The Real Deal Miami

Despite foreclosures, affordable housing stock still needed

February 26, 2009 04:36PM

As home values have fallen, some South Florida legislators and
developers have argued that there is no longer a need for official
affordable housing because so many more homes are now affordable to
low-income residents. But local officials are finding that the state
still needs properties targeted to low-income renters and buyers
because many Floridians still don’t have the credit history or job
security needed to get a mortgage on a market-rate home, and the
situation may worsen as unemployment continues to fall.