In their quest to bring more affordable housing to the county, Osceola County Commissioners approved a $4.5 million loan to developer, Pinnacle Housing.
Wesleyan’s Pinnacle includes 96 units on West Vine Street in Kissimmee that will be priced at or below 80% of the area median income for 50 years. Construction of the apartments – most of which will be 2 bedrooms – will begin in December and are scheduled to open in May of 2026.
According to the meeting notes, the developer has 32 years to repay the interest-free loan, which will be disbursed over two years.
Commission Chairwoman Viviana Jenner said it is important that the county looks for innovative ways to create affordable housing.
“We prefer a public-private partnership to get these done,” Jenner said Monday.
According to board notes of a County Commission meeting from March, staff recommended the county manager fund the gap created by rising construction and labor costs.
In a June letter to Pinnacle Housing, County Manager Don Fisher committed to funding the project, saying the county needs more affordable housing.
The project is also being funded by a $500,000 loan from the city of Kissimmee, which approved it in June; Low-Income Housing Tax Credit from the Florida Housing Finance Corporation; and $4.3 million from Live Local Act funds, according to Nov. 13 county commission meeting notes.
Overall, the development is estimated to cost more than $33.8 million, according to meeting notes.
Pinnacle at Wesleyan will be one of the first projects in the county using funds from the newly established Live Local Act through the Florida Housing Finance Corporation to build affordable housing in the county.
The Live Local Act, or Senate Bill 102, was signed by Governor Ron DeSantis in March and established a $711 million fund for affordable housing, but requires local municipalities to set their own zoning and height rules on new affordable developments. Rights were also reduced.
Commissioner Peggy Chaudhary said of the act, “I think the state really needs to get that money out to communities that are really devoting their time and resources to affordable housing like Osceola County.” “Regardless, we are dedicating a lot of time and effort and we are doing everything we can to bring more affordable housing.”
Pinnacle Housing and Florida Housing Finance Corp. did not respond to requests for comment.
Source: www.bing.com
