The City of Miami Commission recently approved the use of $7.15 million of the Miami Forever Bond to fund five planned affordable/workforce housing rental developments.
The funds are part of the initial $58.7 million tranche of Miami Forever Bond and will be complemented by a roughly $180 million private investment by housing developers. Collectively, the funding will facilitate development of more than 500 new affordable/workforce rental housing units in different city neighborhoods.
“This is an exciting day for the city, as we’re putting our longterm commitment to building affordable housing into action,” said city manager Emilio T. Gonzalez. “This public investment, combined with private investment, will result in new homes for hundreds of local families.”
The city, through its Department of Housing and Community Development, issued a Request for Proposals in late February for those developers interested in applying for funding towards the construction or rehabilitation of affordable/workforce housing.
In total, 29 applications were received, reviewed and scored based on certain readiness criteria.
Today’s funding was approved for the following future developments:
• Liberty City Square Phase Three, LLC in Liberty City;
• MJ LH 337 NW 11 Ave LLC in Little Havana;
• Platform 3750 LLC in Coconut Grove;
• The Gallery at River Parc LLC in Little Havana, and
• Vineyard Villas, LLC in Allapattah.
Typically, multi-family housing developments take approximately three years to complete. Updates on these developments will be posted on the miamigov.com website, as the projects move towards construction. A total of $100 million of the Miami Forever Bond will be used to fund affordable housing development. The remaining $300 million will fund projects including sea level rise and flood prevention, public roadway improvements and park upgrades.