Developer: Preservation of Affordable Housing
Architect: The Architectural Team
Major Funders: PNC Real Estate; Florida Housing Finance Corp.; Department of Housing and Urban Development; Enterprise Community Partners, Inc.
The New Horizons Apartments has undergone a green retrofit that will ensure it remains home to some of Miami's neediest seniors. The effort will also provide a lesson in building performance. Using a creative financing package, Preservation of Affordable Housing (POAH) rehabilitated all 100 apartments and remodeled 10 units to be fully accessible to wheelchair users.
The Boston-based nonprofit installed utility consumption meters in half of the apartments to measure resident usage, which will provide POAH and the industry data to analyze the effectiveness of the retrofit and plan for future energy improvements.
In times of limited resources, it is important to show not only how projects are improving the quality of life but also making wise use of federal funds, says Rodger Brown, senior developer.
The work at the seven-story, Sec. 8 building included replacing outdated in-wall air-conditioning units, installing new windows, and sealing the building envelope.
New Horizons was among several atrisk properties acquired from a nonprofit that went out of business.
To undertake the $10.9 million project, POAH bundled several sources, including 4 percent low-income housing tax credits, the New Issue Bond Program, and the lesser-known federal Mark-to- Market program's green initiative, a pilot that encouraged owners of properties eligible for refinancing through the Office of Affordable Housing Preservation to use green alternatives.