In 2013 the Federal National Mortgage Association foreclosed and took control of several apartment complexes in Orlando in varying degrees of uninhabitable conditions. In 2015, the City purchased the apartment complexes from the Federal National Mortgage Association.
In the summer of 2015, the City solicited proposals from parties interested in redeveloping the properties with the following goals in mind:
The Village of Orlando, Inc. submitted a proposal and an offer of $400,452 for the 2.65 acre Nichols Apartment complex built in 1960 at 541 South Cottage Hill Road (MAP). The proposal includes a $2,600,000 renovation and a promise to make a majority of the 58 units accessible to people who make no more than 80% of the average income in Orlando ($51,077 in 2015 Source) which is $40,800. The complex will also house homeless people with preference given to veterans with children.
The City acquired for a negotiated price of $400,452. It was appraised in January 2015 for $387,000. However, according to the Orange County Property Appraiser, the City paid paid $527,300.
This project has to be completed no later than one year after closing. A building permit must be acquired at least 3 months after closing.
- increasing the inventory of safe, affordable housing to serve low and moderate income households
- increasing the inventory of permanent supportive housing
- foster community development that would enhance the surrounding neighborhoods
The Village of Orlando, Inc. submitted a proposal and an offer of $400,452 for the 2.65 acre Nichols Apartment complex built in 1960 at 541 South Cottage Hill Road (MAP). The proposal includes a $2,600,000 renovation and a promise to make a majority of the 58 units accessible to people who make no more than 80% of the average income in Orlando ($51,077 in 2015 Source) which is $40,800. The complex will also house homeless people with preference given to veterans with children.
The City acquired for a negotiated price of $400,452. It was appraised in January 2015 for $387,000. However, according to the Orange County Property Appraiser, the City paid paid $527,300.
This project has to be completed no later than one year after closing. A building permit must be acquired at least 3 months after closing.
