Miami Inspiration Housing
Overview
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$35 Million Construction Loan & LIHTC Equity |
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Summary
KeyBank Community Development Lending and Investment (CDLI) provided a $13.9 million construction loan and $21.4 million in low-income housing tax credit (LIHTC) financing for the construction and rehabilitation of Miami Inspiration Housing in Miami, Arizona. The project also received $500,000 of soft debt financing from the Arizona Department of Housing. This development marks a significant milestone in the community as it is the first affordable housing project to be built in the market since 2009.
Miami Inspiration Housing will consist of the renovation of a non-occupied historical building with 16 units and the new construction of a second building with 24 units, creating a 40-unit total affordable housing complex. The property will provide quality housing for families, with income levels between 40%, 50%, and 60% of the AMI. Miami Inspiration Housing will provide families a safe and vibrant place to call home, positively impacting the community at large.
The development is located in Miami, a rural town approximately 80 miles east of Phoenix. The community is located within the Copper Corridor where mining and ranching still represent 20% of the county’s primary sources of employment, as several smaller copper mines and processing facilities remain active.
Miami Inspiration Housing is located near major local employers including Freeport McMoRan Mining, Capstone Mining, Globe and Miami Unified School Districts, Gila Community College, Cecil Trucking, and Cobre Valley Regional Medical Center. The property also sits just two blocks north of Highway 60, Miami’s main thoroughfare, and benefits from proximity to retail, healthcare, recreation, and other amenities.
The real estate developer, Chicanos Por La Causa (“CPLC”), is a community developer with a 56-year history of empowering lives through more than 30 different programs and services in Arizona and most recently in California, Colorado, Nevada, New Mexico, and Texas. Miami Inspiration is part of a larger strategy to bring diverse housing opportunities in rural and urban communities to meet local needs including wraparound education and social and workforce development services. Gorman Property Management, an affiliate of Gorman & Company (“Gorman”), will serve as the management company. Today, Gorman manages more than 60 apartment communities, totaling over 6,000 units.
Banking products and services are offered by KeyBank National Association. All credit products are subject to collateral and/or credit approval, terms, conditions, and availability and subject to change.
