Courtside Apartments brings 84 homes to an underserved, low-income neighborhood in Miami.
The development recently opened its doors to families following 10 years of effort by basketball great Alonzo Mourning’s AM Affordable Housing to give back to the city where he played ball for most of his career.
A rookie to affordable housing, Mourning selected the veteran Housing Trust Group to be his partner in bringing housing and other opportunities to Miami’s Overtown neighborhood. Starting in 2007, the team stuck with the project through the recession and the loss of critical financing in the state.
The developers kept the deal alive by assembling other sources of funding, including a $7.5 million grant from the Southeast Overtown/Park West Community Redevelopment Agency.
The work has paid off with the creation of a property that delivers a mix of one-, two-, and three-bedroom apartments for families earning no more than 60% of the area median income (AMI), including nine units for extremely low-income families earning no more than 33% of the AMI.
“It’s an example of how great affordable housing can be, what it can do to transform a neighborhood, and how it helps families to turn the corner in terms of having a stable, steady place to come home to,” says Matt Rieger, HTG president and CEO.
The development is located on Miami-Dade County–owned land, which it shares with the Culmer Neighborhood Community Service Center that provides social services to the area’s low-income residents. HTG improved access to an on-site Head Start center and built a new playground for the children.
Courtside has its own strong array of amenities. It was a slam dunk that the property would include an outdoor area with a basketball court
The $22.8 million development is financed with 4% low-income housing tax credits (LIHTCs) and bonds. RBC Capital Markets provided the LIHTC equity.
