LTC 135-2009 MBCDC Successfully Retained its $2M Loan Commitment From Statem MIAMIBEACH
OFFICE OF THE CITY MANAGER
NO. LTC # 135-2009 LETTER TO COMMISSION
TO: Mayor Matti Herrera Bower and Members of the pity Commission
FROM: Jorge M. Gonzalez, City Manager
DATE: May 22, 2009
SUBJECT: Miami Beach Community Development Corporation (MBCDC) Successfully
Retained Its $2 Million Loan Commitment From State
This Letter to Commission is intended to update you on the status of Villa Maria Apartments,
the 34-unit elderly resident affordable housing development, located at 2800 Collins Avenue,
and to inform you of two notable accomplishments of the City's affordable housing
development partner (and only certified Community Housing Development Organization),
Miami Beach Community Development Corporation (MBCDC).
In January 2008, MBCDC was awarded a $2 Million loan commitment through the State of
Florida's Special Housing Assistance and Development Program (SHADP) for the
development of the Villa Maria project. This application process was extremely competitive.
Largely as a result of the City's support and commitment towards this project, MBCDC's
application was ranked first in its category against at least twenty other competing projects.
As you may recall, MBCDC subsequently learned last November that, at 35% of construction
completion, the $2 million was at risk of being withdrawn by the State Legislature in its effort
to balance the FY 2008/09 State Budget. However, due to the diligence and lobbying efforts
of MBCDC, the funding was not only spared from the $190 Million in cuts that were
sustained by the State's Housing Trust Fund, but the project retained its first place ranking in
its category on a State-wide basis. On April 27, 2009, MBCDC received written notice from
the Florida Housing Finance Corporation (FHFC), re-affirming its commitment for the
SHADP loan funds and targeting a closing date no later than June 29, 2009. Villa Maria is
currently at 50% completion, with an anticipated occupancy date of November 2009.
It is also worth mentioning that Miami Beach was recently selected as a case model in
Florida International University's South Florida Workforce Housing Best Practices Study,
which was released in November, 2008. The Study highlights the accomplishments of those
South Florida municipalities that have been proactive and stand out in addressing low-
moderate income/workforce housing needs in their respective communities. The study
specifically focuses on those projects undertaken by MBCDC in collaboration with the City
and/or the RDA, including the Allen, the London House, the Barclay, Villa Maria and Villa
Matti.
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