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South Florida

Affordable housing booming

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There is a wave of new affordable housing projects in South Florida, as
The Real Deal first reported
in June, with federal stimulus money boosting the affordable
sector. There are more than 25 such multifamily projects underway or
completed in Miami-Dade and Broward, usually paid for with a combination
of private lending and local county subsidies. “Because of the large
number of condo conversions that were going on from 2000 to 2007, there
is a shortage of affordable rental housing,” said Arden Shank, president
of Neighborhood Housing Services of South Florida. “It means that
rental prices are going up, and there’s a significant need for
affordable housing.” [Miami
Herald]