AM Affordable Housing and its partner the Housing Trust Group has closed on $21 million in financing for the first phase of a new low-income apartment building, Courtside Family Apartments. Led by NBA Hall of Famer Alonzo Mourning, AM was granted a 65-year lease for four acres in 2008 after the company won the project in a public sale tender process. The funding includes $9 million in state-owned low-income housing tax credits,$3.3 million in construction debt from Citi Community Capital, and $7.5 million from the Southeast Overtown/Park West community Redevelopment Agency. Miami Dade county’s surtax program for affordable housing is also providing a $1.75 million loan. Four of the 84 units of the first phase will be live/work lofts where the units will be reserved for residents with income levels at or below 60 percent of the area median income. The second phase will be a 120 unit senior center and the third will have 80 units. The project is located at 1700 Northwest Fourth Avenue with construction slated to finish in 14 months.
