By Mark Baratelli
The developer of Phase 2 of the Parramore Oaks low income housing project, InVictus Development, LLC, may be getting a $491,400 grant from the City in order to make their application to get financing for Phase 2 from the Local Government Revitalization RFA 2018-102 more competitive. The CRA Advisory Board considered this item at its February 21, 2018 meeting and recommended approval. It goes before City Council February 26th.
Earlier for Phase 2, they applied but did not win 9% Low Income Housing Tax Credits from the Florida Housing Finance Corporation because the City chose to give their Local Government Preference award LIFT Orlando.
The City's already given InVictus Development $648,000 for Phase 1. They were successful in obtaining 9% Low Income Housing Tax Credits through the Florida Housing Finance Corporation. Construction of Phase 1 will begin construction in 2018
The developer of Phase 2 of the Parramore Oaks low income housing project, InVictus Development, LLC, may be getting a $491,400 grant from the City in order to make their application to get financing for Phase 2 from the Local Government Revitalization RFA 2018-102 more competitive. The CRA Advisory Board considered this item at its February 21, 2018 meeting and recommended approval. It goes before City Council February 26th.
Earlier for Phase 2, they applied but did not win 9% Low Income Housing Tax Credits from the Florida Housing Finance Corporation because the City chose to give their Local Government Preference award LIFT Orlando.
The City's already given InVictus Development $648,000 for Phase 1. They were successful in obtaining 9% Low Income Housing Tax Credits through the Florida Housing Finance Corporation. Construction of Phase 1 will begin construction in 2018
It's not seen as a positive move to locate affordable housing in depressed areas.
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