Four South Florida affordable housing projects get federal grants

Four South Florida affordable housing projects have received grants of $1 million each from the Federal Home Loan Bank of Atlanta to help jumpstart their construction. Among the projects is Homestead’s 220-unit Villa Capri by Cornerstone Group Development and Opa Locka Community Development, which had been in foreclosure. The grant will be supplemented by a fresh loan from RBC Bank. Monterra Apartments, the 300-unit apartment complex within Cooper City’s Monterra project, also received a grant, as did Fort Lauderdale Rescue Tabernacle’s 130-unit Faith Farm Ministries Fort Lauderdale Campus and the planned, 320-unit Sorrento at Miramar Apartments by ZF Development. Eight more affordable housing projects in Florida also received FHLB Atlanta grants, bringing the bank’s total amount awarded to $8.5 million. [SFBJ]