300 Unit Elderly Rental Affordable Housing Project

Grantee: City of Hialeah, Florida
Program: HOME
Grant Amount: $9,524,494.10 HOME Funds (FY 03-04-05-06-07-08-09)
Project Type: Construction of 300 Units of Elderly Affordable Rental Housing
Project Financing: Private Financing; $15,000,000
  County General Obligation Bond Program Funds $5,000,000
  City of Hialeah General Fund Revenue $4,000,000
Address: 2659 West Okeechobee Road, Hialeah, Florida
Funding Organizations: City of Hialeah, Florida

Personal/Neighborhood Impact:
The City of Hialeah, acting as both developer and general contractor (saving thousands of dollars from profit, overhead and development costs) maximized the use of funds through a creative combination of federal, private and local funds, i.e., HOME, Miami-Dade County General Obligation Bond Program Funds, City's General Funds as well as in-kind services and constructed a total of 300 units of elderly affordable rental housing (4 - five story buildings, with 75 one-bedroom one-bath apartments each) at a fixed $300 a month, that serve low-income elderly residents selected from the local housing authority waiting list. This project is owned and managed by the City and maintained in the same manner as other public City facilities.

This facility provides 300 one-bedroom, one-bath brand new apartments. It serves a minority concentration area of 96.3%, a 67.87% of low-and moderate-income concentration and is occupied by low income elderly individuals at or below 50% of median income. These 300 units are located at walking distance from the Miami-Dade County Metro Rail Station as well as many other forms of public transportation, and in close proximity to various service oriented shopping, government and educational facilities.

This project has not only improved the lives of these new tenants but also has directly invigorated the neighborhood and served as a catalyst for economic growth that helped to spur economic development activities and improvements in the entire neighborhood. In addition, by utilizing local contractors for the purchase of materials and supplies as well as encouraging the use of local small business and minority firms, added to the overall economic stimulus.

[Photo: 300 Unit Elderly Housing]


Content Archived: January 7, 2014