LTC 315-2008 MBCD Status of City Allocations to Projects Under Development
2008 DEC I 0 AM 9~ 36
m- MIAMI BEACH ~,T~,~ c~~:~~s~;~~ U~~-,~
OFFICE OF THE CITY MANAGER
LTC # 315-2008 LETTER TO COMMISSION
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manager
DATE: December 10, 2008
SUBJECT: Miami Beach Community Development Corporation -Status of City Allocations to
Projects Under Development
The purpose of this LTC is to update the Mayor and City Commission on the status of Miami Beach
Community Development Corporation's (MBCDC) affordable housing projects currently under
development, which have received funding allocations from the City.
Currently, 242 affordable housing units are being rehabilitated or developed in the following six
properties:
• Villa Maria - 34 units
• Villa Matti - 36 units
• Meridian Place - 34 units
• The Allen - 39 units
• The Barclay - 66 units
• The London - 33 units
The attached chart demonstrates the sources and uses only for City funding allocated to each project,
and the status of the City allocations. These projects have leveraged city funds to apply for and receive
other financing from non-city sources, including, but not limited to: private financing, County funds
(HOME, CDBG, Surtax), State (SHADP) and Federal funds (EDI, FEMA).
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