Affordable Rental Units:
HACDC partnered with RUDG, a local real estate development company, to acquire and redevelop Bel House Apartments located on one of the main arteries on NE 6th Avenue in the heart of the City of North Miami. The East Building located at 13925 NE 6th Avenue consists of 45 one and two bedroom units and the West Building at 13990 NE 6th Avenue consists of 20 one bedroom units. Full renovation of the East Building was completed early in 2012 with all units leased to families at or below 120% of area median income with more than 10 of these 45 units rented by clients at or below 50% of area median income. The renovation of Bel House apartments has served as a catalyst for improvements and upgrades to the myriad of apartment complexes along 6th Avenue, one of the most travelled streets in North Miami.
This opportunity came from HACDC through its award of Neighborhood Stabilization Program, round two (NSP2) funds as a member of the Miami-Dade NSP Consortium. As of year-end 2012 HACDC has invested more than $3.6M of NSP2 funds in this project and plans have been finalized to invest another $300,000 of NSP2 funds for Phase II of the project to bring the 20 units in the West Building up to the same standards as those completed in Phase I!
Villa Jardin II (VJ2) is another multi-family rental project in predevelopment. VJ2 is located at 122 NE 78th Street and comprised 6 units.
Building Lives, Building Homes, Building Community....