In its quest to bring more affordable housing to the county, Osceola County commissioners approved lending $4.5 million to developer, Pinnacle Housing.
Pinnacle at the Wesleyan, includes 96 units on West Vine Street in Kissimmee that will be priced at or below 80% of the area’s median income for 50 years. The apartments— a mix of which will be mostly 2 bedrooms —will begin construction in December and are set to open in May of 2026.
The developer has 32 years to pay the no-interest loan back, which will be distributed over two years, according to meeting notes.
Commission Chair Viviana Janer said it is important that the county looks for innovative ways to create affordable housing.
“We do like the public-private partnerships in order to get them done,” Janer said on Monday.
Staff recommended the county manager fund a gap created by the rising costs of construction and labor, according to Board of County Commission meeting notes from March.
In a June letter to Pinnacle Housing, County Manager Don Fisher commitment to fund the project, saying the county is in need of 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 credits from the Florida Housing Finance Corp.; and $4.3 million from Live Local Act funds, according to Nov. 13 board of county commission meeting notes.
In total, the development is estimated to cost over $33.8 million, according to meeting notes.
The Pinnacle at the Wesleyan will be one of the first projects in the county that is using funds from the newly established Live Local Act through the Florida Housing Finance Corp. to build affordable housing in the county.
The Live Local Act or Senate Bill 102 was signed by Gov. Ron DeSantis in March and established a $711-million fund for affordable housing but also diminished the authority of local municipalities to set their own zoning and height regulations on new affordable developments.
“I think the state really needs to trickle that money down to communities that are really truly dedicating their time and resources to affordable housing like Osceola County,” Commissioner Peggy Choudhry said of the act. “Regardless, we are dedicating a lot of time and effort and we’re doing all we possibly can to bring more affordable housing.”
Pinnacle Housing and the Florida Housing Finance Corp. did not respond to requests for comment.
