OPA-LOCKA, FL – The Millennia Companies has closed $ 52 million in funding for the major renovation of 175 affordable family homes at Cordoba Courts Apartments in Opa-locka, Florida.
With construction costs totaling over US $ 20 million, the renovation includes a comprehensive renovation of the apartment complex, which consists of eight residential buildings, common rooms and a swimming pool.
After the property has seen capital improvements of approximately $ 2 million since it was acquired by Millennia in 2016, the property needs significant renovation and redevelopment to improve its aesthetics and functionality. The construction project addresses necessary repairs and renovations and will extend the structural useful life of the apartment complex for the foreseeable future and thus preserve affordable living space.
The renovation includes new kitchens, bathrooms, floors, paints, surfaces, windows, HVAC systems, and building roofs; newly made outsides; a new laundry room; and additions to the community center, which will include a gym, computer room, and outdoor area. The plan also includes improvements to security features and landscaping. The crews install energy-efficient devices in the apartments and use environmentally friendly materials for countertops and cupboards. In total, the scope of the work includes over US $ 115,000 in home renovation costs funded by the 4% Low Income Home Tax Loans (LIHTC) program.
"Affordable housing is critical and supply is decreasing as demand increases," said Frank T. Sinito, founder and chief executive officer, Millennia. "Refurbishing housing projects that have been declining over time is vital, and we pride ourselves on our mission to provide residents with not only quality homes, but a community that is enriched with services."
In fact, according to the National Low Income Housing Coalition, there is a nationwide shortage of more than seven million affordable housing for the country's 11 million plus extremely low-income families. Since 2004, Millennia Housing Development, Ltd. Receive more than 11,500 units of affordable housing in cooperation with housing and financing partners.
“Red Stone is proud to be Millennia's financial partner in sustaining this community. We look forward to the upcoming major renovation planned for the benefit of the tenants and can't wait for the end result, ”said Brian Renzi, Managing Director of Red Stone Tax Exempt Funding.
Millennia expects construction to begin in the coming weeks and take 20 months. The relocation plan initially provides for the renovation of vacant units and the relocation of the households on site, if the construction is completed in stages. Residents pay 30 percent of their income for rent, and rent will remain affordable for years to come as it is subsidized for at least 20 years through a project-based Section 8 federal contract signed by the United States Department of Housing and Urban Development ( HUD.)).