Alonzo Mourning's Affordable Development on Track
It's been a long process, but Alonzo Mourning and his AM Affordable Housing have finalized financing on Courtside Family Apartments, a proposed 84-unit affordable housing development in the Overtown neighborhood. "We've had many obstacles to overcome to get to this point since we were first awarded the project in 2008, but we ultimately succeed for the community," the former Miami Heat star and philanthropist tells us. Alonzo conceptualized the project as a way to continue his charity work in Miami.
As with most affordable housing developments, the financing is complex. Project funding sources include RBC Tax Credit equity, estimated at $9M raised from the purchase of Florida Housing Finance Corp LIHTCs; construction and permanent debt for more than $3M financed by Citi Community Capital; funding of $7.5M from the Southeast Overtown/Park West Community Redevelopment Agency; and a Miami Dade County surtax loan for $1.75M, with developer equity making up the balance. Residents at or below 60% of AMI will be eligible to occupy the property.