Pinnacle scores financing for Verbena affordable housing in south Miami-Dade

Pinnacle scores financing for Verbena affordable housing in south Miami-Dade

2349 NW 51st Street Unincorporated Miami-Dade County Superior Manor Apartments Phase II, LLC RFA 2014-116 Housing Credit Financing for Affordable Housing Developments Located in Miami-Dade County – Application Submitted Report (subject to further verification and review) 2/10/15 Page of 86.00 86.00 86.00 2180000.00 4300000.00 114069.77 25606675.

Respondent, Florida Housing Finance Corporation (FHFC or the Corporation), issued Request for Applications 2013-003 (RFA) on September 19, 2013, through which it solicited applications to compete for the award of low-income tax credits for affordable housing developments to be constructed in Miami-Dade, Broward, and Palm Beach Counties.

RFA 2016-114 Housing Credit Financing for Affordable Housing Developments located in Miami-Dade County Noninterference Clause (Section Three F.2. of RFA 2016-114) states: At no time during the review and evaluation process, commencing with the Application Deadline and continuing until the Board renders a final decision on the RFA, may Applicants or their representatives contact board members.

affordable housing developments in Miami-Dade County. Applications were submitted in response to the RFA by a number of developers, including Rio and Pinnacle Heights, LLC (Pinnacle). On May 8, 2015, Florida Housing posted a notice of its intended decision to award funding for family and elderly affordable housing to Rio and two other.

Miami-Dade is home to one of the nation’s most in-demand affordable housing markets, a need that will only grow with time, says Mitchell Friedman, partner at Pinnacle Housing Group.

Affordable housing development on track beside Transitway. A Pinnacle Housing Group affiliate has closed on financing for Verbena, a $31 million transit-oriented affordable housing development just off the Miami-Dade Transitway at Southwest 282nd Street alongside US 1.. January 1, 2019 2 Comments Read More

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The company is seeking to move past a deferred prosecution agreement and a near-ban on funding.

Mayor Carlos Gimenez recommended a Pinnacle project for $3.7 million in county low-interest loans in a deal that includes a requirement that the developer pay $320,000 to cover "inflated costs" from its construction of a different affordable-housing complex it built in Miami seven years ago with county subsidies.

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Participents find their own housing in the private market and are not limited to units located in subsidized housing projects. Miami-Dade Public Housing and community development receive federal funds from the U.S. Department of Housing and Urban Development to administer the voucher program.

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