Parramore Asset Stabilization Fund

In 2018, the Parramore Asset Stabilization Fund (PASF) was formed as a collaboration of three high-performing nonprofits: the Florida Community Loan Fund, Central Florida Foundation, and New Jersey Community Capital with the goal to transform affordable rental housing into sustainable quality homes through an $8 million investment. PASF purchased 83 residential units across 44 properties in Orlando’s African American Parramore neighborhood, with a commitment to renovate units and keep rents affordable for existing tenants. Engaging in rehabilitation planning and site clearance in 2019, by January 2020, rehabilitation work was fully underway. While delayed due to COVID-19, the project was successfully completed by December 2021.

Major renovations include new roofs, kitchens, bathrooms, floorings, and usually new HVAC systems with energy efficient upgrades reducing overall costs. PASF is committed to keeping rents affordable, and after 10 years, residents have the option to purchase their home. Homes not purchased will transition from PASF to the Central Florida Regional Housing Trust, ensuring 10 years of affordability. PASF, with the city, Community Redevelopment Agency (CRA), and other partners have made community-wide improvements of this scale achievable and successful.