The mission-driven affordable housing company’s investment will preserve quality, affordable homes for lower-income families and individuals facing high rent burdens in South Florida.
MIAMI, May 1, 2023 /PRNewswire/ — Lincoln Avenue Capital (“LAC”), a mission-driven acquirer and developer of affordable housing, today announced that it closed financing for a major rehabilitation of Santa Clara II Apartments, preserving access to high-quality affordable housing for decades to come.
Originally acquired by LAC in 2018, Santa Clara II offers 204 units of affordable housing for residents near downtown Miami, in one of the most competitive housing markets in the country. The renovated property will provide apartments at a significant discount to market rates, with units limited to those earning no more than 30 percent or 60 percent of the area median income (AMI).
“We are proud to deepen our investment in communities like Santa Clara II to preserve affordability in one of the nation’s most rent-burdened areas,” said LAC CEO Jeremy Bronfman. “This rehabilitation will ensure access to high-quality homes for generations of South Florida families.”
Through this rehabilitation, LAC will invest more than $60,000 per unit for interior and exterior upgrades, new building systems, and resident amenities including a dog park, community garden, and fitness center. The property will offer a variety of social services for residents including health care, nutrition education, financial literacy, welfare to work, and homeownership opportunity programs, among others.
“Lincoln Avenue Capital’s renovation of Santa Clara II will enhance the quality of our residents’ homes and position the property to continue providing affordable housing where its most needed,” said David Garcia, LAC Vice President & Project Partner. “LAC is grateful to our financing partners and proud to help preserve and expand access to affordable housing in critical markets like Miami.”
This tax credit re-syndication deal is supported by a mix of public and private financing, including from Miami Dade County, Merchants Capital, Grandbridge, Miami Dade Housing Finance Authority, and the Florida Housing Finance Corporation.
About LAC: Lincoln Avenue Capital is one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization that serves residents across 22 states, with a portfolio of 119 properties comprising 21,000+ units.
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SOURCE Lincoln Avenue Capital