City of Miami Housing Commercial Loan Committee Meeting - May 6, 2026

The City of Miami Housing Commercial Loan Committee (HCLC) met on May 6, 2026, at 14:15 UTC to consider a full agenda including multiple affordable housing funding requests, modifications to existing projects, and old business items. The meeting featured presentations from developers, public testimony, and votes on several proposals. Key actions included approval of additional funding for the River Place project, approval of modifications for the Lofts at Carver Theater, and continuation of four home fund allocation proposals to the next meeting due to a quorum issue.

Consent Calendar

• Approved minutes from the March 25, 2026 meeting.

Public Comments & Testimony

• Barbara Gomez (speaking on behalf of Mabrook USA for the Aquamia project) explained the developer's need for a forward commitment of $4 million in HOME funds, noting the land was donated by the city and that the project must meet a reverter clause requiring construction to start within 18 months and finish within 30 months.
• Miguel Alvarez (principal of JMR 1890 LLC for River Place) gave emotional testimony, stating he has been a small business owner for 30 years and that the project is shovel-ready with a permit held for over 1,000 days. He urged the committee to approve $497,000 in additional HOME funds, warning that without it the project would die.
• Javier Fernandez (representing multiple applicants) provided supporting remarks for several projects.
• Sean Cooper (Vice President) presented the Little Haiti Gateway request to terminate a rent regulatory agreement early to allow redevelopment with 75 new affordable units.

Discussion Items

• Item 6 – Aquamia (Mabrook USA): Request for $4 million in HOME funds for a 155-unit affordable housing project in Little Havana. Staff noted that the total cost per city-assisted unit would be $200,000. The developer indicated that funds are not needed immediately but a forward commitment is required to secure private financing. The item was continued to the next meeting.
• Item 7 – River Place (JMR 1890 LLC): Request for an additional $497,002 in HOME funds (on top of a previous $1.13 million award) for a 9-unit infill project in Allapattah. The total cost per city-assisted unit would be approximately $181,000. The project has a building permit and is shovel-ready. After extensive debate and a motion to continue, the committee voted 3-2 to approve the additional funding, with Kevin Deeb, Bill Ramos, and Ben Fernandez in favor, and David Snow and Nancy Gagino opposed.
• Item 2 – Lofts at Carver Theater (Carver Theater LTD): Request for $5.3 million in Affordable Housing Trust Fund modifications, including renaming the project to "The Residences at Carver Theater," reducing units from 84 to 71, eliminating a theater use in favor of retail space, and adjusting the unit mix. Total development cost is $50.3 million. The committee approved the modifications despite concerns about the high cost per unit ($720,000), with Nancy Gagino voting against.
• Item 3 – SG Little Havana (Swordlow Group): Request for $4 million in HOME funds for a 300-unit senior affordable housing project. Ben Fernandez recused himself due to a conflict, leaving only four members present and thus no quorum to vote. The item was continued to the June 24 meeting.
• Item 4 – Edison Towers 2 (TETSI Economic Development Corp): Request for $3.5 million in HOME funds for a 96-unit senior project. Staff noted the cost per city-assisted unit would be $140,000. The item was continued to June 24.
• Item 5 – Unico (Invar Investments 15 LLC): Request for $4 million in HOME funds for a 116-unit mixed-income tower in Little Havana. Staff noted the total cost per city-assisted unit would be $222,222. The developer asked for a forward commitment if funds were not available now. The item was continued to June 24.
• Old Business – Little Haiti Gateway: Request to forgive the remaining five years of affordability restrictions on an existing 80-unit project to allow demolition of 38 cottages and construction of 75 new affordable units (Notre Maison). The committee approved the request unanimously.
• Old Business – 2901 Winwood (U29): Request to revise the unit mix for a 116-unit project (no additional funding). The committee approved the updated set-aside mix of 17 one-bedroom and 19 two-bedroom units at 60% AMI or below.
• Old Business – Gallery at Loomis Park (Related Urban): Request to reallocate ARPA funds from $2 million pre-development/$1 million construction to all $3 million for pre-development to meet ARPA deadlines. The project is under construction. The committee approved the modification.

Key Outcomes

• River Place: Approved $497,002 in additional HOME funds (3-2 vote). The applicant also requested a 180-day extension to the de-obligation deadline, but after procedural confusion, the motion to extend was reconsidered and the funding motion passed instead.
• Lofts at Carver Theater: Approved modifications and $5.3 million allocation (5-1 vote, Nancy Gagino opposed).
• Little Haiti Gateway: Approved termination of affordability restrictions for five years to allow redevelopment (unanimous).
• 2901 Winwood: Approved revised unit mix (unanimous).
• Gallery at Loomis Park: Approved ARPA fund reallocation (unanimous).
• HOME fund items (Aquamia, SG Little Havana, Edison Towers 2, Unico): Continued to the next HCLC meeting on June 24, 2026, to allow all five proposals to compete for the remaining $3.5 million in available HOME funds (after River Place allocation reduced the pool from $4 million).