$6 Million Renovation Complete, Palm Lake Announces Grand Re-Opening

Miami, FL – $6 Million Renovation Complete, Palm Lake Announces Grand Re-Opening

Rainbow Housing Assistance Corporation (Rainbow) is proud to announce the grand re-opening of Palm Lake apartments in Miami, Florida. The ribbon cutting ceremony will take place on Wednesday, January 30, 2013 at 11:00 a.m., featuring a short presentation by Palm Lake’s ownership and an affordable housing partner in Florida, followed by tours of the newly renovated space. Palm Lake is a 300-unit Section 8 senior community located in Miami-Dade County, which Rainbow acquired in late 2010.

The renovations to the 46-year-old property included upgrades to the heating and cooling technology, installation of resource saving equipment, and the expansion of common areas and amenities which Rainbow leverages to deliver its service-enriched housing model. These upgrades also greatly improved the interiors of the 300 units, all of which offer a view of the property’s central lake feature, to be even more accommodating to the needs of the seniors who call Palm Lake home.

Financed using a variety of tax-exempt bonds through the Housing Finance Authority of Miami-Dade County as well as 4% tax credits from the Florida Housing Finance Corporation, this 12-month renovation process ensures that this 11.4 acre property is maintained as affordable housing.

[blockquote]“The rehabilitation of Palm Lake showcases the commitment that the owners, investors, Rainbow, HUD, and Miami-Dade County have ensuring that Floridians have quality, affordable housing in which to live happy, healthy and productive lives,” said Rainbow Executive Director Flynann Janisse.[/blockquote]


About Rainbow Housing Assistance Corporation
Rainbow Housing Assistance Corporation (“Rainbow”) is a national nonprofit organization formed to create and preserve affordable multifamily housing for low-income families throughout the United States. Rainbow renovates and rehabilitates housing to serve as a catalyst for neighborhood revitalization; however, its work does not stop at the bricks and mortar. The organization also works closely with residents to provide programs and support services that will increase opportunities for economic and social advancement. The mission of Rainbow is to create and preserve quality affordable housing for families and individuals of diverse ethnic, social, and economic backgrounds, while supporting their well-being through the delivery of onsite social services programs. Additional information on Rainbow’s full range of activities may be found at www.rainbowhousing.org.

Media Contact:
Justin Walker
(480) 719-7498