Miami-Dade’s affordable housing fund collects only $5.7M in a decade

Developers given zoning waivers in exchange for building "workforce" units

Miami /
Dec.December 21, 2017 06:15 PM

20941 San Simeon Way North Miami Beach (Credit: MiLa Apartments, Pixabay)

Solutions for Miami-Dade’s affordable housing crisis are coming, but in small increments.

In the decade since its creation, the county’s affordable housing fund has collected only about $5.7 million, according to the Miami Herald. The fund was meant to subsidize the building of low-rent apartments and houses while preserving existing ones.

In 2007, the year the fund was established, county commissioners also launched a voluntary program designed to encourage builders to create affordable housing units. Commissioners would give developers zoning waivers in exchange for them building “workforce” units, or housing for those who didn’t qualify for subsidies but still couldn’t afford to live comfortably in most areas.

In 2016, the proposed workforce family of four needed to earn between $43,000 and $99,000, according to a county analysis. Miami ranked as the least affordable metro area for renters in the U.S. last year, according to a recent report by Apartment List.

Despite the slow monetary momentum, there are signs the fund may be put into action soon. In recent years, commissioners have adopted certain rules to channel more money into the fund, including 25 percent of proceeds from certain land sales by Miami-Dade and more than $1 million from a pending settlement of unpaid fines from Uber drivers.

Commissioners also revised a county law offering developers the ability to expand projects in exchange for contributions to the housing fund. Pasadena Homes, for instance, contributed $2.1 million this fall, qualifying the developer to build about 200 more units at its new Mila apartment complex outside North Miami Beach.

With more money in the fund, commissioners are in talks about adding an outside administrator to govern how money should be spent. The board must also put in place rules and guidelines as to how construction loans will be made from the fund. [Miami Herald] – Amanda Rabines


Related Articles

arrow_forward_ios
Lennar Executive Chairman Stuart Miller (iStock)

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)

Knock expands home lending program into South Florida 

Knock expands home lending program into South Florida 
South Florida’s residential markets bounced back in the third quarter

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County
Renderings of the project (Courtesy of Pinnacle)

Pinnacle scores $31M for senior affordable housing development

Pinnacle scores $31M for senior affordable housing development
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

South Florida signed resi contracts up in September: Elliman

South Florida signed resi contracts up in September: Elliman
Miami-Dade County Mayor Carlos A. Gimenez (Credit: Jason Koerner/Getty Images)

Miami-Dade police said pre-Covid evictions could resume. Then came mayor’s stop order

Miami-Dade police said pre-Covid evictions could resume. Then came mayor’s stop order
Florida Gov. Ron DeSantis (Credit: Joe Raedle/Getty Images)

DeSantis moves Miami-Dade, Broward counties into phase two

DeSantis moves Miami-Dade, Broward counties into phase two
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...