Nonprofit begins construction in Zellwood on affordable homes
Homes in Partnership, an affordable housing nonprofit based in Lake County, started last week on the latest phase of their affordable home community in Zellwood, according to a report in GrowthSpotter.
The nonprofit had already completed construction on 62 homes in previous phases of the Holly Creek community at 7375 Holly Creek Road in Zellwood. The third phase includes an additional 29 homes ranging in size from about 1,200 to 1,500 square feet, bringing the total to 91.
The homes, which will be complete next year, will be available for qualifying applicants for about $250,000, made available through the U.S. Department of Agriculture’s Rural Development loan program. The monthly mortgage on the homes, which will be set aside for very-low and low-income individuals and families, will be $1,200 or less, including taxes and insurance.
The median sales price for a single-family home in the Orlando metro area was $472,500 in February, a 17.7% year-over-year increase, data from Redfin shows.