Intersection Ventures confirms readiness for Miami homeownership project loan closing

In a recent meeting of the City of Miami's Housing and Community Development Committee, significant progress was made towards advancing a key housing project aimed at enhancing homeownership opportunities in the area. A crucial decision was made to remove the tenant lottery requirement from the project, as it will solely focus on homeownership rather than rental units. This change is expected to streamline the process as the project moves closer to loan closing scheduled for August.

Marvin Wilmoth, representing Intersection Ventures and the South Florida Community Land Trust (CLT), expressed gratitude for the support from the City of Miami team, highlighting their efforts in facilitating the project’s progress. Wilmoth confirmed that the necessary legal documents are in motion and that the budget is on track, although he noted that additional investment from South Florida CLT is essential to ensure the project's success.

The committee's discussions also included a review of the project's financial structure, with assurances that sufficient funds are available to proceed. This development is seen as a positive step towards addressing the community's housing needs, particularly in promoting homeownership.

As the project moves forward, the committee remains focused on ensuring that all aspects are aligned with the community's goals for affordable housing. The next steps will involve finalizing the loan arrangements and continuing to engage with stakeholders to ensure a successful outcome for residents in Miami.