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HomeMy WebLinkAboutExhibit BCDC - 3710 Grove Landing Community Housing Development COLLA5ORAT1VE DEVELOPMENT C 0 R P g R A T f 0 N 3644 GRAND AVENUE MIAMI, FL 33133 305.788.5412 jking(scdc-fl.org 3710 GROVE LANDING A 54 UNIT MIXED -INCOME DEVELOPMENT \'VITH AN AFFORDABLE HOUSING PREFERENCE PROGRAM FOR RENTAL AND OWNERSHIP A mixed -income, rental and ownership, community housing model prioritizes local residents bringing local benefits to both individuals and the wider community City of Miami Miami For Everyone Program Funding Request Form CONTACT INFORMATION: Contact Person: Joseph King Title: President/CEO Phone number: 305-788-5412 Email Address: jking@cdc-fl.org Name of Person completing this form: Joseph King Legal Name of Organization: Collaborative Development Corporation Address (Street, City, State, Zip Code): 3644 Grand Ave Miami, FL 33133 Executive Director of Organization: Joseph King Executive Director email: jking©cdc-fl.org cdc-fl.org Executive Director Contact Phone Number: 305-788-5412 The organization is a registered and active State of Florida Corporation (select one): ❑ For -profit organization • Not -for profit organization {501(3)(c)} ❑ Local governmental unit ❑ State governmental unit Educational and academic institution ❑ City of Miami department, office of elected official, agency or board Page 1 of 6 Return this form to: gbrito@miamigov,com (March 28, 2023) City of Miami Miami For Everyone Program Funding Request Form ORGANIZATION AND PROGRAM/PROJECT INFORMATION Organization History and Background information: Collaborative Development Corporation (CDC) is a private, 50103 nonprofit community development organization whose mission is to plan, coordinate and execute neighborhood revitalization projects, expand affordable housing availability, and increase culture, tourism, business and employment opportunities in impoverished and under -served communities. We are redefining housing for residents, who are typically low -Income families, seniors, individuals, and people with special needs. Is your program/project providing direct services to residents of the City of Miami? Yes QNo [J Number of residents your entity will serve: Frequency of Service: Age Group Served: 48-54 Monthly/As Needed 18-99 Is your program/project related to a declared emergency in the City of Miami? Yesf■ No ❑ Name of Declared Emergency: Date of Official Declaration: Affordable Housing Crisis (August 8, 2022) AUir8sc2.2— Is your program/project impacting one of Miami's afflicted communities? Yes El No0 Geographic Area Served (specific to this project/program) District Served (1, 2, 3, 4, 5, Citywide) City of Miami, District 2 Neighborhood/Community being served: Little Bahamas of Coconut Grove Program/Project Priority area (Select one): Affordable Housing ElMortgage Replacement Program (See Appendix A) Educational Programs for children, youth, and adults Elderly meals, direct financial assistance, transportation, recreational and health/wellness related activities ElDirect financial assistance, food assistance (gift card programs, voucher programs) Return this form to: gbrito@ miamigov.com (March 28, 2023) Page 2 of 6 City of Miami Miami For Everyone Program Funding Request Form ❑ At -risk youth or youth summer job programs ❑ Transportation services and programs nJob development, retention and training programs Homeless Services n Food Distribution programs ❑ Climate Resiliency Improvements n Essential supplies, during a State of Emergency, natural disaster, or economic crisis ❑ Allowable Infrastructure Improvement per program purpose and guidelines Return this form to: gbrito@miamigov.com (March 28, 2023) Page 3 of 6 City of Miami Miami For Everyone Program Funding Request Form Program/Project Title: 3710 Grove Landing Community Housing Development Project/Program Description: A Mixed Income Development With An Affordable Housing Preference Program CDC is using the City approved, Mixed Use Cultural District (MUCD) Overlay as a restrictive use overlay, to give a distinctive cultural character to Grand Ave and Douglas Rd. This district is of special and public interest to preserve, conserve and protect the heritage of the Village West Island District (Little Bahamas of Coconut Grove). Program Start Date: June 1, 2025 Program End Date: June 1, 2029 Please describe how this program/project and funding will assist the community overcome the adverse effects of the declared emergency: The development will have a minimum of 20% of the Units as Affordable Housing serving residents at or below (70%) of AMI as well as a minimum of 10% of the Units at (80%) of the AMI and an additional 60% at 95% of AMI totaling 90% affordability. There will be 90% building affordability under (100%) AMI and 5,000+ commercial space in the development and only 6 market rate units in total. IMPACT AND PERFORMANCE: Describe overall expected outcomes and performance measures for this project/program: Under the outlined Home Buying Program (same section): A minimum of thirty percent (30%) of the Dwelling Units will be offered to home buyers with income at levels ranging from the 70%, 80, 95% and a maximum of 120% AMI. There will be opportunities to rent, rent to own and home buying in this project, with a City covenant on the project for 30 years minimum. Please attach additional pages to the back of this packet, if the space above is not sufficient. Return this form to: jrybrito@miamigov.com (March 28, 2023) Page 5of6 City of Miami Miami For Everyone Program Funding Request Form FUNDING REQUEST INFORMATION: Amount Requested: $ $7,200,000 Explain how the City of Miami's Miami For Everyone funding will be utilized: 100% of this funding will be for land acquisition utilizing the funding to build in the largest massed land still available within Little Bahamas of Coconut Grove. The project will be able to provide 48 community units and 54 total units, at minimum and the land cost ratio to units built, not factoring the commercial spaces into the cost allocation breaks down to; 48 community units totaling $150,000 build cost per unit and with the addition of 2 -3 retail spaces on the main comer of 37th and Grand Ave., there are opportunities for live to work and as the development is in the mixed use cultural district, we will provide cultural opportunities. Itemize MFE funding related to expenditures below: Personnel Salaries & Wages: Personnel Benefits Space Rental: Utilities (Electricity, Phone, Internet): Supplies: Equipment Marketing: Transportation (Participants): Meals (Participants): Professional Services (List each): $ 0 $o $0 $o $o $0 $0 $o $o Construction (attach schedule of costs): $ 0 Other (please describe): Land Acquisition - $7,200,000 Other (please describe): N/A Mortgage Replacement (please describe): Return this form to: gbrito@miamigov.com (March 28, 2023) N/A Page 5 of 6 City of Miami Miami For Everyone Program Funding Request Form To be completed by the Entity/Recipient By signing below you agree to the guidelines and stipulate that the information provided on this form is accurate and complete. Completed by (Print & Sign): Joseph King Date: 02/11/25 Additional Comments: Please see added attachments for additional information This updated information is inclusive of and contains all updated information in the 2/11/25 MFE application To be completed by District Commissioner/Mayor's Office Recommended for funding: Yes ®No Funding Recommendation: Commission Meeting Date: Additional Comments: E Completed by (Print & Sign): Date: To be completed by the Department Received by (Print & Sign): Date: Additional Comments: Return this form to: gbrito@miamigov.com (March 28, 2023) Page 6 of 6 COLLA]JORATIVE DEVELOPMENT CORPORATION A 50103 CHARITABLE ORGANIZATION TIANSFQRMIN NEISHffQRHQQRs..... TRANSFORMING LIVES,,,U, flock 194 block Organization_ Tax Exempt E1N: Mailing Address: City, State, Zip: Contact Number: Name/Title/Email: CC)i__i _Ai3OR.ATfV[: DLVC:LUPMLNT CORPOR AT I O N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES Collaborative Development Corporation 03-0406037 3644 Grand Avenue Miami, FI, 33133 305.788.5412 Joseph King, CDC - C.E.O. - iking@cdc-fl.org 3710 GROVE LANDING A 54 UNIT MIXED -INCOME DEVELOPMENT WITH AN AFFORDABLE HOUSING PREFERENCE PROGRAM FOR RENTAL AND OWNERSHIP A mixed -income, rental and ownership, community housing model prioritizes local residents bringing local benefits to both individuals and the wider community CC.4LLA5ORATf V F.)L\1.l,_0PMLN f TRANSFORMING NEIGHBORHOODS IMNSFORMING LIVES WHO WE ARE AND THE NEED WE ADDRESS COLLAE,ORAT1VL DLVLLOPMILNT C 0 R F. OR A T 9 O N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES MISSION Collaborative Development Corporation (CDC) is a private, 501 cO3 nonprofit community development organization whose mission is to plan, coordinate and execute neighborhood revitalization projects, expand affordable housing availability, and increase culture, tourism, business and employment opportunities in impoverished and underserved communities. VISION CDC has historically achieved its mission by expanding and retaining local business operations, providing affordable homeownership and other housing opportunities, increasing employment opportunities, and helping to rebuild the civic fabric in South Florida communities. CDC's ongoing vision is to strengthen neighborhoods and communities where individuals and families are empowered with knowledge, skills and resources they need to move toward greater personal, social and economic growth and self-sufficiency. CDC BACKGROUND Collaborative Development Corporation (CDC) is a nonprofit organization that has been rooted in community development throughout Miami -Dade County since 2008. CDC operates exclusively for charitable and educational purposes to address at -risk communities and to promote housing stability. CDC reinforces its mission through the acquisition, redevelopment, and new development of affordable live to work housing projects for extremely low and low-income residents. We are redefining housing for low-income families, seniors, individuals, and people with special needs. Organizationally we have participated in the development, preservation and funding of over 60 apartment and homes with affordable housing rentals, as well as building and home ownership over the past several years.. VALU ES Collaboration Harnessing the knowledge and expertise of our staff & board of directors, forging lasting partnerships with residents & stakeholders to achieve the best collective results Diversity Fostering an organizational culture of inclusion, where different experiences and perspectives of those we serve and those with whom we work are respected & valued Excellence Challenging ourselves to attain the highest quality standard and level of performance in order to achieve the greatest impact Innovation Seeking opportunities to continuously adapt & improve our services and work product, while advancing the industry in practice and policy to expand our collective impact Integrity Fulfilling our mission by conducting business in an open, honest and transparent manner, adhering to a code of moral convictions without having ulterior motive CC)L_LA5OKAT1VE: 1DLVLLOPMLNT C. C> R. f• 0 R A F I O a: TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES TOGETHER..... WE TRANSFORM NEIGHBORHOODS CDC not only helps provide quality, affordable housing programs to those in need, but we also Zink services which help improve the community one resident at a time • Did You Know • The national average salary is $2,600 a month • The average cost of a one -bedroom apartment in America is $1,800 a month • The average cost of a one -bedroom apartment in Miami -Dade is $2,450 a month • The average salary of our participants is under $2,250 a month • To afford rent in these circumstances, one would have to dedicate well over 70% of their earnings to housing, which can be crippling to their ability to use leftover funds towards education, healthcare, and other living expenses • Many of our participants are working two and three jobs TOGETHER..... WE TRANSFORM LIVES OF LOW-INCOME FAMILIES, SENIORS, AND INDIVIDUALS We help individuals and families learn skills and gain perspectives that make dreams of stability and hope a reality. • Did You Know • 70% of our residents are families • 21% of our residents are seniors • 9% of our residents are people with special needs (people with HIV/AIDS, formerly homeless individuals, veterans, and people with physical and mental impairments Many assume that the government should deliver a solution, but this isn't so. In 2021, the U.S. government SPENT 50 BILLION toward alleviating the affordable housing dilemma, to no meaningful end. This is largely due to the residual impacts of neighborhood zoning, a practice that first came about in the 1920s. To regulate a rapid boom in urbanization, city governments mapped out zones for new housing construction, specifying that each residence must be built on individual lots of a certain size. What resulted were cities that dedicated large portions of the available area to single- family homes. With inflated land costs, reduced land stock and the need for affordable multi -unit developments, CDC began to work with majority land owners, developers and public & private funders to achieve a community model which ensures accessible, live to work, transit friendly, walkable, shoppable neighborhoods with SMART LIVING ACCESS block by block OUR COMMUNITY CONTINUUM STRATEGY CCC L_ L AbO KAT1VE DLVLLOPM LNT c© R F. 0 R, A 'r i c> N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES Safe affordable housing promotes health; home construction creates jobs & improves property values. Jobs provide income for paying rent or mortgage & other housing costs. Good health allows individuals & their caregivers to work. With land costs, reduced land stock and the need for affordable multi -unit developments, CDC began to work with majority land owners, developers and public & private funders to achieve a community model which ensures accessible, live to work, transit friendly, walkable, shoppable neighborhoods with SMART LIVING ACCESS 3710 Grove Landing Addresses COLL.A5ORAT1vrt DLVLLOPMLNT CORPORATION TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES RELATED TO THE IMMEDIATE COMMUNITY AND HOUSING STABILIZATION NEED What does % Area Median Income (AMI) mean? Miami -Dade County Workforce Median wage job: $45,243 per year, or 49% AMI for a household of 3_ 50% AMI S Arurucrl rncon)e firm1 and hourfy wage for houstehokJ of 3 Renter households 546,450/yr 151,213 hh 522.33/hr $0-50% AMIJ 4 1* Job examples, T -worker Job examples, 2-worker household household Bookkeeper Insurance Soles AQrnt lie utsckeeping Sarpervisor fadl.tinse worker orad 1 port -tent ,.vyticer 60% AMI 555,740 526.80 30,928 (50-8CP/0 AMI) Tech Support Electrician LPN 1 full-time worker and 1 pert -time worker 2 minimum wage yede.,5 80% AMI 574,3 20 56,419 535.73 160-80% AMI) Firefighter Aircraft Mechanic Flight Attendant 2 Stockers Bookkeeper a Cosh:er Secretory & Security Guard 12O% AMI 5 t 1 1,480 91,322 553.60 0-1 20% A,W) Parts of this slide were part of the following: Industrial Engineer Financial Advisor Nurse Practitioner 2 Tech Supports Martufachrinq Sates Rep 8 Secretory Office Clerk 8 Legal Assn Sowcos, Florida Fiauw.g Finance Corpotarson, 7023 Ingpene and Rent Lents: Flior,:da Deportment of Commerce, 2022 Occupor ant! £mpiormerrt rsrad Woge Statistics (weerwa r wage by aec ipollon in 2023 don:arab Skit' Center for Hawsitg Studies, Rental Market Study. Renner baasnelrotd cowers esckrde non.fanrir, :raiders-headcd households. C:OLLAgORATIVL 1)LVL LO M N l- C (] R P• 0 R 4 1-1 u N TRANSF ORMINGs!EIGH BORHQQDS TRANSFORMING LIVES OUR COMMUNITY CONTINUUM STRATEGY By working with our larger partners and combining public, private and not for profit partnerships, we seek to build a community and continuum of change for an underserved, underdeveloped and overlooked area within an affluent zip code. 4E)- PRESERVATION • Create acquisition/rehab fund to preserve subsidized and unsubsidized housing • Form NPP - Not for Profit/ Public / Private Groups to prevent the loss of subsidized properties • Partner with City CRA's to maximize vision and mission CDC VERSION OF P.A.L.M. RELATING TO THIS PRESENTATION Cs ASSISTANCE FOR RENTERS • Use Continuum of Care and Case Planning Models, adding funds for continuum to reduce eviction and foreclosure • Provide `planned' funding for housing assistance • Build housing stock incentives and `STEP' community models • (See CDC Strategy) LAND • Identify an initial inventory of parcels and pilot several deals on assemblages across those communities. • Use PRESERVATION strategy for the optimal deployment of publicly owned land. • Provide incentives to institutional landowners to build new affordable housing. • Activate Mill Stock reducing transportation Co MONEY FOR DEVELOPMENT • Fully fund the Sadowski Affordable Housing Trust Fund • Provide incentives and use PRESERVATION strategy for the optimal deployment of publicly owned land and to defray cost of Development • Tier covenants and other restrictions, as well as look at current land leases where County land can be leveraged C.0LLA5C)RAT1VL DLVLLOPML_NT C 0 :( T. 0 R A T I C K TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES HOW WE ADDRESS THIS NEED AND WHERE C_OLLA5ORATIVL DLIV LOPM1NT C. o R O R ,. EION TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES OUR COMMUNITY CONTINUUM STRATEGY - USING LOCATION AND OTHER UPCOMING DEVELOPMENTS, STRATEGIZE CULTURE, HOSPITALITY AND TOURISM INTO SPACES Co) G Rov CDC UNDERSEt DEVELOPMENT FO CUS S aRE�t VIZCAYA MUSEUM E. GARDENS 2 A C'S ICEES 3 MONTY'S RAW BAR 4 SHAKE A LEG MIA41I S GROVE BAY GRILL (ETA SCOTTY'S LANDING) 6 FLANIGAN'S SEAFOOD BAR A GRILL 7 HAPPY WINE 8 CORAL BAGELS 9 MIi AM'S MARKET 10 COCONUT GROVE SAILING CLUB 11 COCONUT GROVE BRA ICII LIBRARY 12 WOMEN'S CLUB OF COCONUT GROV E. IS PF. AC UL.K GARDE'!`I(d] .•''9 14 GLASS Er VINE 19 HARRY'S PIZZERIA 16 OM MOVEMENT 17 FIREMAN DEREK'S BAKE SHOP 18 MAYFAIR HOTEL 4 SPA 19 BOMDAY DARBAR 20 BOOKS R BOOKS 21 HARE KRISHNA CULTURAL CENTER 22 KIRK MUNROE TENNIS CENTER 23 SANDBAR SPORTS GRILL 24 BARRACUDA TAPHOUSE & GRILL 'ys`FtAAitlliE'Atl]FFE 26 EL TAQUITQ 27 DTIARMA YOGA 211 ATCHANA'S HOMEGROWN THAT 24 THE LAST CARROT 30 BIANCO GELATO 31 GREEN STREET CAFE 32 CORAL 33 THE BARNACLE HISTORIC STATE PARK SA AR1ETE 3S TAURUS BEER AND WHISKf()Y HOUSE 36 COCONUT GROVE FARMER'S MARKET ']7KITCMA CALLE& 38 SHORE TO DOOR FISH MARKET 39 PLYMOUTH CONGREGATIONAL CHURCH 40 THE KAMPONG 41 MARJORY STONEMAN DOUGLAS HISTORIC HOME 42 COCOPLUM CIRCLE 43 CA50LA'S PIZZERIA 6 SUB SHOP 44 EL CARA.4O TAPAS & WINES 43 THE 01121G1NAL DAILY BREAD MARKETPLACE 46 PRESENT BAKERY MIAMI-COCONUT GROVE RETAIL SUBMARKET 9% 88.7% 861.25 9.7% 914% Market Rent/SF Market Rent Growth Occupancy Rate Market Rent/SF Market Rent Growth Occupancy Rate 12Mo 12 Mo :$32.27 COLLABORATIVE DEVELOPMLNT COR POR A T! O N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES OUR COMMUNITY CONTINUUM STRATEGY — WHEN BUILDING HOUSING STOCK, CREATE COMMERCIAL SPACES PROVIDING REDUCED RENT TO HIRE TENANTS/RESIDENTS MIAMI-COCONUT GROVE OFFICE SUBMARKET $56.00 96.2% Market Rent/SF Market Rent Growth Occupancy Rate Market Rent/SF Market Rent Growth Occupancy Rate 12Mo 12Mo 60 55 5o 4% • 1„ 91.6% 2012 2013 2014 2015 2016 2017 2016 2019 2020 2021 2022 Markel Realc * Occupancy Rafe 100 91.67 03.33 75 66.67 3 50 41.67 a3 25 16.67 eat 0 r7 a $38.68 to 50 40 n 20 5 20 10 6% 2012 2013 2014 2015 2516 2017 2012 2019 2020 2021 2022 • 1AYYe1Rn,t 1- • Occupancy Rasr a cc)LLAhOKAT1VL DLVLLOPMLNT C O R P O R A, T I O N TRANSFORMING NEIGHBORHOODS TRANSFORMING LIVES STEP BY STEP OUTLINE THE PLAN COLLA&)RATIVE [ LVLLOP '3Ie_Nl TRAN5FORNIK_NEIG HBO RHOOOS TRANSFORMING LIVES INTRODUCING 3710 GROVE LANDING A 54 UNIT MIXED -INCOME DEVELOPMENT WITH AN AFFORDABLE HOUSING PREFERENCE PROGRAM FOR RENTAL AND OWNERSHIP IN THE HEART OF VILLAGE WEST'S - LITTLE BAHAMAS OF COCONUT GROVE — City of Miami Legislative Ordinance Enactment #14261, File Number 12860, Final Action Date March 14, 2014 CDC is using the City approved, Mixed Use Cultural District (MUCD) Overlay, as a restrictive use overlay, necessary to give a distinctive cultural character to uses on Grand Avenue and Douglas Road. This district is of special and substantial public interest to preserve, conserve and protect the beauty and heritage of the Village West Island District (Little Bahamas of Coconut Grove) in order to improve the quality of the environment through identification, conservation and maintenance of neighborhoods, areas, sites and structures which constitute or reflect distinctive features of the Caribbean and Bahamian architectural, cultural, and social history. Under the City of Miami Commission approved Mixed Use Cultural District (MUCD) Affordable & Attainable Mixed -Income Housing Development Regulations outlined in Section 2.5.1.e.1.: Upon certification by the City's Housing and Community Development Department, the development will provide: A minimum of twenty percent (20%) of the Dwelling Units as Affordable Housing serving residents at or below seventy percent (70%) of AMI, a minimum of ten percent (10%) of the Dwelling Units above sixty percent 60%) of the AMI and at or below eighty percent ( 80%) of the AMI, a maximum of ten percent (10%) of the Dwelling Units at any price, and the remainder of the Dwelling Units as Workforce Housing above sixty percent (60%) of the AMI and at or below one hundred percent ( 100%) of the AMI. Under the outlined Horne Buying Program (same section): A minimum of thirty percent (30%) of the Dwelling Units shall be offered to home buyers with income at a maximum of 120% AMI. Purchased Dwelling Units shall be created and conveyed subject to recorded covenants approved by HCD guaranteeing the long-term (30 years or more) availability of the Affordable Housing Dwelling Units for eligible households. The MUCD also allows for an Affordable Housing Preference Program: Affordable Housing Dwelling Units provided pursuant to subsections above may be rented or sold to eligible households, with preference given to NCD- 2 — West Grove residents and former NCD- 2 residents who experienced a no-fault eviction in NCD- 2 in the last forty-eight (48) months. THE PLAN (CONT'D) COLLAI5OKATIVE E LVrLOPMLNT C R 4' 0 k A I ! t.. TRANSFORM_IN_G NEIGHBORH.QODS TRANSFORMING LIVES EXPECTED UNITS FOR THIS PROJECT INCLUDE: 2 - 3 commercial spaces; totaling over 5,000sq ft 14 - Studios, w/ 650 sq. ft. living space 13 - 1 BR, w/ 950 sq. ft. living space 16 - 2BR, w/ 1250 sq. ft. living space 11 - 3BR, w/ 1,650 sq. ft. living space AVG. OF 13.5 UNITS OF EACH SIZE (21%@70%AMI, 14%@80% AMI, 57%@5.100% AMI) (23%@70%AMI, 7%@80% AMI, 62%@5100% AMI) (18%©70%AMI, 6%@80% AMI, 63%@5100% AMI) (18%a70%AMI, 18%(u780% AMI, 55%A5100% AMI) (20%@70%AMI, 11 %@80%°AMI, 60@5100%° AMI) RENTAL UNITS FOR THIS PROJECT WILL INCLUDE: 14 - Studios, w/ 650 sq. ft. 13 - 1 BR, w1950 sq. ft. 16 - 2BR, w11250 sq. ft. 11 - 3BR, w11,650 sq. ft. ($1,392@70%AMI, $1,592@80% AMI, $1,889@5-100% AMR) ($1,490@70%AMI, $1,703@80% AMR, $2,202@5100% AMI) ($1 ,787@70%AMI,$2,043@80% AMI, $2,426@s100% AMI) ($2,066@70%AMI, $2,361 @80% AMI, $2,804@5100% AMI) This community housing model helps address the challenges many residents face and provides attainable housing opportunities within the community. There will be a portion of the units which will be sold at a schedule, as new tenant applicants are qualified. SAMPLE STUDIO RENDERING FOR VISUAL AID - EST. 650' - 1 BA. VISUAL UNIT EXAMPLES SAMPLE 1BR RENDERING FOR VISUAL AID- EST. 950'- IBA. SAMPLE 2BR RENDERING SAMPLE 3BR RENDERING FOR VISUAL AID- EST 1, 250' - 1.5 BA. FOR VISUAL AID- EST. 1, 650' - 2 BA. CQLLAF5c)KATIVE DLVLLOPMLNT c o R r c a A 7 i o H TRAM FORM INC IESHBORHOOD5 TRANSFORMfNG LIVES THE PLAN (CONT'D) Our mixed -income, rental and ownership community housing model prioritizes local residents and brings several benefits to both individuals and the wider community, providing: 1. A Pathway to Homeownership for Low -Income Residents This is particularly beneficial for people who are not yet financially ready to purchase a home but seek to become homeowners, eliminating high rental costs. For low-income residents, this offers a clear pathway to homeownership, allowing them to build equity while renting. 2. Flexibility and Time to Build Credit Our community model gives renters the opportunity to improve their credit scores and save for a down payment over time, making homeownership more accessible to those who may not have qualified for a traditional mortgage due to past financial difficulties. 3. Stable Rental Costs Our development has no requirement for rental increase and hikes, which in turn provides stability in housing costs and protects renters from unpredictable increases, something that is especially valuable in markets with rising rental prices. 4. Homeownership without Immediate Large Down Payment: A portion of our units allow renters to gradually save up for the down payment as part of their rental agreement, which can be less overwhelming than having to save a large lump sum upfront. For years, Miami -Dade County has been suffering from a serious affordable housing crisis, with 50% of all households cost -burdened. Most of these households earn lower incomes and in City of Miami, District 2, the Little Bahamas of Coconut Grove community has been one of the hardest hit and least affordable neighborhoods for low income residents to reside. These increases in neighborhood housing costs, specifically in Coconut Grove have driven prices up and community residents out. Rapid increases in the prices of homes and rent in West Coconut Grove have far outstripped increases in income. Residents across West Coconut Grove are finding fewer affordable housing options as land values rise and evictions are spreading across the community. CDC is working to give the people a safe and comfortable place to call home in their neighborhood even as Coconut Grove continues to increase in cost. These land cost issues, coupled by lack of affordable housing options both contribute to low-income residents in historic communities such as Little Bahamas of Coconut Grove lack of availability to remain and live in place. Rising land costs in historic communities create significant challenges for low-income residents, contributing to displacement, loss of cultural heritage, and economic inequality. Addressing these issues requires targeted policies that prioritize affordable housing, community preservation, and equitable development.