The Real Deal Miami

Affordable housing booming

April 17, 2011 11:48PM

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]