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Realty Biz News - 22 March 2012
$17 Million of Federal Funds Used for
Affordable Housing in Miami
by Allison Halliday
Carrfour Supportive Housing, Florida’s largest non-profit affordable housing developer, is putting $17 million of federal stimulus funds into rehabilitating three formerly distressed properties. It’s all part of the US Department of Housing and Urban Developments neighborhood stabilization program.
It’s expected the project will create 256 new residences in Miami Dade County, providing permanent housing for approximately 1,092 men women and children over the next couple of years, and will create around 340 construction jobs. The government’s NSP2 program is aimed at revitalizing neighborhoods negatively impacted by foreclosure properties, or properties that have been abandoned as a result of the recession.
The HUD initiative, which is part of the American Recovery and Reinvestment Act of 2009 has already granted nearly $2 billion to states, local governments, non-profits and public or private non-profit entities, with the purpose of rehabilitating distressed properties. Carrfour Supportive Housing was part of a consortium of Miami Dade County development firms that were granted $89 million in funding through the program.
Carrfour President, Stephanie Berman says “With the acquisition of these properties, Carrfour has fully allocated the $17 million we were granted through the government’s NSP2 initiative. Our efforts to rehabilitate these properties over the next two years will result in a ‘triple win’ for the Miami Dade community. Beyond providing much-needed housing for families and individuals in need, we will rescue these apartments from distress while creating hundreds of construction jobs.”
The three buildings due for rehabilitation are as follows:
- Harvard House at 2020 NE. 169th Street in North Miami Beach will provide 56 affordable housing units, 28 of which will be designated for residents with incomes at or below 50% of the Area Median Income (AMI). Renovations of this $4.4 million project will begin later this month, and construction is expected to be completed late 2012.
- Hampton Village at the 4301 NW. 29th Avenue in Miami will provide 100 newly renovated units, all of which will be designated for residents with incomes and tour below 60% of the AMI. Renovations of this $6 million project will begin over the summer, and are expected to be completed late 2013.
- Tequesta Knoll at 1629 NW. 14th Terrace in Miami will provide 100 newly renovated units, 30 of which will be designated for residents with incomes at or below 50% of the AMI. The $5.6 million project is already underway, and is due to be completed late 2012.
Carrfour is a non-profit organization founded in 1993 by the Homeless Committee of the Greater Miami Chamber of Commerce. It’s the leading provider of supportive housing in Miami Dade, and Carrfour has assembled more than $2 million to develop and operate 1140 units of supportive housing across the county