Affordable Housing Project For Seniors Breaks Ground in Orlando

Affordable housing has become a growing crisis all across the United States. Wages have remained stagnant as housing prices continue to increase, and this has created an unsustainable financial burden for many Florida families. This is a particular problem for the elderly since after retirement, most Americans live on a fixed income.

Now that the average life expectancy exceeds the average retirement age by a matter of decades, seniors might need affordable housing options for along time. Here in Florida, with our large population of retired residents, the affordable housing problem is a particular problem for seniors. A new housing development in Orlando aims to tackle this problem.

The Orlando Business Journal reports that the project was made possible by a complicated combination of creative financing. The private developer was able to lower its own investment through government grants and tax credits. The result is that local seniors will be able to rent apartment homes at rates well below the market average – just $740 per month for a one-bedroom and $880 per month for a two-bedroom. This is well below the average Orlando rental rate of$1391. The apartments will be available to residents aged 55 or older.

The affordable housing crisis will affect Florida’s retired residents for many years to come. In the meantime, many seniors are facing immediate housing problems due to the devastating financial effects of the coronavirus pandemic.

 
The experienced Oviedo and Casselberry eviction and foreclosure attorneys at Quattrochi, Torres, and Taormina are here to help all Florida families stay in their homes to stop the spread of COVID-19. We can help protect your legal rights during these difficult legal processes or help you explore other options for affordable housing. Call 407.452.4918 or contact us online today to schedule your free consultation.