Florida Community Loan Fund has joined forces with New Jersey Community Capital and Central Florida Foundation to address the needs for affordable rental housing in Orlando’s Parramore neighborhood. These 3 organizations invested $8 million to form the Parramore Asset Stabilization Fund (PASF) and have purchased 83 scattered-site residential units across 44 different properties. This unique partnership enables large scale, transformative impact, resulting in long-term neighborhood improvements that align with community plans and values.
PASF’s goal is to help stabilize and improve the Parramore neighborhood, a community where the median household income is just $15,000 and the unemployment rate is 23.8%, by:
- Preserving affordability of 83 homes for ten years and beyond;
- Working with local nonprofit housing developers and general contractors to rehabilitate the rental units, with renovations beginning in Spring 2019;
- Improving living conditions for residents through renovations that emphasize health and energy efficiency; and
- Providing a pathway to intergenerational wealth and access to financial literacy programs that prepare residents for homeownership.
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