A significant development under Florida’s Live Local Act in Broward County has successfully secured $50 million in construction financing. This funding marks a crucial step forward for the Pine Island Park affordable housing project in Sunrise, aiming to address the growing need for accessible housing in the region.
Key Takeaways
- A $50 million construction loan has been finalized for an affordable housing project in Sunrise, Florida, under the Live Local Act.
Project Details
The Live Local Act initiative, aimed at incentivizing the development of affordable housing, has seen a major boost with this substantial financial commitment. The project, located at Pine Island Park in Sunrise, is set to provide much-needed housing options for residents. The financing was secured by Centennial Management, a key player in the development.
Impact of the Live Local Act
Florida’s Live Local Act, enacted to streamline the creation of affordable housing by allowing developers to bypass local zoning regulations and density limits, is designed to accelerate the construction of housing units. This project’s success highlights the potential of the act to make a tangible impact on housing affordability across the state, particularly in high-growth areas like Broward County.
Future Outlook
With the construction funding now in place, the project is poised to move into its next phase. This development is expected to contribute significantly to the local housing market, offering more affordable living opportunities and supporting the community’s economic well-being. The successful acquisition of this financing underscores the viability and importance of such initiatives in tackling the state’s housing challenges.
Sources
- Pine Island Park affordable housing Live Local Act in Sunrise by Centennial Management obtains construction
loans, The Business Journals.