HCLC Approves South Florida CLT's Revised Financing for 13 Unit Affordable Housing Project

The City of Miami's Housing and Community Development Committee (HCLC) convened on July 29, 2025, to discuss significant developments in affordable housing initiatives, particularly focusing on the Place Louverture project spearheaded by the BHB Community Land Trust.

The meeting began with a presentation from Mandy Barto, Executive Director of the South Florida Community Land Trust, which is the only organization in Broward and Miami-Dade Counties dedicated to creating permanently affordable housing. The Place Louverture project aims to construct a 13-unit condominium development at 6601 Northeast Miami Place, designed to provide long-term homeownership opportunities.

Barto outlined the project's financing structure, noting a recent increase in the budget from $7.19 million to $7.89 million, attributed to rising hard and soft costs, including repeated environmental assessments due to delays in county underwriting. The financing plan includes a $1.35 million construction loan from the Florida Community Loan Fund, alongside contributions from Miami-Dade County surtax funds, HOME funds, and City of Miami SHIP funds, totaling over $7 million in secured financing.

The committee was asked to approve a change in the borrower entity to South Florida CLT Place Louverture Developer LLC, reflecting the project's updated financing structure. Additionally, the committee was encouraged to endorse the revised budget, emphasizing that no additional city funds were being requested.

Barto also highlighted the recent influx of homeownership projects in the area, particularly in Coconut Grove, indicating a growing momentum in affordable housing initiatives within the city.

The meeting concluded with a recommendation for the HCLC to approve both the change in borrower entity and the updated project budget, marking a significant step forward for the Place Louverture project and its commitment to providing affordable housing solutions in Miami.