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Committee approves $1.1 million CDBG loan for Villa Aurora water‑intrusion repairs
Summary
The City of Miami Housing Commercial Loan Committee approved up to $1,100,000 in Community Development Block Grant funds for exterior and water‑intrusion rehabilitation at Villa Aurora, preserving 76 city‑assisted units under a 30‑year affordability term and with loan terms to be clarified on default interest language.
The City of Miami Housing Commercial Loan Committee on May 20 approved a recommendation to allocate up to $1,100,000 in Community Development Block Grant (CDBG) funds to the Villa Aurora rehabilitation project at 1398 Southwest First Street in East Little Havana.
The funding will be provided as a deferred‑interest loan to the borrower for the duration of a 30‑year affordability period, staff said. Villa Aurora is a 12‑story mixed‑use building with 76 units; 39 units are reserved for formerly homeless families and 37 are for low‑income families and elderly households at or below 60% of area median income (AMI).
The allocation…
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