P3X2 - Dedge - Subsidy Roll Off

Development Name: Magnolia Towers

Cluster 9
ShimID: 2274
Address: 100 E. Anderson Street Orlando, FL 32801
Housing Programs: HUD Use Agreement
Total Units: 156
Total Assisted Units: 156
Target Population: Elderly
Year Built: 1966
Subsidy Expiration: 2015

• Avg Rent / No. Rooms
• 0 BR: NA
• 1 BR: NA

Funders: HUD Multifamily
AVG Household size: NA

• Ethnicity %
• White: NA
• Asian: NA
• Black: NA
• Hispanic: NA
• Note, even though the demographics breakdown was unavailable the census data does that the tenants are predominantly white.

Avg Income: NA

Total Living Area: 105,612sf

Prev Year Assessed Value: $8,102,254

Property Use: Retirement Community

Building Type: Multi Family Residence

Ext Wall: Concrete Block Stucco

Int Wall: Drywall

With the expiration of the subsidy assistance in April of 2015 the elderly population will very likely be forced to seek out alternative housing, but in an ever dwindling market of subsidized housing this will prove increasingly difficult over the coming years.  The link below is a news article from the Orlando Sentinel  back in 2012.  The story had covered a series of unconfirmed notice of eviction letters being sent to the residents. The management company denied that they had sent them out, and that they are also commited to serving the elderly population.

http://www.wftv.com/news/news/local/contract-low-income-senior-housing-orlando-expire-/nWWjS/

The reality though is that with the expiration of the assistance it seems unlikely that they will be able to maintain the low rents that are currently being paid.  With the completion of the Dr. Philips next door, the Amway and future entertainment district down the street it seems very unlikely that the rents can be maintained at their current level with the inevitable rise of properties value.  The residents may not be forced out by a letter but by rising prices.

The buildings future will more than likely involve surface and interior renovations as a new crowd of young single professionals begin to move in taking advantage of the proximity to downtown.