Three years after taking over the affordable-housing division of a scandalous company that defrauded $26 million from the federal government, Atlantic Pacific Communities is still dealing with the fallout.
On July 6, Miami-Dade commissioners will vote on whether to award a multimillion-dollar contract to redevelop the county’s oldest public housing project to a competitor.
Last month, the Florida Housing Finance Corporation (FHFC) ruled Atlantic Pacific was not eligible for a combined $4.6 million in tax-credit financing for the renovation of three elderly apartment complexes in Miami-Dade and Broward counties.
The reason: Now-defunct Carlisle Development Corp. — which in 2013 sold Atlantic Pacific its low-income apartment development business – owed $1,000 in fines and failed to submit audited financials in 2014 and 2015 for the construction of four affordable housing complexes Carlisle built with low-income housing tax credits worth $70 million.
