Why New Miami Affordable Housing is Targeting Families
- Oct 27, 2015
Miami—Housing Trust Group in Miami has closed on the financing of Wagner Creek Apartments, a new $22 million, 73-unit mixed income affordable housing development targeting families in Miami.
Located at 1501 NW 13 Court, the building will sit adjacent to the Health District in Miami, walking distance to the University of Miami Hospital and the Miami VA Hospital.
The new eight-story development is expected to create approximately 85 temporary and permanent jobs during the 12- to 14-month construction phase and upon completion.
“We are grateful for the opportunity to partner with the City of Miami and Miami-Dade County on Wagner Creek, a development which provides working families with more options for safe, affordable and quality housing where it’s most needed,” Matthew Rieger, Housing Trust Group’s president & CEO, said.
Wagner Creek Apartments will target families featuring a mix of 10 one-bed, one-bath units, 55 two-bed, two-bath units, and eight three-bed, two-bath units. Sixty of the units will be set aside for residents earning at or below 60 percent area median income; eight will be set aside for those earning 33 percent AMI; and five will be reserved for moderate/workforce income levels, serving up to 120 percent AMI, to serve the diverse Health District demographic.
Amenities include full-size energy star appliances, central A/C, on-site management office, multi-purpose community room with kitchenette, walk-out rooftop terrace and garden, fitness center, computer lab and security cameras and controlled access.
The building will also offer services for children and adults including an after school care program, literacy training and an employment assistance program.
The community will incorporate green design and construction techniques in pursuit of the National Green Building Standard’s certification, and will benefit from Transit Oriented Development zoning because of its convenient access to Miami’s Metrorail Civic Center Station located just 250 yards away.
The $22 million development cost will be funded by a City of Miami HOME loan, Miami-Dade County’s Affordable Housing Surtax Program, Citi Community Capital Permanent Construction Loan, 9 percent Low-Income Housing Tax Credits (purchased by Raymond James Tax Credit Funds Inc.) and developer equity.