WASHINGTON, DC - The Affordable Housing Tax Credit Coalition (AHTCC) today announced that Village on Mercy in Orlando, Fla., is a 2022 recipient of the Charles L. Edson Tax Credit Excellence Award (Edson Award) in the Large Metropolitan Area category, recognizing affordable housing and organizations that have demonstrated impactful use of the Low-Income Housing Tax Credit (Housing Credit).
Presented annually, the Edson Awards honor Housing Credit developments that strengthen communities, improve resident opportunities and support economies in urban, suburban and rural areas across the country.
“As rents have skyrocketed over the past year, these properties have provided sorely needed relief to their residents while improving their communities,” said AHTCC Chief Executive Officer Emily Cadik. “This year’s Edson Award winners have changed lives and neighborhoods for the better and show how much more we could gain if we further expand the program.”
Village on Mercy, developed by Ability Housing, Inc., provides 166 affordable homes serving formerly homeless individuals and low-income or extremely low-income households in Orlando, Florida. The 9 percent Housing Credit was used to finance the property, with syndication provided by Enterprise Housing Credit Investments. The lakefront apartment development serves over 400 residents, including 182 children and 39 elderly individuals, in Central Florida, a high-cost area that traditionally lacks affordable housing, indicated by the fact that 50 percent of all households that live in Village on Mercy were previously homeless immediately before moving in. Residents benefit from after-school and summer education programs, financial literacy classes, onsite medical services, job training and employment assistance programs. In January, Ability Housing announced a 10-year agreement with Bezos Academy to open a tuition-free, Montessori-inspired preschool at Village on Mercy in 2023. Since Village on Mercy’s opening, more than 800 residents have utilized the development’s on-site services.
Since 1986, the Housing Credit has financed more than 3.6 million homes for low-income households, including formerly homeless individuals and families, people with disabilities, veterans of the armed forces, and senior citizens. Through public-private partnerships, the Housing Credit offers a proven track record of financing safe, quality and stable affordable homes in communities where they are needed most.
“As is consistently the case, the Edson Award winners this year have demonstrated tremendous capacity and creativity in providing affordable homes to families in need in rural and urban communities, and particularly for at-risk populations including seniors, veterans, and the formerly homeless,” said Matt Josephs, AHTCC Board President and Senior Vice President for the Local Initiatives Support Corporation. “Their properties help to showcase why housing credits are so impactful, and I congratulate all of the awardees on their success.”
For more information about the 2022 Edson Awards, please visit taxcreditcoalition.org/edson-awards
About the Affordable Housing Tax Credit Coalition: Founded in 1988, AHTCC is a trade organization of housing professionals who advocate for affordable rental housing financed using the Low-Income Housing Tax Credit (Housing Credit). AHTCC’s for-profit and non-profit members—including syndicators, investors, lenders, developers, legal and accounting professionals and state allocating agencies—seek to preserve, expand and improve the Housing Credit and complementary programs through legislative outreach and education.
About Charles L. Edson: The Edson Awards are named for Charles L. Edson, an affordable housing luminary who was Transition Director for the U.S. Department of Housing and Urban Development under President Carter, served in the Office of the General Counsel at HUD and served as Co-Editor-in-Chief of Housing and Development Reporter for nearly 40 years.
About Ability Housing: Ability Housing is an industry-leading not-for-profit multifamily rental housing developer dedicated to creating high-quality affordable housing. We invest in communities through properties that enhance their surrounding neighborhoods, improve each community’s quality of life, and connect residents with a network of voluntary support services. For more information, visit AbilityHousing.org, like the organization on Facebook (facebook.com/AbilityHousing) and follow on Twitter (@AbilityHousing).