Carrfour to Deliver First 56 Affordable Units with NSP2 Funds
- Aug 26, 2011
Carrfour Supportive Housing is putting federal stimulus dollars to work with the purchase of a formerly distressed apartment complex, Harvard House Apartments. The Miami-based developer purchased the property through funds from the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program 2—NSP2—which aims to support affordable housing developers looking to restore formerly-distressed or abandoned multifamily properties.
The Harvard House Apartments project calls for a total investment of $5.6 million–$1.2 million represents the initial purchase, $3 million is for renovation and building costs, and another $1.4 million is required for relocation expenditure, planning and permit expenses, and other soft costs. Carrfour Supportive Housing received a total of $17 million in NSP2 funds, out of which 50 percent must be spent by February 2012, or the money will be returned to the government. Harvard House is the developer’s first acquisition under the program, and Carrfour is currently on the hunt to spend the remainder of its $17 million allocation.
Harvard House Apartments, located at 2020 NE 169th Street in North Miami Beach, will feature 56 afforable units upon completion; 28 units will be designated for residents with incomes less than 50 percent the area media iIncome. Consisting of one-, two- and three-bedroom units, the Harvard House will also offer residents access to a computer room, basketball court, gymnasium, playground, picnic area, car care area and laundry room. Approximately 170 people will call Harvard House’s newly renovated units home starting late 2012, when the project is slated for completion.
Carrfour is a non-profit organization founded in 1993 by the Homeless Committee of the Greater Miami Chamber of Commerce whose mission is to provide permanent housing and supportive services for formerly homeless individuals and families in Miami-Dade County.