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George Mensah/Nancy Romani Community & Economic Development Dept City of Miami

SAINT JOHN VILLAGE 1410 APTS National Community Development Association 2014 Winter Conference January 22 – 24, 2014. George Mensah/Nancy Romani Community & Economic Development Dept City of Miami. GATEWAY TO OVERTOWN. Property History. Property was originally built in 1957

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George Mensah/Nancy Romani Community & Economic Development Dept City of Miami

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  1. SAINT JOHN VILLAGE 1410 APTSNational Community Development Association 2014 Winter Conference January 22 – 24, 2014 George Mensah/Nancy Romani Community & Economic Development Dept City of Miami

  2. GATEWAY TO OVERTOWN

  3. Property History Property was originally built in 1957 It is a 2 story walk-up Garden-Style apartment building with 26 one-bedroom units The property was in foreclosure, abandoned with squatters and an eyesore in the community. St Johns CDC, a local community development organization applied for NSP 1 funds to purchase the property from the seller subject to the approval of the foreclosing lender in 2010.

  4. Rehabilitation History The city approved a $1,040,000 in NSP 1 funds for the purchase and rehabilitation of the building St John CDC, as part of the South Florida NSP 2 Consortium, received an additional $1,820,000 towards the rehabilitation of the property The property was purchased for $390,000 The number of units was changed from 26 to 18 to include 10 two bedroom units

  5. Construction & Permanent Financing

  6. Project Mix

  7. Income Set-asides • Maximum resident income 50% AMI • No other set-asides

  8. Opening Day – May 2nd, 2013

  9. THE ENDTHANK YOU

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