The Central Florida Foundation and the Central Florida Regional Housing Trust (CFRHT), its regional housing initiative, have announced a new fund to address the affordable housing crisis in the Orlando area.
Led by the foundation, in partnership with local business leaders, the Housing Impact Fund will work to raise and allocate $100 million in equity, debt, philanthropic gifts, and various subsidies to incentivize the development of single- and multi-family homes, for sale and rent, across a range of price points. The fund's priorities include the construction, renovation, and/or preservation over the next ten years of twenty-five thousand affordable homes close to good jobs, schools, and other community amenities, and a decrease in the number of residents who spend more than half their income on housing, with a focus on low- and moderate-income families.
"While wide support and soft commitments have been made to the fund, we are in conversation with corporations, individual investors, foundations, and employers across the community to secure investments that will drive the effort forward," said CFF in a statement.
"Private capital is one of the key factors in solving the housing crisis in Orlando," said Rob Panepinto, CFF board member and chair of the Central Florida Housing Action Team. "To actually make change happen, we must connect the private capital to changes in government policy to create a community where housing is attainable for its residents — one sector cannot do it alone."
(Photo credit: Central Florida Foundation)