UPDATED Aug. 31, 11 a.m.: An affordable 80-unit rental housing development in Oakland Park, developed by Pinnacle Housing Group and a Broward County-affiliated partner, just opened, according to a company release.
The development, Oakland Preserve, at 3600 Northeast Second Avenue, broke ground late last year and reportedly cost $17 million to complete. The partnership includes Building Better Communities, an affiliate of the Broward County Housing Authority.
The affordable housing development offers one-, two- and three-bedroom apartments, priced from $784 to $1,085 per month, according to the release. Residents will have access to a neighborhood gym, playground and recreational space overlooking the water.
Applicants qualified to rent an apartment at Oakland Preserve must have income at or below 60 percent of the area median. Total occupancy is anticipated by early September, according to the release.
In a recent Bisnow panel, a number of developers stressed the need to build more affordable housing projects in South Florida, including Joel Altman, chairman and CEO of Boca Raton-based Altman Companies. “There’s already a rental shortage” in the region, Altman said.
But some South Florida developers have allegedly abused some of the financing and lucrative tax credits tied to affordable housing projects – including an entity affiliated with the Pinnacle Housing Group. In March, principals at the Pinnacle Housing Group affiliate DAXC settled with federal prosecutors for $5.2 million after the government accused them of inflating costs for low-income housing projects. – Amanda Rabines