HomeMy WebLinkAboutCRA-R-24-0040 ExhibitDamian Pardo
Board Chair
Isiaa Jones
Interim Executive Director
Omni
CRA
INTER -OFFICE MEMORANDUM
TO: Board Chair Damian Pardo and
Members of the CRA Board
FROM: Isiaa Jones
Interim Executive Director
DATE: June 13, 2024
SUBJECT: 4/5ths Bid Waiver
authorizing the allocation of grant
funds for an affordable housing project
located at 1437 NW 1st Place, located
within the Omni CRA
BACKGROUND
The Omni Community Redevelopment Agency ("Omni CRA") is responsible for executing community
redevelopment initiatives and projects within its designated area in accordance with the 2019 CRA
Redevelopment Plan ("Plan").
1437 NW 1 st Place, a 4-unit 2-bedroom multi -family apartment building in Overtown, Miami, built in
1952, falls within the Omni CRA's jurisdiction. The building has suffered from deferred maintenance
over the years, resulting in less than full occupancy. It has recently served the local community by
providing much needed affordable housing at a rate affordable to residents in the area.
The 2019 Redevelopment Plan emphasizes the importance of the creation of affordable housing
units and includes provisions for collaborating with private entities to revitalize blighted properties.
This project aligns with the Plan, which focuses on much needed affordable housing rehabilitation
in the area.
This proposal anticipates that the project will consist of 4 units of which, one (1) unit will be rented
at 50% of Area Median Income ("AMI"), two (2) units at 80%AMI, and one (1) unit at current rate. This
project also presents a unique approach and opportunity for a local government entity to collaborate
on a small below -market housing project. This is a way in which local government entities can
leverage CRA dollars and add equity to fill the gap in financing to achieve housing affordability in the
area.
RECOMMENDATION
In light of the above -mentioned background information, the need for housing affordability in the
area and the CRA's identified objectives in the CRA's plan to reduce slum and blight, and in
consideration of the Executive Director's pledge to allocate grant funding to further affordable
housing as mentioned in the Plan and, the approval of a bid waiver is recommended.