Titan Land Company President Domingo Sanchez has five potential affordable housing sites in Osceola County, but he's got a tight window to file the applications in time for Florida Housing Finance Corporation's Nov. 17 due date.
Three of the sites are commercial parcels in the Poinciana area's Bellalago community. Sanchez said he has the land under contract from the developer AV Homes, but must get county staff to approve a PD revision that currently limits the number of multifamily units allowed on the property.
Titan has proposed a 100-unit affordable workforce housing complex and two affordable senior housing complexes (100 and 120 units) in Bellalago. The company has built two senior affordable complexes in the Poinciana area: Vista Del Sol and Tierra Pointe.
Senior Planner Tina Burdette told Sanchez on Wednesday that two of the lots already have an approved conditional development plan (CDP) for 86 fee simple duplex units. The entire Bellalago Planned Development (PD) only has entitlements for 248 multifamily units.
"You're proposing a total of 320 units," she said.
Sanchez is also pitching two 100-unit affordable workforce housing complexes in the county. One site is a 5-acre parcel on South Doverplum Avenue, next to the Poinciana Walmart. The other on 11.6 acres just off E192 across from Simpson Road. That site is owned by Schoolfield Properties and lies within the E192 CRA District, which will be subject to new design guidelines later this year.
Sanchez said he would apply for the Bellalago PD amendment, which could be reviewed and approved by staff in as few as 10 days -- giving him just enough time to meet the FHFC deadline.
He told GrowthSpotter he's not concerned about the multifamily entitlements because it's unlikely that FHFC would select all three sites.
"We'll build as many as we get funded for," he said Wednesday. "The difficult thing about affordable housing tax credits is that the program is very competitive. FHFC usually only picks one project per county in each funding cycle."
That's why it's common for developers to improve their odds by making multiple submissions. The FHFC will announce the tax credit recipients for this funding cycle in January.