Dominium, a leading affordable housing owner, developer, and manager, announced that it has acquired land at 375 Maison Boulevard in Kissimmee, Florida, for the development of Maison at Solvita Marketplace.
Once completed, Maison at Solvita Marketplace will feature 120 two-bedroom, 180 three-bedroom, and 96 four-bedroom homes, all income- and rent-restricted at 60% of the Orlando MSA Area Median Income (AMI). The community will be constructed by WD Construction, and will include high-quality amenities such as a clubhouse, fitness center, swimming pool, playground, bus stop, and outdoor recreational spaces. The project will be delivered in three phases over 32 months.
Construction of Maison at Solvita Marketplace will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.
This milestone marks Dominium’s first new construction project utilizing Multifamily Mortgage Revenue Bonds issued by the Florida Housing Finance Corporation (FHFC), further strengthening its partnership with Florida’s largest bond issuer and LIHTC allocator. The project will also leverage the newly passed ad-valorem tax exemption facilitated by FHFC.
Dominium would like to thank its development partners, including Deutsche Bank, Stifel Nicolaus & Co, Truist Bank, Freddie Mac, Grandbridge, Florida Housing Finance Corporation, Osceola County, Winthrop & Weinstine, Holland & Knight, Seltzer Management Group, US Bank, Commercial Partners Title, Bryant Miller Olive, Latham, Luna, Eden & Beaudine, Narbors, Giblin & Nickerson P.A., Nelson Mullins, Tiber Hudson, Kutak Rock, and Akerman.
Maison at Solvita Marketplace represents Dominium’s continued commitment to address the growing need for affordable housing in Florida and across the nation.
