Miami Beach Community Development Corporation

MIAMI BEACH COMMUNITY DEVELOPMENT CORPORATION (MBCDC)

Since 1981 Building and Sustaining Community – Unique, Vibrant, Diverse
Historic Preservation – Economic Development – Affordable Housing

MISSION

Providing quality, affordable housing and services for the vulnerable.

HISTORY

The Miami Beach Community Development Corporation (the “MBCDC”) was founded in 1981 by the Miami Design Preservation League. It spearheaded the economic revitalization of the Art Deco District, public and private investment on Ocean Drive and Lincoln Road, historic preservation, and the re-emergence of South Beach as a world-class destination.

In the 1990’s, the MBCDC shifted its focus to developing affordable housing and serving the low-income residents of Miami Beach. Today, the MBCDC owns and manages 16 residential projects. It has 357 units in its portfolio and primarily serves low-income elderly and disabled residents.

The year 2018 marked a new beginning for the MBCDC. Between 2018 and 2019, the MBCDC welcomed new leadership on its Board of Directors and staff. Mike Hammon, Vice President for The Related Group, became the new Chair of the Board of Directors; and Ahmed Martin, as the MBCDC Executive Director, and Cristian Arango, as Chief Operating Officer, formed part of the MBCDC’s leadership.

Mr. Martin’s tenure marked the start of the MBCDC’s complete corporate reorganization and restructuring. Between 2018 and 2021, Mr. Martin implemented: fiscal oversight; financial reporting; internal budgeting; segregation of duties; liquidity management; cost management; procurement; and utilization of technology. As a result, Mr. Martin stabilized the organization. December 31, 2021, marked Mr. Martin’s last day as Executive Director. Since then, the MBCDC Board of Directors appointed Mr. Cristian Arango as the organization’s Chief of Operations. January 1, 2022, marked the beginning of Mr. Arango’s tenure.

Despite the MBCDC’s continuous effort to preserve and improve affordable housing on Miami Beach, the MBCDC is no longer financially able to maintain the assets due to rising insurance and utility costs, the age of the assets, and the lack of government subsidy to support its operations and assets. Therefore, the MBCDC Board of Directors deemed it in the best interest of the organization to have Miami-Dade County acquire its sixteen (16) assets to preserve their long-term affordability and make necessary repairs and renovations. 

Starting on December 23, 2021, under the purview of Mr. Arango, both Miami-Dade Public Housing Community Development (PHCD) and the MBCDC Board of Directors began discussing the business terms regarding the county’s acquisition of the MBCDC portfolio. The result of these collaborative discussions led to the execution of a Memorandum of Understanding (“MOU”) dated 4/21/2023, which outlines the transition of managerial and financial oversight of the assets from the MBCDC to Miami-Dade PHCD and ultimately their legal conveyance to Miami Dade County.  

Under the leadership of Mr. Arango, the MBCDC and Miami-Dade PHCD are working together, in partnership, to ensure the assets remain insured, that all urgent structural repairs and legal obligations receive proper attention, and that residents continue living in decent, safe and sanitary conditions. The result of the transfer of the MBCDC portfolio to the county will preserve the long-term affordability of these assets for decades to come at a time when Miami-Dade County is experiencing its worst housing affordability crisis.