$1 million FCLF financing
72 units of affordable rental housing
“We’re grateful to have closed another long-term loan with Florida Community Loan Fund, especially for such an impactful development. Seven on Seventh is a layered, complicated, public/private partnership, located in the heart of Fort Lauderdale. We couldn’t get this done without our longstanding partnership with FCLF,” said Mitchell Rosenstein, principal of Green Mills Group.
Residents of Fort Lauderdale, like in many other Florida cities, face challenges finding affordable housing in their communities. Many areas, such as the Sistrunk neighborhood, are experiencing dramatic development of market-rate luxury rental housing, presenting even more challenges – and opportunities – to provide affordable homes in the area.
Through a collaborative partnership, Green Mills Group and Broward Partnership for the Homeless developed Seven on Seventh, a 72-unit apartment community just north of downtown Fort Lauderdale in the Sistrunk area. Broward Partnership operates a Homeless Assistance Center on adjacent property, where the organization provides various services including helping the homeless quickly transition to stable housing and receive healthcare, behavioral health, case management, and other services. Broward Partnership recognized the great need for affordable housing for those experiencing homelessness, and partnered with Green Mills Group, an experienced affordable housing developer, to build Seven on Seventh.
Seven on Seventh not only provides a safe, affordable home for those experiencing homelessness, but also offers affordable living near downtown Fort Lauderdale for workforce families. Of the 72 rental homes, 36 are reserved for low-income individuals or families who are formerly homeless or at risk of becoming homeless, such as those transitioning from shelters who now have enough stability for permanent housing. Supportive services will be available within the community, as well as at the adjacent Broward Partnership campus. The remaining 36 units are designated for local workers such as teachers and others who meet low-income requirements. Apartments range in size from 505 square feet for a studio to 918 square feet for a 2-bedroom unit, and on-site amenities include a clubroom, game room, gym, learning center, and fifth-floor terrace.
Florida Community Loan Fund provided $1 million in financing for the project. Additional support for the project comes from the State of Florida, Broward County, the City of Fort Lauderdale, and other partners. Seven on Seventh will remain affordable for at least 50 years in accordance with the Low-Income Housing Tax Credit (LIHTC) program.
FCLF received a Capital Magnet Fund (CMF) award from the Community Development Financial Institutions (CDFI) Fund, which allowed FCLF to offer favorable terms to Seven on Seventh to further help the project be successful.