning 30% of AMI.
Construction has commenced, and the project is expected to be completed and fully leased by the 3rd quarter of 2024.
The project will be funded by 4% Housing Credits, Multifamily Mortgage Revenue Bonds (MMRB), National Housing Trust Fund (NHTF), State Apartment Incentive Loan (SAIL), Extremely Low Income (ELI) Gap Loan, and HOME Investment Partnership Program.
Orlando, FL, USA