SOUTH REGION
$3.2 million FCLF financing (3 loans)
Land acquisition and construction financing
34 units of affordable rental housing
7,700 square feet of commercial retail space
“Florida Community Loan Fund’s commitment to our 3010 project is more than an investment in a building – it’s a catalytic investment in our community’s future. This project represents a first for Miami and shows that when community comes first, we can create models that protect culture, support local businesses, and open doors for others to follow.” – Mileyka Burgos-Flores, CEO
Allapattah is one of Miami’s oldest communities and dates from the late 19th century, with a population that is a blend of Hispanic, African American, and Caribbean heritage. Historically an agricultural and trade hub, today the neighborhood still has easy access to downtown Miami, the Miami International Airport, and the central hospital district; all major sources of employment. Because of its central location, the area is experiencing significant gentrification, forcing residents and local businesses to face increased rents and evictions as properties are sold and redeveloped into higher end uses.
The Allapattah Collaborative CDC (ACDC) was founded in 2019, and soon after it started operations the organization found itself deeply involved in assisting local businesses that were impacted by the COVID-19 pandemic – offering loans and technical assistance, and connecting businesses to resources and grants. Since that time, Allapattah CDC has expanded to not only help small businesses build wealth and continue to serve the community, but also to offer affordable housing opportunities to local residents, in an area where speculative investments result in increasing rents.
With financing from Florida Community Loan Fund, Allapattah CDC will develop much-needed affordable rental housing, and at the same time provide commercial units for neighborhood retail tenants with the potential for ownership. The project consists of a three-story building that will have 9 retail spaces on the ground floor, and on the upper floors 34 rental apartments with a mix of studios, 1-bedroom, and 2-bedroom units. Rents will be affordable for households earning between 50% and 120% of area median income (AMI).
Additional financing and support for the project is provided by private and public partnerships and grants. Florida Community Loan Fund received an ERP Award from the Community Development Financial Institutions (CDFI) Fund, which allowed more favorable loan terms to further help the project be successful.
This project will have a high impact on the Allapattah community by creating affordable housing and local business opportunities in a rapidly gentrifying area of Miami. Allapattah CDC plans to replicate this model in the future, always maintaining a sensitivity for the needs of existing area residents and small businesses.
