Regional Coalition of Housing Groups Win $5M Award to Preserve Affordability Along South Florida Rail Path
December 19, 2019
A joint venture between the South Florida Housing Link Collaborative, a group of national and regional community development financial institutions (CDFIs), community land trusts, and other nonprofit organizations, will use a three-year, $5 million investment by JPMorgan Chase & Co. to acquire and rehab 300 properties in low- and moderate-income communities near Brightline stations in Palm Beach, Miami-Dade, and Broward Counties. The Collaborative, which includes the South Florida Community Land Trust (SFCLT), the Community Land Trust of Palm Beach (CLTPBC), the Solar Energy Loan Fund (SELF), Enterprise Community Partners, and the Florida Community Loan Fund, aims to leverage $75 million of external capital. Funds will support the development of permanently affordable rentals through the land trust model, and will support low-income homeowners to improve energy efficiency, install solar, and make upgrades, such as hurricane-resistant roofs.
The Collaborative will target areas within a half-mile of existing and future Brightline and Tri-Rail stations, to qualify for transit-oriented development density and mixed-use bonuses, as well as neighborhoods proximate to Opportunity Zones and Community Redevelopment Areas (CRA).