HomeMy WebLinkAboutCRA-R-21-0036 St. John CDC Funding RequestREV. HENRY NEVIN — FOUNDER
OFFICERS:
BISHOP JAMES D. ADAMS
CHAIRMAN OF THE BOARD
WILL MILLER, Ed.D.
1ST VICE CHAIRMAN
WALTER DENNIS
2ND VICE CHAIRMAN
ALEXIS SNYDER
SECRETARY
EDWINA PACE
ASSISTANT SECRETARY
THEMA CAMPBELL
TREASURER
LEHONDRA SWAIN
ASSISTANT TREASURER
BOARD OF DIRECTORS:
NELSON ADAMS, III, M.D.
EDWARD BLAIR, IV
BETTY BURKE-CLAYTON
COREY B. COLLINS, Esq.
MARTHA DAY
CECIL DUFFIE
TROY DUFFIE
JAMAAL FAIRLEY
ERICK FERNANDEZ
KERRY GRANT
ROBERT HARRIS, Esq.
HOMER HUMPHREY, RPh.
DONAVAN JACKSON
GARFIELD MILLER, Esq.
CHARLES SCOTT
T'RAN STUDWELL, Ed.D.
ERIC L. HAYNES
EXECUTIVE DIRECTOR
St. John Community Development, Corp.
1324 NW 3rdAve
Miami FL 33136
305-372-0682 Phone
305-381-9574 Fax
www.stjohncdc.org
H.
COMMUNITY
DEVELOPMENT
COR I' C1 R A T I it ti
June 1, 2020
Mr. Jason Walker, Executive Director
City of Miami Omni CRA
1401 North Miami Avenue
Miami FL 33136
RE: Request for Funding: $564,000
St John Village Apartments II
1445 NW 1st Place
Dear Mr. Walker:
Following up on our discussion, regarding the Omni CRA's desire to finance
projects within its boundaries, I'm writing to request $564,000 to fund a
financing gap for our St John Village Apartments II, an existing 10-unit low
income apartment building that we're currently rehabbing.
STJOHN VILLAGE APARTMENTS II, located at 1445 NW lst place, is an existing
apartment complex which is undergoing a substantial rehabilitation. When
completed, the deed restricted affordable housing project will contain ten (10)
apartment units with a unit mix of four (4) two -bedroom and six (6) one -
bedroom units. Two of the units have been set -aside for residents earning 50%
AM1 and eight units have been set -aside for residents earning 65% AMI.
The scope of work for the rehabilitation includes new flooring, new kitchens,
new bathrooms, new hurricane impact windows/ doors, central air-
conditioning, interior and exterior painting, new laundry facility, garbage
enclosure, new roof, major plumbing and electrical repairs/upgrades and site
improvements to include an onsite drainage system.
Current Status: As of the date of this communication, the roof is complete and
many of the finish materials have been purchased and are stored in sealed
containers on site and at the CDC's office parking lot.
We anticipate the issuance of the master permit within the next two weeks
and the remobilization of construction activity at the site by July 1st, 2020.
We are attaching the following documents to assist you in considering our
request:
• Sources & Uses of Funds
• Operating Pro Forma for the initial year of operation (Note that while HOME funding allows rents
affordable to up to 65% AMI for eight of the units, we're projecting 60% AMI rents Tess $40 per month
to ensure the older rehabbed units can be competitive with newly constructed LIHTC units, including our
own.)
• Recorded Rent Regulatory Agreement with Miami -Dade County
• Timeline (assuming master permit is approved in time to start July 1st)
Our justification for the $564,000 contribution is based on the attached Sources & Uses. You will note that we
are currently leveraging $812,117 in HOME funds from Miami -Dade County and about $667,000 in SJCDC equity
value of the property.
We look forward to your favorable consideration of our request. Please let us know if you need additional
information. We are also available to conference with you to address any questions you may have.
Sincerely,
Eric L. Hay
Executive Director