LTC 235-2012 Ribbon Cutting Ceremony m MIAMI BEACH
OFFICE .OF THE CITY MANAGER
NO. LTC # 235 -2012 LETTER TO COMMISSION
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Kathie Brooks, Interim,City Manager�,�� / �
DATE: September 14, 2012
SUBJECT: Ribbon Cutting Ceremony for The Madeline Apartments — An Affordable
Rental Housing Property Located at 7871 Crespi Boulevard
This Letter to Commission is provided to inform you that on Tuesday, September 25,
2012 at 11:00 a.m., Miami Beach Community Development Corporation ( MBCDC) will
be holding a brief ribbon cutting ceremony of The Madeline, a 16 -unit affordable rental
housing project. The acquisition and completion of this project was made possible by
Neighborhood Stabilization Program 1 funding allocated through the Housing and
Economic Recovery Act of 2008.
The Madeline Apartments is a four building, 16 -unit apartment complex. Each of the
units has been rehabilitated into efficiency /studio apartments with a bathroom and full
kitchen. This multi - family rental project is for low /moderate income residents located in
the North Beach target neighborhood. This project will include the use of funds that
target individuals with income at or below 50% of the Area Medium Income (AMI), which
in the City of Miami Beach is $52,600 as well as those with income up to 120% of AMI;
creating a small, mixed - income community.
With the necessary funding in place, on July 22, 2009, MBCDC entered into an "as -is"
purchase contract for the property and closed the transaction on January 27, 2010.
MBCDC has already begun selecting eligible tenants from its extensive waiting list and
expects the lease -up process to be swift.
If you have any questions or need additional information, please do not hesitate to
conta t me.
KB /M /RS
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