Community leaders, housing advocates and financing partners came together on Tuesday, Oct. 30, to celebrate the grand opening of Modello Homes in southern Miami-Dade County.
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 public housing units and 80 Section 8 units.
Units and common areas will feature modern amenities with energy-efficient lighting, HVAC (heating, ventilation and A/C) 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.
“Modello will provide much needed affordable housing for families in south Dade,” said Brian Swanton, CEO of Gorman & Company. “We are excited to see the first phase of this development completed and look forward to continuing to work with Miami-Dade County.”
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 a subsidy for the construction of the apartment buildings.
“Modello Homes is an excellent example of the exceptional type of affordable housing we are able to create for the residents of Miami-Dade County thanks to public/private partnerships,” said Miami-Dade County Mayor Carlos A. Gimenez. “These housing options ensure the resilience of our communities while providing for those most in need.”
The $28 million development was financed through partnerships with Miami-Dade Public Housing and Community Development, the Housing Finanace Authority of Miami-Dade County, the Florida Housing Finance Corporation, the U.S. Department of Housing and Urban Development, 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.
