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Preserving Affordable Housing Along the Brightline in South Florida
JPMorgan Chase’s Partnerships for Raising Opportunity in Neighborhoods awarded a $5 million grant to a coalition of local, state and national nonprofit institutions to preserve and build affordable housing along the Virgin Trains USA high speed rail route in South Florida, report Rene Rodriguez and AlexHarris.
The South Florida Housing Link Collaborative is expected to use that $5 million "to leverage as much as $75 million of external capital from investors, lenders and government sources," according to Rodriguez and Harris.
"The funds will be used to build 150 new affordable rental units and renovate another 150 existing affordable units. The money will also be used to buy vacant or underutilized land along the railway line. Also, 200 improvement loans will be granted to existing homeowners to upgrade their residences for energy efficiency and resiliency."
Hat tip to Jared Brey for sharing the news.