The Housing United initiative of United Way of Broward County has granted Pinnacle Communities $750,000 in financing and facilitated an approved 30-year loan with 0% interest to begin the construction of a 110-unit affordable housing development for seniors in Miramar. The construction of Pinnacle at La Cabaña (8911 Miramar Parkway) is expected to be completed by mid-2025. The development will offer various enhancements to ensure adaptability for an aging clientele. The planned amenities will comprise indoor and outdoor multi-purpose facilities catering to the wellness and social activities that seniors enjoy and art installations in public spaces.
The financing for the 110-unit affordable senior housing development was comprised of various sources. Bank of America provided a $22 million construction loan and $27.3 million in Housing Tax Credit equity. Additionally, Neighborhood Lending Partners contributed $5.6 million in a permanent first mortgage, while Florida Housing Finance Corp. provided $4.3 million. The City of Miramar also contributed $656,000. The final funding gap was closed with the $750,000 grant from United Way of Broward County’s Housing United initiative.
The Housing United initiative of United Way of Broward County was established nearly three years ago to create a fund that could help finance affordable housing projects. The initiative was funded through a generous donation from writer and philanthropist MacKenzie Scott. Housing United is a collaborative effort between public and private organizations to raise capital and philanthropic funds to address the affordable housing crisis. The initiative provides gap financing to lower the cost of developing rental or housing units, making them more accessible to low and moderate-income renters and homebuyers.
The senior development is set to provide 65 one-bedroom and 45 two-bedroom apartments at an affordable rental rate for individuals with fixed incomes, which should be at or below 60% of the area median income (AMI). Additionally, 11 units will be reserved for extremely low-income individuals whose income falls at or below 28% of the AMI.
“Pinnacle at La Cabana is just one example of how our Housing United initiative helps to alleviate the affordable housing crisis here,” says Kathleen Cannon, United Way of Broward County President/CEO. “We express our heartfelt gratitude to our community partners and businesses for their invaluable support in joining forces with Housing United. Together, we strive to not only fund crucial loans and minimize the costs associated with housing development but also to inspire others to join our mission.”
The 2021 ALICE Report by United Way of Broward County has brought to light some alarming figures about the financial struggle faced by households due to housing expenses. According to the report, 203,457 households in Broward, comprising 43% of aged 65+ households, are burdened with the costs associated with housing. The situation is even more challenging in the greater Miramar/Pembroke Pines area, where 105,781 households are identified as cost-burdened due to housing expenses.
“This data underscores the pressing need for initiatives like Housing United to provide financial support and assistance in addressing housing-related challenges faced by the community, especially among older residents,” Cannon says.
Corporations, foundations, philanthropists, and employers can participate in Housing United’s efforts by contributing to the fund. This will create a united front against the affordable housing crisis that the community is facing. Housing United will match these contributions and include them in the financing of the properties. This will ensure that low and moderate-income renters and homebuyers can access affordable housing for at least 30 years.
