Building Lives, Building Homes, Building Community....
SINGLE FAMILY REHAB & DEVELOPMENT:
HACDC has rigorously undertaken the acquisition of distressed single family homes leveraging approximately $1,400,000 NSP2 allocation with other funding. HACDC has successfully secured an $800,000 revolving line of credit from Neighborhood Lending Partners, Inc. for the acquisition of up to 20 single family homes and the City of North Miami has also generously awarded significant funding to HACDC in CHDO funds for the financing of homes located within the city.
HACDC continue to acquire many properties throughout Miami-Dade County to completely rebuild or rehab following federal and local municipalities codes and procedures. These homes will be sold to eligible first-time homebuyers in our expanded target areas of North Miami, North Miami Beach and Miami Gardens.
On average HACDC is placing approximately $50,000 in funds with each buyer and property as subsidy and write-off to create affordability for the buyer and to cover development costs above appraised value. The price for these homes are $160,000 to $215,000.