/C O R R E C T I O N -- Lincoln Avenue Communities/

In the news release, Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in Orlando, Florida, issued 23-Apr-2024 by Lincoln Avenue Communities over PR Newswire, due to a technical issue from PR Newswire the images failed to distribute with the press release. The complete, corrected release follows:

Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in Orlando, Florida

Mayor Buddy Dyer, Director of Program Operations for Orange County Housing Finance Authority Shawn Tan and LAC leaders attended the groundbreaking ceremony for 52 at Park, a 300-unit apartment complex for lower-income families and individuals in Orlando. Additional photos and renderings available upon request.

ORLANDO, Fla., April 23, 2024 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground Tuesday on the future site of 52 at Park during a ceremony with LAC leaders, local lawmakers and partners. 52 at Park will provide 300 affordable housing units to individuals and families in Orange County earning no more than 60% of the Area Median Income.

"Lincoln Avenue Communities is proud to grow our portfolio of affordable housing developments in Florida," said Jordan Richter, LAC vice president and regional project partner. "Once completed, 52 at Park will provide hundreds of high-quality, affordable homes in one of the state's fastest-growing metropolitan areas."

The property will include eight residential buildings, with all units expected to be completed by the end of 2025.

"The City of Orlando remains committed to ensuring that everyone who wants to call Orlando home has access to quality housing that is safe and affordable," said Orlando Mayor Buddy Dyer. "Through the power of partnership by working alongside Lincoln Avenue Communities, we look forward to welcoming the addition of 300 new affordable apartments and continue to leverage funding and offer incentives to make it easier for developers to build affordable housing in Orlando."

52 at Park will offer amenities including a fitness center, pool, clubhouse, central laundry and a playground. The property will also include a sprawling solar installation that will offset 100% of the community's electricity usage, making it one of the first affordable housing communities in Florida to provide full solar offsetting.

"LAC is committed to ensuring the long-term sustainability and resiliency of our developments," said Cricket Cleary, LAC director of development. "52 at Park represents a major step toward a new generation of high-quality sustainable housing in Florida, and throughout the country."

The project was financed through an issuance of tax-exempt bonds from the Orange County Housing Finance Authority; a Low-Income Housing Tax Credit equity investment from Freddie Mac, syndicated by Berkadia; a Construction Inflation Response Viability Funding loan from the Florida Housing Financing Corporation; construction and permanent loans from Deutsche Bank, serviced by Berkadia; and solar energy credit equity.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 28 states and a portfolio of 150 properties comprising 27,000+ units.

SOURCE Lincoln Avenue Communities