Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and commenced development on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami, Florida.
Rainbow Village will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70, and 80 percent of the area median income (AMI). Monthly rents for our one-, two-, and three-bedroom apartments will range from $793 to $2,634, significantly below the median rents in Miami, which range from $1,875 to $9,070 for comparable units. (Zillow).
“As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” said Matthew Rieger, president and CEO of Housing Trust Group. “This new development will not only provide a place to call home but will also serve as a cornerstone of stability and opportunity for generations to come.”
Located at 2000 NW 3rd Avenue, Rainbow Village will feature 30 studio apartments, 163 one-bedroom units, 85 two-bedroom units, 28 three-bedroom units, and 4 four-bedroom units. Spanning more than 698,000 total square feet, Rainbow Village will include almost 12,000 square feet of retail, more than 50,000 square feet of amenity space, and 442 parking spaces.
Residents will enjoy a wide range of amenities including a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, theatre room, community center with kitchen, a juice bar, bike storage room, state-of-the-art fitness center, study and play areas, onsite generators, and a fire pit area.
Residents will also benefit from other services including resident assurance check-ins, assistance with light housekeeping, grocery shopping, laundry and various community events and daily activities.
After the completion of Rainbow Village, HTG will have developed 1,500 affordable units across 12 different properties in Miami-Dade County, and over 3,000 units across 26 properties in the South Florida tri-county.
Funding sources include approximately $70 million in 4 percent Low-Income Housing Tax Credits (LIHTC) equity syndicated by Raymond James Equity Investor; State Apartment Incentive Loan (SAIL) financing of $15 million; $52 million and $57.2 million in construction financing provided by KeyBank Real Estate Capital and JPMorgan Chase Bank, respectively; $60.4 million in permanent financing provided by KeyBank Real Estate Capital; a $500,000 grant provided by Miami-Dade County, a $3.1 million PHCD seller note; a $3 million PHCD HOME loan; a $15 million loan provided by the Southeast Overtown/Park West Community Redevelopment Agency (SEOPW CRA), and $11.8 million in Bond Reinvestment Earnings.
The design and construction team for Rainbow Village includes general contractor ANF Group, architect Zyscovich, Inc., civil engineer Kimley-Horn and Associates Inc., Interior Designer Builder’s Design, and landscape architect Witkin Hults.
“ANF is proud to partner with Housing Trust Group to take on the revitalization of Rainbow Village. This project is a testament to our commitment to community excellence,” said Al Fernandez, CEO of ANF and the construction manager for the project. “Together, we will create a vibrant, transformative space that will modernize older public housing properties and add more density to help address the housing affordability shortage.”
