HomeMy WebLinkAboutCRA-R-25-0056 Exhibit BMIAMI HOMES
FOR ALL
Technical Assistance Initiative for Small & Emerging Developers in Omni Miami
Building Wealth & Affordable Housing:
Since 1985, Miami Homes For All (MHFA) has advocated to ensure that all Miami -Dade residents have a
safe, affordable place to call home.' We are especially concerned with households earning 80% of the
area median income or less. Nearly all of those pay more than they can afford for housing. Also, our real
estate market is missing 90,000 units priced affordably for those earning up to 80% AMI, which is five
times the number of units missing for those earning up to 120% AMI (17,000).
To address this need, MHFA implemented the Connecting Capital and Community Initiative (3C Initiative)
in partnership with the Center for Community Investment,2 funded by JPMorgan Chase. The 3C Initiative
advances racial equity by (1) providing technical assistance to minority developers and owners of
small -to -medium scale affordable housing, (2) providing predevelopment funds to these emerging
businesses led by Black or African -American leaders, and (3) engaging residents and community -based
organizations around affordable housing development and preservation. Since launching the 3C Initiative
in 2021, MHFA has supported a pipeline of 15 projects totaling 150 units preserved or constructed within
the County. Currently, there are three 3C Initiative projects within the Omni CRA area. We are seeking
support from the Omni CRA for our technical assistance services to these and to approximately 8-10
other small-scale affordable housing projects in which the CRA is investing.
Summary
Small, nonprofit, and emerging developers shared that navigating the development process is arduous.
Between accessing funds, understanding the fundamentals of the construction process, and securing
permits, there are numerous barriers for these fledgling businesses.' These challenges yield slowed or
stalled development, resulting in an even shorter supply of housing units and more instances of
displacement. Businesses led by women, Black, and Latino owners are more likely to experience these
significant hurdles.'
An investment from the Omni CRA would support 12 months of technical assistance to address these
gaps faced by smaller developers and property owners seeking to build or rehab affordable housing
within the Omni CRA region. This technical assistance will increase the number of affordable housing
units for renter households earning below 80% of the area median income.
Goals
• Improve Miami's ecosystem for smaller -scale affordable housing developers and property
owners.
1 More about MHFA can be found online at httos://www miamihomesforall org/.
2 More about the 3C Initiative Miami can be found on the MHFA website: https://www.miamihomesforall.orq/3-c
Shelterforce 2023 article written by Eric Anthony Johnson:
https://shelterforce. org/2023/08/25/nonprofit-affordable-housing-developers-navigate-troubled-waters/#: :text=Financi
al%2Olosses%20and%20cash%2Dflow,that%20attracts%20i nvestors%20and%20residents.
4 Urban Institute's 2024 Case Study on Housing Developers in Miami by Brett Theodos, Jorge Gonzalez-Hermoso,
Cole Campbell, and Noah McDaniel: https://www.urban.orq/research/publication/housing-developers-miami.
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• Increase or preserve the stock of affordable housing within the Omni area to prevent further
displacement of residents.
These two goals will be achieved by providing technical assistance to approximately 10 developers to
create or preserve about 100-150 units. A majority of these units will be priced for households earning up
to 80% of the area median income. The remainder will be for households earning between 81-120% AMI.
Proposed Budget
TECHNICAL ASSISTANCE SUPPORT FOR SMALL & EMERGING DEVELOPERS/OWNERS
Budget Line Item
Description
Subtotal
Technical assistance consultants: Lisa Martinez
of LM Genuine Solutions, Sandra Socarras,
Marvin Wilmoth of Intersection Ventures, MHFA
staff, and potentially other consultants
Technical assistance providing
predevelopment and development
services for affordable housing
projects.
$150,000.00
Total
$150,000.00
MHFA will match these dollars with $300,000 in predevelopment grants (for three of these projects), as
well as other funds supporting our technical assistance program. Omni CRA funds will also be matched
by additional dollars secured through our technical assistance, including hundreds of thousands in county
funds through the NOAH grant program, which are in the process of being allocated thanks to our
support.
Our Process
Phase 1:Engage
Developers & Owners
MHFA will partner with
the Omni CRA to
provide technical
assistance to already
identified
developers/owners.
Phase 2: Tool
Creation
MHFA will create the
necessary tools per
developer to support
them in realizing their
projects.
Technical Assistance Elements
Phase 3:
Ongoing,
customized
sus sort
MHFA will work with
each developer to
expand their capacity
and support each
project with specific
needs. We will walk
them through the
development process.
Phase 4:
i Implementation
Support
MHFA will provide
education on best
practices in engaging
prospective tenants
and support them on
ensuring displacement
prevention.
Phase 5:
Follow1Jp &
Networking
MHFA will provide
follow-up engagement
services to ensure
projects are completed
and support access to
any applicable
services. Additionally,
MHFA will support a
network of developers
and owners to promote
connectivity and
networking.
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Our technical assistance, provided for 12 months, will include customized tools for each developer to
expedite their deal, including but not limited to assistance with:
• Financial analysis, including sources and uses of funds;
• Applying for and securing public and private funding and financing;
• Creating renderings and architectural designs;
• Applying for and securing permits;
• Identifying and securing qualified general contractors and other vendors;
• Conducting project management;
• Learning best practices in asset management and neighborhood engagement.
MHFA will also connect these developers with a local community organization, Touching Miami With Love,
to provide resident engagement and perspective on these developments. This work is funded by other
donors, and no funding from Omni CRA will be used to support this work by Touching Miami With Love.
Finally, MHFA will convene the developers as part of a cohort to share lessons learned along the way.
We are happy to provide additional details about this program upon request.
Contact Information
Annie Lord, Executive Director
alord@miamihomesforall.orq 1305.321.2663
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