Several new construction and renovation projects are helping to serve a crucial need for affordable housing across the state of Florida. Investments by PNC Multifamily Capital are helping three low-income housing tax credit (LIHTC) projects come to life to serve their respective communities.
“These projects meet the needs of families in high-demand areas to be able to secure affordable housing where it’s needed most,” Head of PNC Multifamily Capital Todd Crow said. “We are proud to make investments through PNC Multifamily Capital to support these communities for many years to come.”
Sweetwater Apartments
Sweetwater Apartments is the first new construction LIHTC project in the Lake City area in more than 20 years, representing a critical investment in housing stability for low- and moderate-income families. The development is strategically located along Interstate 75 between Orlando and Jacksonville and is a mission-aligned development that will deliver lasting benefits to the area.
Sweetwater’s initial phase will offer 48 family-designated units, consisting of two three-story, garden-style residential buildings with 24 one-bedroom and 24 two-bedroom units. Of those, 38 units will be set aside for residents earning 60% or less of the area median income (AMI). Five units will be allocated to households earning up to 40% AMI and five units will be allocated to households earning 30% AMI.
The project brings together an innovative collaboration of federal tax credits, funding from the state of Florida, and the local Greater Lake City Community Development Corporation, who provided the land. This project will serve as the initial phase of a multifamily development with up to 120 affordable housing units planned in Lake City.
The Sweetwater development was recently recognized by the Florida Housing Coalition as its 2025 Housing Resonance Award winner, recognizing a shared vision of “creating stronger, more inclusive communities.” When construction is completed, the property will qualify for the National Green Building Standard Gold Certification.
PNC Multifamily Capital worked with ReVital Development Group, Birdsong Housing Partners and the Greater Lake City Community Development Corporation on the development and directly invested more than $13.5 million in LIHTC equity in the project. PNC also provided a bridge loan of almost $10.45 million and a $1.25 million construction to permanent loan.
Valencia Trace Apartments
Originally built in 2003, Valencia Trace is a 229-unit family affordable housing renovation located in Orlando including 24 one-bedroom units, 97 two-bedroom units, 84 three-bedroom units, and 24 four-bedroom units across ten three-story, garden-style buildings, plus two manager’s units.
The property offers to preserve housing for underserved families in a high-cost area with competitive rents where comparable affordable properties maintain 97% to 100% occupancy. When the renovation is completed, the property will continue to serve family households earning up to 60% of AMI. Rents offered will allow residents a 30% discount compared to market rate units.
PNC Multifamily Capital worked with developer April Housing on the renovation and directly invested more than $28.7 million in LIHTC equity in the project. PNC also provided a bridge loan of $23.8 million and a 33.9 million agency loan.
The Mira Apartments
The Mira is a 300-unit new construction community for families in Apopka. The project consists of 10 three-story buildings and will feature 96 two-bedroom, 132 three-bedroom, and 72 four-bedroom units at 50%, 60%, 70% and 80% AMI. The Mira is centrally located near several leading employers, including Amazon and AdventHeath Apopka.
The property preserves housing for underserved families in a high-cost area with competitive rents where comparable affordable properties maintain 97% to 100% occupancy. Located in one of Florida's strongest areas of growth near Orlando, the project will preserve affordable housing for many families in an inflated cost area for the next 30 years or more.
PNC Multifamily Capital worked with developer Dominium Development & Acquisition on the development and directly invested more than $45.6 million in LIHTC equity in the project. PNC also provided a bridge loan of $29.4 million and a commitment for a $51 million agency permanent loan.
Let's build your brilliant
PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, seniors housing and conventional products. Each year, PNC Multifamily Capital finances or invests in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more or contact your relationship manager.
