CONTACT: DEO Communications, 850.617.5600, firstname.lastname@example.org
Nannette Rodriguez, City of Miami Beach, 305.673.7575, email@example.com
MIAMI BEACH CELEBRATES THE RENEWAL OF AFFORDABLE HOUSING PROJECT IN NORTH BEACH
Low-income Residents to Benefit from Building Renovations
MIAMI BEACH, Fla. – The Miami Beach Community Development Corporation (MBCDC) will celebrate the renovation of The Madeleine, a 16-unit affordable rental housing project in North Beach on Tuesday, Sept. 25, 2012, at 11 a.m. at 7871 Crespi Blvd., Miami Beach.
The acquisition and completion of this project was made possible by Neighborhood Stabilization Program 1 (NSP) funding, allocated through the Florida Department of Economic Opportunity (DEO) and the Housing and Economic Recovery Act of 2008.
All the units in the four-building apartment complex have been rehabilitated into efficiency studio apartments, with a bathroom and full kitchen. This multifamily rental project is for low-income residents in the North Beach neighborhood. The project will include the use of funds that target individuals with incomes at or below fifty percent of the City’s Area Medium Income (AMI) of $52,600.
“This renovation comes at a key moment when there is a very high demand for low to moderate income housing in our City and in the country. This renovation represents a great opportunity for diversity and growth in our city as it will create a small, low-income community,” said MBCDC Executive Director Roberto DaTorre.
MBCDC has already begun selecting eligible tenants from its extensive waiting list and expects the lease process to be swift, added DaTorre.
“The NSP helps Florida communities meet critical elements of economic stability and prosperity,” said DEO Executive Director Hunting F. Deutsch. “The renovations themselves provide numerous opportunities for local job creation. Blighted neighborhoods are rejuvenated, providing a more desirable infrastructure for business stimulus and development. Plus, the program provides low to moderate income residents access to a fundamental human need – safe, affordable housing.”
About the Neighborhood Stabilization Program
On July 30, 2008, former President Bush signed into law the Housing and Economic Recovery Act of 2008 to address the severe housing crisis. Title III of the Act appropriates $3.92 billion of grant funds under the Neighborhood Stabilization Program (NSP) for states and local governments to purchase and redevelop abandoned or foreclosed properties. The Housing and Economic Recovery Act of 2008 directed the United States Department of Housing and Urban Development to target funding to areas with the greatest needs based on the extent of foreclosures, subprime mortgages and mortgage delinquencies and defaults.
Florida’s allocation methodology targeted funds to give priority emphasis and consideration to areas with greatest need, including those with the greatest percentage of home foreclosures; with the highest percentage of homes financed by a subprime mortgage related loans and identified as likely to face a significant rise in the rate of home foreclosures.
Through the NSP, DEO successfully administered nearly $100 million through partnerships with stakeholders to reduce the effects of the foreclosure crisis in Florida’s communities. Programmatic successes include:
· 1,300 homes being rehabilitated and neighborhoods being stabilized
· 488 rentals addressing affordable housing needs in communities
· 812 homes made available for sale to income eligible homeowners
About the Florida Department of Economic Opportunity
The Florida Department of Economic Opportunity combines the state’s economic, workforce and community development efforts. This approach helps expedite economic development projects to fuel job creation in competitive communities. For more information, including valuable resources for employers, job seekers and communities, visit www.floridajobs.org.