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Follow on Google News | Carrfour Supportive Housing Acquires Harvard House Apts with Federal Stimulus Dollars$5.6 million project will deliver 56 newly-renovated affordable housing units as part of U.S. government’s Neighborhood Stabilization Program.
The NSP program aims to revitalize neighborhoods that have been negatively impacted by properties that were foreclosed upon or abandoned as a result of the recession. The HUD initiative – part of the American Recovery and Reinvestment Act of 2009 – granted nearly $2 billion to states, local governments, nonprofits and public and or private nonprofit entities on a competitive basis, with the purpose of rehabilitating distressed properties. All told, Carrfour was granted $17 million of the $89 million that has been directed to Miami-Dade County developments through the NSP2 program. In the case of Harvard House, the building’s previous owner was in loan default when Carrfour purchased the property with NSP2 funding, explains Carrfour Director Stephanie Berman. “Carrfour’ Carrfour has engaged an architect for the remodeling project and construction work will get underway this fall – with the goal of reopening Harvard House to residents in late 2012. Once complete, the building will feature 1, 2 and 3 bedroom units, 28 of which will be designated for residents with incomes at our below 50% of the Area Media Income (AMI). Ms. Berman notes that Carrfour remains in the market for additional properties qualifying for rehabilitation under the NSP2 program. “Harvard House was our first purchase with NSP2 funding and our team is now actively looking for new acquisition targets that qualify throughout Miami-Dade County. Our goal is to put the $16 million we’ve been allocated to good use, creating new homes and jumpstarting the local real estate market in the process.” Harvard House Apartments is located at 2020 NE 169th Street in North Miami Beach, Florida. The building offers residents access to a computer room, basketball court, gymnasium, playground, picnic area, car care area, and laundry room. Carrfour will operate and manage the project once the renovation is complete. # # # Carrfour is a non-profit organization founded in 1993 by the Homeless Committee of the Greater Miami Chamber of Commerce. The organization’ End
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