A new $185 million mixed-use development, Rainbow Village, is set to launch in Miami's Overtown neighborhood, aiming to provide 310 affordable apartments for individuals and families earning between 30% and 80% of the area’s median income. This project will nearly triple the existing affordable housing units and offer rents starting at $793. Amenities will include a pool, business center, daycare,...
Affordable Housing
Building more housing is essential to address the affordable rental home crisis. The federal low-income housing tax credit (LIHTC) has been effective, but states are also creating their own tax incentives. Over 25 states have developed models alongside the LIHTC. Best practices include simplifying tax incentives and boosting investor interest. States might allow bifurcation of state tax credits from...
Inclusionary housing policies in Florida aim to increase affordable housing by requiring developers to set aside units for low- or moderate-income residents. However, experiences from cities like Pittsburgh indicate potential negative effects, such as reduced overall housing supply and increased prices for market-rate units. Developers may cut back on total units or abandon projects due to financial...
The Miami-Dade County Commission has approved a resolution to develop affordable housing and a hotel on undeveloped land at 20000 NW 47th Ave. The project will include over 1,000 affordable housing units for families earning up to 120% of the area median income, along with community and recreational facilities. Two nonprofits currently on the site, His House Children’s Home and the Center for Child and...
Miami-Dade County officials are set to initiate Phase II of the Naranja Grand development in South Dade, offering 200 affordable apartments with amenities such as a pool and fitness center. The project emphasizes sustainability and aims to cater to various income levels. Phase I, for residents aged 55 and above, started construction earlier. Leasing for Phase II will begin in summer 2025, with completion...
Miami-Dade County commissioners are considering giving away $3.2 million worth of surplus land to develop affordable housing in response to the housing crisis. The proposal involves selling 26 government-owned properties in Commission District 2 for $10 each. The properties would be sold or rented to households with incomes under 120% of the area's median income as part of the Infill Housing...
Florida's Miami-Dade County is facing a severe affordable housing shortage, needing over 90,000 units for residents earning less than 80% of the area median income. Efforts to address the crisis are ongoing, with financial barriers hindering progress. The region's housing prices continue to rise, prompting calls for substantial investment to alleviate the situation. Continue to full...
Broward County commission approved a master plan to address the housing affordability crisis, aiming to implement financial, legislative, and zoning solutions. The plan includes recommendations for cities to allow various housing programs and establish affordable housing trust funds. Funding concerns were debated, with a proposed split of Tax Increment Financing revenue for affordable...
Down Payment Resource released its Q4 2023 Homeownership Program Index report, showing a 6% increase in homebuyer assistance programs. The report highlights trends in program expansion, including support for manufactured homes, multi-family properties, and specific buyer demographics. The report also provides detailed findings on the types and funding sources of these programs. Continue to full...
South Florida cities are grappling with the use of mobile homes and RVs as rental properties due to high real estate prices. While some residents see it as a necessary solution to high rents, officials are concerned about safety and zoning violations. Similar issues are being faced in other cities like San Francisco. The affordability of mobile homes is appealing, but the impact on city standards and...