The Real Deal Miami

Affordable housing isn’t, developer claims

June 08, 2009 02:42PM

Prestige Homes, builder of a planned development in Tamarac, may not proceed if Broward County forces him to include affordable housing in the project. Prestige was given the option to sell 74 of the 728 planned units below cost or give the city $1 million to put into a housing trust fund to help people with their down payments. Company President Bruce Chait called the choice extortion and said the company couldn’t afford to do it. Chait said he already cut prices for the two-bedroom townhouses from $280,000 to $169,000, with free closing costs. Tamarac’s current median home price is about $164,000.