Housing Trust Group, Housing for Homeless Start $30M Affordable Community in Cocoa

Housing Trust Group (a developer of affordable housing) and Housing for Homeless, Inc. (a nonprofit that provides serves the homeless of Brevard County, FL) have closed on financing on Orchid Lake, a new 90-unit $30-million affordable housing community located in Cocoa.

Apartments at Orchid Lake will be reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent AMI, with rents ranging from $228 to $1,107 per month. The property is scheduled to deliver in early 2024.

Orchid Lake will be a three-story community located at the corner of University Lane and Michigan Avenue with a mix of one-, two-, and three-bedroom units. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor BBQ area, and media room.

Orchid Lake will also provide its residents with an array of support services that include adult literacy training, an employment assistance program, and financial management program.

Funding sources for Orchid Lake include $15.7 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $9 million loan through the State Apartment Incentive Loan program, a $380,000 loan from Florida Housing ELI, and an additional $556,500 loan from the National Housing Trust Fund through the Florida Housing Finance Corporation and a $2.6 million loan through Raymond James Bank.