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Tag: affordable housing

  • Affordable Housing Development Breaks Ground in Orlando

    Affordable Housing Development Breaks Ground in Orlando

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    There was recently a groundbreaking ceremony for 52 at Park, a 300-unit apartment complex for lower-income families and individuals in Orlando.

    Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on the future site of 52 at Park during a ceremony with LAC leaders, local lawmakers and partners. 52 at Park will provide 300 affordable housing units to individuals and families in Orange County earning no more than 60% of the Area Median Income.

    “Lincoln Avenue Communities is proud to grow our portfolio of affordable housing developments in Florida,” said Jordan Richter, LAC vice president and regional project partner. “Once completed, 52 at Park will provide hundreds of high-quality, affordable homes in one of the state’s fastest-growing metropolitan areas.”

    The property will include eight residential buildings, with all units expected to be completed by the end of 2025.

    “The City of Orlando remains committed to ensuring that everyone who wants to call Orlando home has access to quality housing that is safe and affordable,” said Orlando Mayor Buddy Dyer. “Through the power of partnership by working alongside Lincoln Avenue Communities, we look forward to welcoming the addition of 300 new affordable apartments and continue to leverage funding and offer incentives to make it easier for developers to build affordable housing in Orlando.”

    52 at Park will offer amenities including a fitness center, pool, clubhouse, central laundry and a playground. The property will also include a sprawling solar installation that will offset 100% of the community’s electricity usage, making it one of the first affordable housing communities in Florida to provide full solar offsetting.

    “LAC is committed to ensuring the long-term sustainability and resiliency of our developments,” said Cricket Cleary, LAC director of development. “52 at Park represents a major step toward a new generation of high-quality sustainable housing in Florida, and throughout the country.”

    The project was financed through an issuance of tax-exempt bonds from the Orange County Housing Finance Authority; a Low-Income Housing Tax Credit equity investment from Freddie Mac, syndicated by Berkadia; a Construction Inflation Response Viability Funding loan from the Florida Housing Financing Corporation; construction and permanent loans from Deutsche Bank, serviced by Berkadia; and solar energy credit equity.

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  • 20 least-affordable US cities to buy a home are all in California

    20 least-affordable US cities to buy a home are all in California

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    “How expensive?” tracks measurements of California’s totally unaffordable housing market.

    The pain: Twenty U.S. cities with the highest home-price-to-income ratios are all in California.

    The source: My trusty spreadsheet reviewed a housing affordability yardstick by Construction Coverage, which tracked median home prices divided by the median annual household income for 384 cities including 79 from California.

    The pinch

    If going 20 for 20 at the top of this “unaffordability” ranking wasn’t painful enough, look at California’s share of this city-by-city scorecard this way …

    • 93% of the 30 costliest cities were from the Golden State
    • 83% were in Top 40.
    • 78% were in the Top 50.
    • 69% were in the Top 75.
    • 61% were in the Top 100.
    • 51% were in the Top 150.

    Or ponder the statewide pain like this: A California home costs 8.4 times income ($765,197 vs. $91,551) compared with 4.7 times nationally – $347,716 price vs. 74,755 income.

    Pressure points

    Here are California’s Top 20 …

    No. 1 Newport Beach: Cost ratio of 25.4 times – $3.2 million price vs. $127,353 income.

    No. 2 Palo Alto: 19 times – $3.4 million vs. $179,707.

    No. 3 Glendale: 15.2 times – $1.2 million vs. $77,483.

    No. 4 Los Angeles: 12.5 times – $953,501 vs. $76,135.

    No. 5 El Monte: 12.3 times – $733,107 vs. $59,368.

    No. 6 Costa Mesa: 12.2 times – $1.3 million vs. $103,891.

    No. 7 El Cajon: 12.1 times – $801,111 vs. $66,045.

    No. 8 Inglewood: 12.1 times – $757,106 vs. $62,601.

    No. 9 Hawthorne: 11.9 times – $872,568 vs. $73,515.

    No. 10 Sunnyvale: 11.8 times – $2 million vs. $169,781.

    No. 11 Irvine: 11.6 times – $1.4 million vs. $123,003.

    No. 12 Huntington Beach: 11.3 times – $1.3 million vs. $111,122.

    No. 13 Torrance: 10.9 times – $1.2 million vs. $108,406.

    No. 14 Garden Grove: 10.6 times – $917,752 vs. $86,975.

    No. 15 San Jose: 10.5 times – $1.4 million vs. $133,835.

    No. 16 Anaheim: 10.4 times – $881,544 vs. $85,133.

    No. 17 East Los Angeles: 10.3 times – $660,277 vs. $64,156.

    No. 18 Long Beach: 10.3 times – $825,502 vs. $80,493.

    No. 19 Oceanside: 10.2 times – $850,185 vs. $83,271.

    No. 20 Tustin: 10.2 times – $1.1 million vs. $104,427.

    By the way, No. 21 is Arizona’s Flagstaff with a 10.15 cost ratio – $646,425 vs. $63,612.

    The ‘bargains’

    California’s most “affordable” cities on this scorecard include …

    No. 233 Visalia: 4.6 times – $372,140 price vs. $81,362 income.

    No. 177 Bakersfield: 5.3 times – $380,862 vs. $72,017.

    No. 169 Palmdale: 5.5 times – $495,928 vs. $90,330.

    No. 160 Stockton: 5.7 times – $430,810 vs. $76,231.

    No. 149 Fresno: 5.8 times – $370,798 vs. $64,196.

    The nation’s cheapest city, by this math was Jackson, Mississippi, with a 1.4 cost ratio – $57,808 vs. $40,631.

    Quotable

    A sobering tidbit, nationally speaking, from the report: “On an inflation-adjusted basis, household incomes increased by just 4.5% since 2000, while home prices increased by 59%.”

    Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com

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    Jonathan Lansner

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  • Housing need at center of Polk’s State of the County

    Housing need at center of Polk’s State of the County

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    LAKELAND, Fla. — Polk County is wedged between two fast growing cities: Tampa and Orlando.

    The area has seen booming growth as people look for housing as well as more affordable cost of living options.


    What You Need To Know

    • Polk County State of the County address
    • The address, featuring multiple local officials, is scheduled for 8:30 a.m.  Thursday
    • Officials said the top issue for Polk County is housing for its continued growth

    And affordable housing is one of the big challenges Polk County faces in its future. That’s why it will be one of the central messages during the State of the County address on Thursday

    The address, featuring multiple local officials, is scheduled for 8:30 a.m. at the Polk County Sheriff’s Office’s PROCAP Room in Winter Haven. 

    Polk Commission Chair Bill Braswell, one of the speakers, said in the past year, the county has chipped away at county service issues like trash collection and emergency response times.

    Braswell said that happened while officials were able to lower property taxes.

    But available affordable housing is the continuing challenge, Braswell said, adding that people moving to Polk need more options.

    “I look at things like, we call them snuggle wides, they are half of a full-size mobile home, kind of like a mini-home,” Braswell said. “This mini-home thing is really popular. but we could house a lot of people and at very low rent if we could get somebody to come in here and develop out some of these properties.”

    And population growth is not going away.

    In fact, in an estimate last year from State Senate President Kathleen Passidomo, she wrote, over the next 5 years, Florida could see 300,000 new residents per year.

    That’s a net gain of around 800 people, per day, through 2029.

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    Jason Lanning

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  • Gov. Kathy Hochul’s landmark plan aims to combat NYC’s affordable housing shortage

    Gov. Kathy Hochul’s landmark plan aims to combat NYC’s affordable housing shortage

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    Mayor Eric Adams and Governor Kathy Hochul.

    Photo by Dean Moses