NHPF remains very concerned regarding the overall health and well-being of our 25,000 residents during the Covid-19 crisis. We have been actively working with our third-party management companies in taking steps such as increased cleaning of common areas, limiting resident contact except for emergency situations and, through our resident services program subsidiary Operation Pathways, providing information about resources for financial assistance, food, medicine, transportation, and needed supplies. In addition, we have placed a moratorium on all evictions for non-payment of rent for the duration of this crisis and are actively engaging our residents who have been financially impacted to discuss payment plans. We fully appreciate the social and emotional tolls the length of this crisis have taken on our residents and we will follow all local and state government directives regarding the reopening of our sites and community centers. The safety and well-being of our residents remains our highest priority.

Sunset Bay Apartments

Affordable Housing in Cutler Bay, Florida

Constructed in 2001, the Sunset Bay Apartments are located in Cutler Bay, an area in the southern part of Miami, Florida. The property includes 308 apartments in 13 separate three-story residential buildings. There are two auxiliary structures and 562 parking spaces. Property amenities include a clubhouse, business center, fitness center, pool, playground, and car care center.

Total Cost

$26,170,000

Description
Sunset Bay is comprised of 45 one-bedroom, 149 two-bedroom, and 114 three-bedroom units. Sunset Bay is a 100% Tax Credit Property and subject to a Land Use Restriction Agreement (“LURA”). Eight units are restricted to households earning 33% or less of Area Median Income (“AMI”), while the balance is restricted to households earning 60% or less AMI. The initial tax credit compliance period has expired.

Financing
This transaction was limited to a transfer of limited partner interests only, in partnership with The Partnership Inc. (TPI), a non-profit affordable housing owner, developer, and property manager founded in 1994 and based in Florida. Secured financing and funding for this project included:

$25,620,000Wells Fargo Bank
$550,000Owner Equity