The Related Group is looking for about $22 million in tax-free bonds for low-income apartment projects in Miami-Dade County.
Related, which has its roots in affordable housing, wants the county to approve $16.6 million in bonds to purchase a property near Marlins Park at 1403 Northwest Seventh Street and build 185 units. The company also hopes to get $6 million in bonds for a 60-unit project at 3127 Southwest 37th Avenue, near the Douglas Road Metrorail station.
Miami-Dade’s Finance Committee is expected to vote on the request during Tuesday’s meeting, according to the South Florida Business Journal. The units in both projects must be rented to low-income or elderly tenants. The developers must repay the bonds, but the county needs to approve the tax-free status of the bonds through its Housing Finance Authority.
The committee is also slated to address Altera Associates’ application for $8 million in bonds to acquire a site at 11001 Pinkston Drive in the Richmond Heights area and build 79 apartments. [South Florida Business Journal] — Eric Kalis