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850 Orlando Residents Will Benefit From New Affordable Housing Project

Two non-profit organizations, Springboard Nonprofit Consumer Credit Management Inc. and Money Management International (MMI), have joined forces in a joint venture that will provide affordable housing for approximately 850 low-income residents of Orlando, Florida. They recently acquired the former Seminole Ridge Apartments and will turn them into 240 multi-family units.

The new $12.5 million housing project is part of a bigger initiative by the two organizations to provide affordable housing in areas of high need. In addition to a $25 million Affordable Housing Fund, the organizations want to raise additional funds to help thousands of low- to moderate-income individuals and families find low-income housing.

The plan is called Social Conscious Management which also includes housing counseling and financial education. Rents on the housing units are kept low--no more than 30 percent of family incomes. This is considerably lower than the estimated 12 million Americans who are currently paying more than 50 percent, according to the U.S. Department of Housing and Urban Development (HUD).

Springboard Nonprofit Consumer Credit Management is a nonprofit personal financial education and counseling organization founded in 1974 with offices in California, Arizona, Nevada, New Mexico, Texas, South Carolina and Massachusetts. Money Management International is a nonprofit, full-service credit counseling agency established in 1958 with more than 100 branch locations in 25 states.

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