08 Sep Mount Hermon Housing Receives $640,000 CRA Incentive Loan for Affordable Housing Project
On September 1, 2020, the City of Fort Lauderdale Commission, acting as the Community Redevelopment Agency (CRA) Board of Commissioners approved a $640,000 Development Incentive Program Loan to Mount Hermon Housing, LTD. for the development of Mount Hermon Apartments. The CRA’s Development Incentive Program Loan is contingent upon the award of a 9% tax credit from the Florida Housing Finance Corporation.
The Mount Hermon Apartments will consist of an affordable senior housing project located in the Northwest portion of the CRA area in the Dorsey Riverbend neighborhood at the corner of NW 4th Street and NW 8th Avenue. The apartments will have 77 one bedroom/one bath units and 33 two bedroom/two bath units with various amenities and structured parking.
The project will be 100% affordable with ninety percent (90%) of the units available to tenants at sixty percent (60%) or below the Area Median Income level, and the remaining ten percent (10%) of the units available to Extremely Low-Income (ELI) tenants at a level equal to or below 25% of the Area Median Income Level.
Consistency with the NPF CRA Community Redevelopment Plan
A major component of the redevelopment strategy for the Northwest Progresso Flagler Heights CRA is the revitalization of the residential neighborhoods. The Redevelopment Program seeks to preserve and expand affordable housing in the entire redevelopment area. Per the CRA plan, the CRA will establish incentive programs to address redevelopment obstacles. The CRA 5-Year Program, which is incorporated as part of the Plan, identifies strategic objectives, goals and measurements that include targeting and attracting businesses, retail uses and industries to establish a presence in the redevelopment area. In addition, it calls for investing in development projects that create job opportunities, promote public private partnerships and investment in the redevelopment area. In addition, per the Future Land Use Plan and CRA Plan, redevelopment and housing opportunities for low, very low-and moderate-income households within the Northwest RAC should be encouraged.