Developer obtains $29M in funding for affordable housing in Miami
By Brian Bandell | September 4, 2023 | South Florida Business Journal
Blue Sky Communities and Community Assisted & Supported Living (CASL) obtained a combined $28.9 million in construction funding for an affordable housing development in the Allapattah neighborhood of Miami.
Jacksonville-based Everbank provided a $19.5 million mortgage to Blue CASL Dade LLC, a partnership between St. Petersburg-based Blue Sky Communities and Sarasota-based nonprofit CASL. The developers also obtained a combined $7.35 million in funding from four programs run by the Florida Housing Finance Corp. and $2.05 million in funding from Miami-Dade County.
The city also waived the $395,000 in development impact fees.
The developer acquired the 34,803-square-foot site at 2267, 2277, 2291 N.W. 36th St., plus 3618 N.W. 22nd Court, for $3.5 million in 2022. It was previously an auto dealership. It’s located a few blocks southwest of the Earlington Heights Metrorail Station.
Alto Tower was approved for 84 apartments in six stories, all of them affordable housing at 60% of area median income. The developer also agreed that half of the units would be rented to formerly homeless people.
The median household income in Miami-Dade is $74,700.
Alto Tower will have 10 studio apartments, 51 one-bedroom units, and 20 two-bedroom units. Units will range from 487 to 910 square feet.
Given the soaring development costs, it often takes a lot of public subsidies and funding to make affordable housing feasible in Miami-Dade.
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