(Mark Your Calendars: RealShare Distressed Assets, Oct. 4-5, Dallas)

MIAMI-Carrfour Supportive Housing is putting federal stimulus dollars to work with the purchase and restoration of a formerly distressed multifamily complex. The project will be home to about 170 people when it opens in 2012.

Carrfour purchased Harvard House Apartments for $1.2 million earlier this year with monies from the US Department of Housing and Urban Development’s Neighborhood Stabilization Program 2. Now, the affordable housing developer is getting underway on a $3 million renovation plan that will result in 56 low-cost living units.

“Recent years saw many affordable housing communities fall victim to the real estate downturn,” Carrfour director Stephanie Berman tells GlobeSt.com. “The federal government’s NSP2 program is an important vehicle for stabilizing properties that have fallen into distress or disrepair.”

Carrfour has engaged an architect for the remodeling project. Construction work will get underway this fall with the goal of reopening Harvard House to residents in late 2012. Once complete, the building will feature one-, two- and three-bedroom units, 28 of which will be designated for residents with incomes at our below 50% of the Area Media Income.

Carrfour and other groups that received NSP2 funding must spend half of their funds by February 2012, or the money goes back to the government. Berman says developers like Carrfour are having a hard time finding qualifying projects that they can acquire and rehab because all-cash investors without stringent government requirements are beating them to the table.

Harvard House is Carrfour’s first acquisition under this program. The firm is on the hunt to spend the remainder of the organizations $17 million allocation.

Harvard House Apartments is located at 2020 NE 169th St. in North Miami Beach. The building offers residents access to a computer room, basketball court, gymnasium, playground, picnic area, car care area and laundry room. Carrfour will operate and manage the project once the renovation is complete.