HCLC Regular Meeting - May 06, 2026
Meeting Intelligence Preview
Meeting Summary
The Housing Commercial Loan Committee approved $497,002 in additional HOME funds for River Place, a 9-unit affordable housing project at 1890 NW 19th Street that is shovel-ready with permits in hand. The committee also approved $5.3 million from the Affordable Housing Trust Fund for the Residences at Carver Theater (formerly Lofts at Carver Theater) at 6016 NW 7th Avenue, despite concerns about the $720,000 per-unit cost. Five other HOME fund applications totaling over $15 million were continued to the June 24th meeting due to quorum issues.
Key Decisions (6)
River Place Additional HOME Funding
Approved $497,002 in additional HOME funds for JMR 1890 LLC's River Place project at 1890 NW 19th Street, a 9-unit affordable housing development targeting 30-60% AMI households. This supplements the $1,137,418 previously awarded in June 2025, bringing total city assistance to approximately $181,000 per unit. Developer waived entire developer fee.
Residences at Carver Theater Affordable Housing Trust Fund Allocation
Approved $5.3 million from Affordable Housing Trust Fund for Carver Theater LTD Limited Partnership to develop 71 affordable housing units at 6016 NW 7th Avenue. Project reduced from 84 to 71 units, theater component eliminated and replaced with retail space. Total project cost $50.3 million ($720,000 per unit). Units target 30-80% AMI.
HOME Fund Applications Continued to June
Five HOME fund applications totaling over $15 million continued to June 24, 2026 meeting: AquaMia ($4M request, 155 units at 1251 SW 7th St), SG Little Havana ($4M request, 300 elderly units), Edison Towers 2 ($3.5M request, 96 elderly units at 661 NW 58th St), and Unico ($4M request, 116 units at 1134 SW 8th St). Only $3.5 million in HOME funds remains available after River Place approval.
Little Haiti Gateway Affordability Forgiveness
Approved forgiving remaining 5 years of affordability requirements for Little Haiti Gateway project at 6201 NE 2nd Avenue to allow Carrefour Supportive Housing to demolish 32 cottages and develop Notre Maison project with 75 new affordable housing units, half set aside for homeless individuals.
View 29 Wynwood Unit Mix Modification
Approved modified unit mix for 2901 Wynwood LLC's View 29 project at 2901 NW 2nd Avenue. Changed from 18 one-bedrooms and 18 two-bedrooms to 17 one-bedrooms and 19 two-bedrooms. All 36 city-assisted units remain at 60% AMI or below.
Gallery at Loomis Park ARPA Funding Reallocation
Approved modifying $3 million ARPA allocation for Gallery at Loomis Park at 395 NW 1st Street from $2M pre-development/$1M construction to all $3M for pre-development costs to meet September 30, 2026 ARPA deadline. 28-story building with 257 units, 81 city-assisted at 80-100% AMI. Total project cost $131 million.
Development Activity (10)
River Place
9-unit, 2-story walk-up affordable rental building with 9 parking spaces. Unit mix: 1 studio, 7 one-bedroom, 1 two-bedroom. Targeting 30-60% AMI. Total budget $4,086,052. Building permit in hand for over 1,000 days.
Residences at Carver Theater
8-story building with 71 affordable housing units (reduced from 84) and retail space (theater component eliminated). Units target 30-80% AMI with 37 units at 80% AMI. Total budget $50.3 million. Structured parking garage included.
AquaMia
14-story building with 155 units (52 one-bedroom, 103 two-bedroom). Targeting 50-100% AMI. 20 city-assisted units. Total budget $62.98 million. City contributed land in fee simple with affordability restrictions.
SG Little Havana
Two 12-story rental buildings with 300 total units for elderly households (55+). Targeting 30-80% AMI with 173 city-assisted units. Total budget $136.5 million. City providing land via lease (under negotiation).
Edison Towers 2
8-story residential rental with 96 units (58 one-bedroom, 38 two-bedroom) for elderly households. Targeting 50-60% AMI. 5 units set aside for disabled. 25 city-assisted units. Total budget $33.18 million.
Unico
11-story building with 116 units (5 studios, 99 one-bedroom, 22 two-bedroom). Targeting 50-140% AMI with 47 units at 100% AMI or below. 18 city-assisted units. 6,500 SF retail. Total budget $48.7 million. HUD Section 221D4 financing.
Notre Maison
75 affordable housing units, half set aside for homeless individuals. Part of 350+ unit three-phase redevelopment. Previously approved for $2.4 million HOME funds in January 2026.
View 29
12-story mixed-use building with 116 units. 36 city-assisted units at 33-60% AMI. Received $2.75M ARPA and $1.5M HOME funds previously.
Gallery at Loomis Park
28-story building with 257 units. 81 city-assisted units at 80-100% AMI, 57 age-restricted subsidized units. Total budget $131 million. Foundation permit issued, pilings and site infrastructure complete.
Essence Miami
88 units of affordable housing for 60-100% AMI. Currently 20% complete, under construction. Received $12 million from city ($5 million initially, increased to $12 million in 2024). Commissioner requested completion by December 2026.
Market Signals (6)
Housing Demand
Edison Towers developer reported 100% occupancy and waiting lists at their existing 220-unit elderly housing buildings in Liberty City, indicating strong demand for senior affordable housing.
Infrastructure
Multiple developers cited construction cost escalation and tariff impacts as major challenges, with one project (River Place) seeing costs increase by $1.24 million primarily due to construction estimates.
Sentiment
Committee expressed frustration with high per-unit costs for affordable housing, noting the Carver Theater project at $720,000/unit while a nearby project (Edison Towers 2) costs $345,000/unit.
Commercial Demand
Unico developer negotiating with La Trova restaurant (being evicted from current location) for 6,500 SF retail space on Calle Ocho, indicating demand for restaurant space in Little Havana.
Housing Demand
SG Little Havana developer reported their Uni Tower (252 units) and Uni Dose (398 units) projects in Omni CRA are 95% occupied, demonstrating strong demand for workforce housing in urban core.
Other
Federal HOME and CDBG funding facing decreases, with city receiving approximately $2.7-3 million annually in HOME funds; October 2026 allocation expected.