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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.