Alliant Strategic Investments has begun construction of its first affordable housing properties in the nation to utilize the recent opportunity zone legislation alongside the low-income housing tax credit.
Parramore Oaks, an affordable housing development located in Orlando, is being developed by Invictus Development and SunTrust Bank.
Alliant created ASI in 2014 to focus on creating and preserving affordable workforce housing. The company believes the opportunity zone legislation will enable new capital to flow into workforce housing developments in growth-oriented opportunity zones.
The first phase, which is funded by SunTrust, will consist of 120 units: 96 affordable housing units and 24 market-rate units. The 96 affordable housing units will be available for families or individuals that earn no more than 50 percent to 60 percent of the area median income. About 5 percent of the affordable housing units will be reserved for people who are transitioning out of homelessness.
