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ORLANDO-Two 15-year-old affordable housing complexes totaling 324 apartments will be getting a facelift shortly after the landlord, Enhanced Affordable Development Co. of Beverly Hills, CA, received a total $26 million in renovation financing from two separate sources.

CharterMac Mortgage Capital of Bethesda, MD says it is providing $8.9 million of equity in return for tax credits generated by the two properties, and $13.2 million for tax-exempt bonds generated by the developments. The Florida Housing Finance Corp. is providing $4 million under the State Apartment Incentive Loan program called SAIL, a low-interest funding source for affordable multifamily units.

The properties are the 156-unit Fox Hollow Apartments at 3536 Prairie Fox Lane near Orlando International Airport and the 1.3-million-sf Mall at Millenia; and the 168-unit Huntington Reserves Apartments at 2000 Rosecliff Circle in Sanford, Seminole County, 20 miles northeast of Downtown Orlando. Marc Gelman, CEO of Enhanced Affordable Development, says the renovations should be completed in early 2007.