Southpoint Crossing, originally Florida City Apartments, consists of eight, two-story apartment
buildings with 123 units. The property was developed in 1995 with Low-Income Housing Tax
Credits by a local community-based nonprofit organization but was taken over by the Housing
Credit syndicator when the local nonprofit declared bankruptcy in 2008. Southpoint’s surrounding
neighborhood suffered from extremely poor physical conditions and poverty. Tenant turnover was
high and numerous incidences of crime occurred on the adjacent property, including drug dealing
and near daily gun fire. When NHT Communities purchased Southpoint Crossing in 2010, the property
owner was facing foreclosure and the building was in need of substantial renovations and security
NHT Communities purchased and renovated the property utilizing resources from HUD’s
Neighborhood Stabilization Program (NSP). NSP was developed in response to the Great Recession
to prevent the loss of affordable housing through foreclosures.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Florida City but actual income limits may differ for units at Southpoint Crossing Apartments.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$34,150||$39,000||$43,900||$48,750||$52,650||$56,550||$60,450||$64,350|
|Low Income (60%)||$40,980||$46,800||$52,680||$58,500||$63,180||$67,860||$72,540||$77,220|