ORLANDO, Fla. \u2013 The City of Orlando has approved the sale of eight newly built homes in Parramore, marking a new milestone in a long-running effort to expand homeownership opportunities in the historic downtown neighborhood.<\/p>\n
The initiative began in 2014 with the goal of bringing more owner-occupied housing back to Parramore. On Wednesday, the city announced it is moving forward with selling the latest group of homes\u2014each featuring three bedrooms and two-and-a-half bathrooms.<\/p>\n
One of the newest homebuyers is an Orange County Public Schools employee: a teacher at Jones High School.<\/p>\n
\u201cThe cost of living in the Central Florida area continues to rise so this allows our employees to live closer where they work and it\u2019s affordable,\u201d said Bridget Williams, deputy superintendent of Orange County Public Schools.<\/p>\n
Williams said programs that help educators buy homes closer to their jobs can make a meaningful difference, especially for employees commuting long distances.<\/p>\n
\u201cThis will help with that commute that\u2019s over an hour a day to get to work,\u201d she said.<\/p>\n
The sales price for the home is $345,000.<\/p>\n
After the interview, a resident approached News 6\u2019s Ashley Garrett off camera with a concern about the pricing\u2014questioning how a home at that cost fits within a neighborhood where, according to Niche, the average salary for Parramore residents is around $18,000.<\/p>\n
In response to that question, District 5 Commissioner Shan Rose said the homes are being sold below what the city spent to build them.<\/p>\n
\u201cWe are selling the homes for less than what we paid for at appraised value,\u201d Rose said.<\/p>\n
When asked what the city paid in construction costs, Rose said it was roughly $380,000\u2014about $37,000 more than the sales price.<\/p>\n
The city is also offering financial assistance to help qualifying buyers afford the homes. Rose said the program includes a potential buy-down of up to $150,000, depending on eligibility factors.<\/p>\n
\u201cUltimately we have a buy down of $150,000. It\u2019ll be based on a couple factors that will say how much buy down will be,\u201d she said.<\/p>\n
If you or someone you know is a first-time homebuyer interested in one of the remaining new homes in Parramore, there is an application process underway. <\/p>\n