Information provided by Hannibal Square Land Trust
Hannibal Square Community Land Trust is proposing building 30 townhomes for homeownership on the parcels facing Orange Center Boulevard and a 3-story, mixed-use development at the corner of Tampa Avenue and Orange Center.
Hannibal Square Community Land Trust (HSCLT), Inc., is a 501(c) 3 not-for-profit and since 2004 has been providing opportunities for very low, low, and moderate-income families to secure housing that is permanently affordable through a land trust model. To achieve their goal of affordable housing, HSCLT obtains real property which it then leases to qualified buyers on a 99-year ground lease. The buyer is able to purchase a home, while removing the often-prohibitive cost of the land from the equation.
The townhomes for sale as part of the HSCLT proposal for Orange Center will be 3BR/2.5BA, with 2-car attached garages, and built for water and energy-efficiency. HSCLT plans to sell nine homes to families earning between 50% and 80% Area Median Income (AMI), nine families earning between 80% and 120% AMI, and the other twelve would be available to any family that meets the mortgage qualifications. All homes will be built to the same standards and include the same amenities. All homes will remain in the land trust to ensure permanent affordability. Hannibal Square Community Land Trust uses an appraisal-based resale formula, allowing the homeowner to benefit from the equity gained from increased property value of their home. Townhomes that are sold at market rate will not be restricted to a resale formula.
HSCLT works with potential home-buyers to ensure their incomes meet the affordability criteria and will assist the qualified candidates through the mortgage approval process. This includes helping candidates get scheduled for first-time home-buyer classes and find down-payment assistance programs. HSCLT staff will also work to keep potential home-buyers engaged during the construction phase to help them stay qualified to purchase as they await homes to be finished.
The mixed-use building is proposed for 20,000 square feet of retail space on the first floor. The top two floors consist of 28 mixed-income one- and two-bedroom apartments with balconies. Parking will be provided in the rear to help create the walkability and outdoor seating/eating space along the front and side of the property.
The proposed builder for this project is CTG Construction Management, a local African-American firm with almost 30 years of construction management experience in commercial, institutional, residential (multifamily) and mixed-use development.
The City of Orlando will be holding a hearing on the Purchase and Sale Agreement for Orange Center Boulevard Real Property to Hannibal Square Community Land Trust on May 13, 2019. Questions or comments regarding the proposal can be emailed to info@hannibalsquareclt.org or you can call 407-643-9111.