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

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GATEWAY TO OVERTOWN 3

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5 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 Property History

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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 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 8

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Construction & Permanent Financing 11 Lender Amount City of Miami NSP 1 $ 1,040,000 South Florida NSP 2 Consortium $1,820,000 Total $2,860,000

Project Mix 12 UnitUnit SizeUnit Count 1 bdrm/1 bath400 sq. ft8 2 bdrm/1 bath700 sq. ft10 Total 18

Income Set-asides 13 Maximum resident income 50% AMI No other set-asides

Opening Day – May 2 nd,

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THE END THANK YOU 19