As part of several community-wide efforts underway across Miami-Dade County to preserve and increase the supply of critically needed affordable housing, the Opa-locka Community Development Corporation (OLCDC) and the National Equity Fund (NEF) recently completed the acquisition of Villas Del Lago. OLCDC’s newly formed Strategic Real Estate Fund was leveraged to purchase the existing 288-unit affordable housing complex located at 21100 NW 14th Pl, in the Miami Gardens, FL. The project was originally developed in 2013 using low income housing tax credits with OLCDC participating as a non-profit general partner along with two other investment partners. OLCDC acquired all other investor’s interests with the intent to pursue financing for rehabilitation of the property and expansion in 2021.
According to the 2019 Miami-Dade County Affordable Housing Preservation Plan, “The preservation of affordable housing has to be a key component of Miami-Dade County’s efforts to increase the region’s affordable housing stock. Combining strategies of preservation and new housing creation is the only way to ensure that a net gain of affordable housing units is obtained.”
The acquisition was supported by a $23.7M loan from the National Equity Fund. “NEF is committed to preserving existing affordable housing throughout the country, we joined forces with our tax credit investors applying our extensive experience and innovative thinking to create a preservation fund focused on providing the bridge financing often essential to completing the recapitalization of a project required to maintain long-term affordability for its residents.”
OLCDC has also received grant funding for pre-development from the 2019 Capital One Bank “Blueprints to Buildings” program and an Enterprise HUD Section 4 grant.
“We are thankful for all of the support from NEF, Capital One Bank, Enterprise, and Miami-Dade County Public Housing and Community Development (PHCD) on this acquisition and preservation effort. We look forward to providing residents with renovated and new affordable rental housing. Out of the 288 units, 100% will remain affordable” says Willie Logan President and CEO of Opa-locka Community Development Corporation.
The Project also funded repayment of $1.25M of revolving affordable HOME and Surtax funds to Miami-Dade County PHCD, allowing for these funds to be reinvested by PHCD in other affordable housing projects in Miami-Dade.
OLCDC will immediately begin pre-development activities for the anticipated construction in 2021. Improvements include upgraded impact windows, new HVAC, interior finishes, LED lighting, a satellite office of the OCLDC Tech Hire Center, and new public art.