Summary:
The Florida Real Estate Foundation, Inc. (Foundation),
a not for profit charitable subsidiary of the Orlando Regional REALTOR® Association,
wishes to partner with the City of Orlando to create Heroes’ Commons at Jefferson Park, a planned “village” of six homes that will be provided to income-qualified disabled veterans, veterans, local law enforcement officers, and other public safety personnel. The City’s sole contribution to the Project will be the conveyance of property to the Foundation for development and construction of six, single-family homes and related closing expenses. The Foundation will be the lead agency for the Project acting as the Developer. The Foundation will be responsible for the following: (1) coordinating and securing the financing for the project, (2) all of the development activities during the construction of the project, (3) conveyance of the properties to qualified households, and (4) all monitoring of compliance with Owner /Occupancy Requirements and Affordability Requirement during the City’s Affordability Period.
This agreement between the City and Foundation provides for the conveyance of six, vacant lots identified as 1201 & 1205 Polk Street and 1203, 1204, 1207, & 1208 W. Jefferson Street. The City purchased the six adjoining lots approximately three years ago with Federal EDI and NSP Grant funds. The total appraised value of all six lots is estimated to be approximately $43,200. The City will convey the lots to the Foundation by special warranty deed. A restrictive covenant will be recorded by the City in the Orange County Public Records to ensure the property will be developed and occupied solely for use as affordable housing units with a prohibition against rental use. The City restrictions will remain in effect for a minimum of fifteen (15) years.
The homes have been designed by members of the Orlando Chapter of the American Institute of Architects and will be built by members of the Metro Orlando Home Builders Association. The homes will range in size from 1,000 to 1,600 square feet. Four of the homes will be provided to owners whose income is at or below 120% of the MSA Median Income (moderate income, $70,200 for family of 4). Two homes will be provided to an owner whose income is at or below 80% of the MSA Median Income (low income, $46,800 for a family of 4). All six homes will have flexible floor plans designed to accommodate handicapped homeowners. A committee appointed by the Foundation will select the homeowners. (Veteran and disability information will be used to prioritize selection of the homeowners.)
This Project will fulfill the goals of providing affordable owner-occupied housing, in conformance with the goals and purposes of the U.S. Department of Housing Urban Development Neighborhood Stabilization Program.
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