Orange County Allocates $58.5M for Affordable Housing NOW

UPDATE: Orange County Commissioners have just approved a groundbreaking allocation of $58.5 million to tackle the region’s housing crisis. This funding, designated for the Affordable Housing Trust Fund, aims to build and preserve 3,570 affordable housing units over the next three years.

The board’s unanimous decision, reported earlier today, signals an urgent commitment to providing housing solutions for residents earning between 30% and 80% of the area median income (AMI). This initiative is expected to significantly impact nearly 5,000 households when combined with projected federal and state funding.

In Orange County, an individual earning $59,050 meets the 80% AMI threshold, while those earning $22,150 fit the 30% category. This funding is critical as the county continues its mission initiated in 2019 to create or preserve 11,000 affordable units by 2030.

Commissioners initially launched the Affordable Housing Trust Fund with a $10 million investment, which is set to grow by 10% annually. This increase translates to projected investments of $17.7 million in 2026, $19.5 million in 2027, and approximately $21.3 million in 2028. This year’s approval is pivotal as it closes the funding gap for numerous projects.

“We have been able to close the affordability gap in this community,” stated Orange County Mayor Jerry Demings. “That takes all of us, including the private sector and the public sector, to be able to do that.”

The county has successfully financed 2,367 units through the trust fund from 2020 to 2025, with an additional 2,590 units from alternative sources. The new funding strategy incorporates gap financing, allowing the county to fill financial voids for affordable projects, ensuring their viability.

Last year, the county allocated $20.85 million to five selected developers for affordable housing projects. Among these, the Mariposa Grove, a planned 138-unit tower in downtown Orlando, is set to benefit from this financing.

In a significant move, Orange County voters made the affordable housing trust fund permanent through a charter amendment last year. This ensures sustained financial support as the county seeks to address the pressing need for affordable housing.

The county also amended its code in 2021 to exempt developers of certified affordable housing projects from certain impact fees. This exemption translates to substantial savings, expediting project timelines. For instance, a $2.2 million exemption was granted for the Barnett Villas project, while $1.3 million was allocated for the Enclave at Canopy Park.

As the county presses forward, groundbreaking events for several projects, including the Osprey Sound community, are on the horizon. This initiative reflects a growing commitment to enhancing the availability of affordable housing for Orange County residents.

Community members and stakeholders are encouraged to stay informed as this story develops. For tips on Central Florida development, contact Ty Williams at (407) 607-8160 or [email protected]. Follow GrowthSpotter on Facebook and LinkedIn for the latest updates.