Silver Creek Apartments

SilverCreek renderingSOUTH REGION
$3 million FCLF financing
90 affordable multifamily rental homes

"Thanks in part to Florida Community Loan Fund’s long-term senior loan, we’re able to develop Silver Creek, a new, mixed-income, mixed-use community in Miami. This sustainable development will provide brand-new, fully-amenitized, and professionally managed homes for 90 families who might otherwise struggle to find safe and affordable housing." – Mitchell Rosenstein, Founder & Principal, Green Mills Group

 South Florida is among the least affordable areas in the U.S. for renter households. A 2017 study shows that 63% of renter households in Miami-Dade, Broward, and Palm Beach Counties are cost burdened – spending more than 30% of income on rent. There is a great need for affordable rental housing.

Silver Creek Apartments will provide 90 affordable rental homes for families in Miami, with 81 units reserved for very low- and low-income households and the remainder available as workforce housing. Rent restriction agreements will maintain affordability of these apartments for at least 50 years, with monthly rent as low as $365 per month. Silver Creek will be built to certified green standards and include Energy Star-rated appliances, all of which help reduce costs for residents. In addition, the seven-story building will feature a game room, fitness center, and other amenities. The project is located close to public transportation – bus and metro rail – and area businesses, with easy access to downtown Miami, job centers, and three hospitals. The ground floor will also have retail space for lease.

Financing from Florida Community Loan Fund is providing a $3 million permanent loan for Silver Creek, a LIHTC (low-income housing tax credit) project that is being developed by Green Mills Group with a total cost of over $25 million. Additional financing is provided by TD Bank and Miami-Dade County. Tax credit equity is provided by the investor, TD Bank, through Raymond James Tax Credit Funds.

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Pictured above, architectural rendering of the Silver Creek Apartments complex.


“FCLF addresses local community needs, which aligns with our core values. We appreciate your commitment to our communities.” – Mellissa Slover-Athey, Comm Reinv Ofcr

CenterState Bank

"FCLF has a keen knowledge of Florida challenges & opportunities. We are confident our investment will be used to improve lives." – Kathleen Rizzo Young, Sr. VP, Community Development


"FCLF has proven its community impact and hard work. We are proud to partner with FCLF." – Leslie Watson, Analyst, Community Investments

Dignity Health

“We are proud to partner with FCLF on this project, which expands access to innovative, quality, comprehensive primary healthcare in our communities.” – Annie Neasman, President & CEO

Jessie Trice Community Health

“We cannot thank FCLF enough for this partnership, creating permanent housing for our neighbors in need, and their commitment to Florida communities.” – Shannon Nazworth, President & CEO

Ability Housing

“The collaboration with FCLF and using NMTC financing allows us to bring the most ambitious projects to life to benefit the communities we serve.” – Elodie Dorso, President & CEO

Community Health Centers of Pinellas

“FCLF will help us have significant ongoing impact in West Lakes as we help families set roots in this community.” – Camille Reynolds, Executive Director

Hannibal Square CLT

"FCLF demonstrates a mission-oriented philosophy that is compatible and supportive, broadens our platform and deepens our portfolio of products and services." – Kent Adcock, CEO

Habitat for Humanity of Lake-Sumter

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Metropolitan Ministries

“The partnership with FCLF is very exciting for us – an essential component in providing greater access to fresh healthy food in downtown New Port Richey.” – Jeff Wright, Owner

Wright's Natural Market

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JPMorgan Chase Foundation

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Residential Options of Florida

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Fathers Table Foundation

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Emma Jewel Charter Academy

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Sabadell United Bank

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"Without the FCLF initial loan to purchase land, we might not have been able to move forward with farmworker housing." – Peter Routsis-Arroyo, CEO, Catholic Charities, Diocese of Venice

Casa San Juan Bosco

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BBVA Compass

"Aida Palms will be a lasting asset to the City of Lakeland. This revitalization wouldn't be possible without financing partners like FCLF." – Mitchell Rosenstein, Principal, Green Mills Group

Aida Palms

Core Purpose FCLF exists to maximize opportunities for people and places outside of the economic mainstream.
Our Vision Opportunity and dignity exist for every person and community in Florida.
Our Mission Our expertise and capital make projects successful and help organizations improve lives and communities.