Kissimmee Affordable Housing Project Rents Start at $592

HTG secured financing and broke ground on Kissimmee Cove, a new 73-unit affordable housing community located in the City of Kissimmee. Apartments are reserved for income-qualifying residents, with monthly rents ranging from approximately $592 to $1,660. Average rents in the submarket now exceed $1,500 for a one-bedroom apartment.

The community is supported in part by an $8.4 million loan from Community Development Block Grant–Disaster Recovery (CDBG-DR) funding. Kissimmee Cove is financed with $9.37 million in FHFC tax credits syndicated by Raymond James; an $8.4 million CDBG-DR loan; a $12 million construction loan from Fifth Third Commercial Funding; and a $6.57 million permanent loan from Grandbridge through Freddie Mac.

Located at 1790 N Hoagland Blvd., Kissimmee Cove will deliver 62 one-bedroom and 11 two-bedroom apartments with full-size appliances and energy-efficient windows, and amenities including a multipurpose club room with community kitchen, fitness center, cybercafe, and swimming pool with barbecue area. A number of social services will be offered as well.