Modello Apartments to bring affordable housing to South Miami-Dade
Key Points(4)
- <span style="font-weight: 400;">Community leaders, housing advocates, and financing partners will come together today, Tuesday, October 30 at 10:30 a.m.
- Modello will serve low-income families with a combination of 20 ACC (public housing) units and 80 Section 8 (project based) units.
- Units and common areas will feature modern amenities and appliances.
- RBC provided the Low Income Housing Tax Credit equity, JP Morgan Chase was the construction lender, and Walker & Dunlop facilitated the permanent debt in combination with FreddieMac.</span>
Community leaders, housing advocates, and financing partners will come together today, Tuesday, October 30 at 10:30 a.m. to celebrate the Grand Opening of Modello Homes at 15375 SW 284th Street, Homestead, FL 33033.
100 rental units
Developed by Miami-Dade County Public Housing and Community Development and Gorman & Company, Modello Homes is a 100-unit, newly constructed, rental housing development. Modello will serve low-income families with a combination of 20 ACC (public housing) units and 80 Section 8 (project based) units. Units and common areas will feature modern amenities and appliances. Space will be available for social services providers and residents will have access to a shared community room, warming kitchen, fitness center, computer lab, and playground.
For low-income residents
The development is built on County-owned land under a 75-year land lease which ensures that the units will remain affordable for low-income residents. Miami-Dade County Public Housing and Community Development also contributed subsidy for the construction of the apartment buildings.
“This project will bring much needed affordable housing for families in South Dade,” said Miami-Dade County Commissioner Dennis Moss, who represents District 9 where Modello Homes is located.
$28 million project
The $28 million development was financed through partnerships with Miami-Dade Public Housing and Community Development, the Housing Finanace Authority of Miami-Dade County, Florida Housing Finance Corporation, US HUD, FreddieMac, Walker & Dunlop, RBC Capital Markets, and JP Morgan Chase. RBC provided the Low Income Housing Tax Credit equity, JP Morgan Chase was the construction lender, and Walker & Dunlop facilitated the permanent debt in combination with FreddieMac.
