Dominium Acquires Oak Meadows Affordable Housing Community with Plans to Resyndicate and Renovate the Property

The developer has added 1,475 units to its Florida affordable housing portfolio this year

Dominium, a leading affordable housing owner, developer and manager announced today that it has acquired Oak Meadows affordable housing community in Cocoa, Florida.

Oak Meadows was built in 2009 with support from the Section 42 Low-Income Housing Tax Credit program (LIHTC) and offers 120 units of affordable housing for individuals making 60% and 35% of the Area Median Income (AMI). The community is spread throughout 17 residential two-story walkups and a clubhouse.

With this closing, Dominium’s Southeast office has closed 1,475 units in 2022, bringing the developer’s total Florida portfolio to 5,783.

Dominium will extend Oak Meadow’s LIHTC affordable housing status and conduct a $6 million renovation of the property, including unit renovations and upgrades to the clubhouse, fitness center and outdoor common spaces.

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 through the simple fact of increasing the supply of affordable housing.

Dominium would like to thank its development and financing partners for this project including the Florida Housing Finance Corporation, Winthrop & Weinstine, Nelson Mullins, and Commercial Partners Title. Without their help this work wouldn’t be possible.