ORLANDO INDUSTRIAL7.2%+0.4%
MIAMI MULTIFAMILY$3,420+1.2%
TAMPA RETAIL4.8%-0.2%
US-192 CORRIDOR$340/SF+4.1%
30Y FIXED MORTGAGE6.72%-0.08%
FED PROBABILITY (PAUSE)92%+2%
ORLANDO INDUSTRIAL7.2%+0.4%
MIAMI MULTIFAMILY$3,420+1.2%
TAMPA RETAIL4.8%-0.2%
US-192 CORRIDOR$340/SF+4.1%
30Y FIXED MORTGAGE6.72%-0.08%
FED PROBABILITY (PAUSE)92%+2%
ORLANDO INDUSTRIAL7.2%+0.4%
MIAMI MULTIFAMILY$3,420+1.2%
TAMPA RETAIL4.8%-0.2%
US-192 CORRIDOR$340/SF+4.1%
30Y FIXED MORTGAGE6.72%-0.08%
FED PROBABILITY (PAUSE)92%+2%

How does the 40% AMI restriction affect rent levels and NOI?

The income restriction requires that 40% of units be rented to households at or below 120% AMI at rents that are affordable to qualifying households, typically defined as 30% of the qualifying income. In the Orlando-Kissimmee MSA in 2026, 120% AMI for a 2-person household is approximately $109,000. At 30% of $109,000 annually, the maximum affordable gross rent is approximately $2,725/month. In most Orlando submarkets, this maximum rent far exceeds what a developer would actually charge for an income-restricted unit. The binding constraint is the market rent comparable, not the statutory maximum. A restricted unit at $1,200–$1,500/month in a corridor where market rent is $1,450–$1,800/month represents a discount of $250–$300/month per unit, approximately 17–20% below market. Across 40% of units in a 200-unit project (80 restricted units), the annual NOI impact is approximately $240,000–$288,000 in forgone market-rate rent. Against the property tax exemption benefit of $108,000–$144,000 annually, the net NOI impact of the restriction versus a pure market-rate project is approximately $96,000–$180,000/year. This is the "affordability penalty," and in corridors with deep density unlocks, it is more than offset by the additional units the density unlock provides.