1 George Mensah Director of Community & Economic Development Dept City of Miami.

PARKVIEW GARDENS

NATIONAL COMMUNITY DEVELOPMENT ASSOCIATION 2013 WINTER CONFERENCE JANUARY 30 - FEBRUARY 1

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George MensahDirector of Community & Economic Development Dept

City of Miami

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Site

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Total site consist of 4 independent folios

3 properties were purchased in October 2002 using HOME funds initially but was replaced with Bond funds

2 properties were purchased in the seventies using Federal Revenue sharing funds. The resolution authorizing the purchase of these properties said it would be used to extend African Square park.

In October 2006, a purchase and sale agreement was entered into with Parkview Gardens, LLC, which was a partnership between Tacolcy Economic Development Corporation, a non-profit community development organization in the community and Carlisle Development Group, a for-profit Tax Credit developer.

Site History

Development HistoryProject started out as a 40 unit townhouse rental developmentReceived Bonds and 4% tax-credits from Florida Housing Finance Corporation in 2006 In November, 2008, the city approved the replacement of Carlisle Group with Carrfour Supportive HousingThe number of units was changed from 40 to 60 unitsConverted the Bonds and 4% Tax-credits to a 9% Tax-credit

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Development History

Permits, zoning approvals, zoning variance, community challenges, OIG investigations took more than 2 yearsGround breaking on Sept 27, 2011Opening Ceremony October 30th, 2012

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Construction Financing

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Lender Amount JP Morgan Chase $ 5,000,000

First Housing $ 3,000,000

Miami Dade County Surtax $ 1,600,000

Equity Investor (Tax Credits) $ 1,836,500

City of Miami (HOME) $ 343,000

Deffered Developer Fee $ 787,000

Total $ 11,779,500

Permanent Financing

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Lender Amount

RBC Capital (Tax-Credit Equity) $ 9,100,000

Miami Dade County Surtax $ 1,600,000

City of Miami (HOME) $ 343,000

Deferred Developer Contribution $ 736,500

Total $ 11,779,500

Project Mix

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Unit Unit Size Unit Count

1 bdrm/1 bath 58820

2 bdrm/2 bath 99820

3 bdrm/2 bath 112220

Total  60

Project Description

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Parkview Gardens consists of

six, three-story residential buildings,

a community center,

and a two-story parking garage.

Amenities

children‘s playground,

exercise room,

computer lab,

library

picnic area.

Income Set-asides

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Maximum resident income 60% AMI

Set-Asides:

6 units at 33% AMI

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Please join us for a ribbon-cutting ceremony in commemoration of our newest affordable housing community, Parkview Gardens. Located in Miami’s Liberty City neighborhood, this two-story development consists of 60

garden-style apartment units which provide permanent and affordable housing for about 200 people.

Tuesday, October 30, 2012 at 10:00am

Parkview Gardens Community Center • 1437 NW 61st Street • Miami, FL 33142

Breakfast and refreshments to be served.

To RSVP, please contact Stephanie Berman at [email protected].