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6/12/03: South Florida Business Journal

Affordable housing under way in Opa-Locka

The Opa-Locka Community Development Corp. and Bank of America (NYSE: BAC) held a ceremony today to mark the start of construction of the $17 million Aswan Village apartment complex.

The 216-unit complex, at the southeast corner of Northwest 132nd Street and Northwest 30th Avenue, will have monthly rents starting at $550.

Construction began in March for the complex, which is being developed by Charlotte, N.C.-based Bank of America and the Opa-Locka CDC.

The complex, part of Bank of America's low-income or "affordable" housing program, is scheduled for completion in May 2004.

Opa-Locka Mayor Myra Taylor, Miami-Dade County Commissioner Betty Ferguson, additional Miami-Dade and Opa-Locka officials and officials of Bank of America attended the ceremony.

"Aswan Village is a wonderful example of what can happen when the private and public sectors work together to create affordable housing for urban neighborhoods," said Robert Hilson, Bank of America's president for Miami-Dade County.

Bank of America said that in 2002 it made loans and investments of more than $1.5 billion in Miami-Dade County in the areas of affordable housing, small business lending, economic development and consumer lending.