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...