Miami-Dade County is witnessing a significant push towards addressing its affordable housing crisis, with new initiatives and workforce housing projects gaining momentum. The "Live Local Act" is beginning to yield its first tangible results, aiming to increase housing supply for middle-income workers, while private developers are also stepping up to create attainable homeownership opportunities.
Beacon Hill at Princeton Breaks Ground
Miami-Dade County is celebrating a milestone with the groundbreaking of Beacon Hill at Princeton, the first project in the county fully conceived and designed to leverage Florida’s "Live Local Act." This initiative aims to fast-track housing construction by overriding local density limits. The $20 million project features 112 rental apartments in three-story garden-style buildings. Developers Matthew Martinez and David Rothenstein believe this project can serve as a model for expanding workforce housing in areas where rising costs have made renting unaffordable for many.
- Project Details: 112 rental apartments, with rents ranging from $1,700 to $1,900 for one-bedroom units and $2,100 to $2,300 for two-bedroom units.
- Eligibility: Renters must earn no more than 120% of the county’s median household income, approximately $95,000 annually.
- Incentives: The project benefits from the Live Local Act’s tax breaks and other financial incentives, which developers state were crucial for financial feasibility.
Bluenest Redefines Affordable Homeownership
Bluenest Development, led by CEO Salim Chraibi, is actively working to make homeownership a reality for the workforce in Miami-Dade. The company focuses on developing for-sale housing for individuals earning between 80% and 140% of the area median income. By targeting emerging neighborhoods and partnering with local governments, Bluenest aims to deliver homes priced significantly below the county median, often around $450,000.
- Mission: To create generational wealth and long-term community stability by providing attainable housing options.
- Approach: Utilizing efficient, pre-approved home models and securing volume discounts to reduce costs and accelerate delivery.
- Buyer Support: Offering programs like a 1% down payment option, often combined with county-provided second mortgages, to lower the barrier to entry for first-time homebuyers.
The Live Local Act: Promise and Challenges
The "Live Local Act," enacted in 2023, offers significant incentives to developers, including property tax exemptions and reduced impact fees, to encourage the creation of workforce housing. While the act aims to streamline the development process and increase housing supply, its implementation has faced challenges. Many proposed projects have been high-rise developments that have encountered local opposition and legal battles. Developers like Beacon Hill are focusing on more modest, cost-effective designs to ensure projects move forward. Concerns remain about whether the act adequately addresses the needs of the lowest-income families, who face a much larger housing deficit.
Broader Housing Assistance Efforts
Beyond specific development projects, Miami-Dade County continues to offer broader housing assistance programs. The county’s Project-Based Voucher Program waitlist is periodically open, providing opportunities for residents to apply for housing assistance based on specific property designations and income requirements set by HUD. These programs are vital for supporting a range of income levels within the community.
Sources
- First project under controversial state law starts in Miami-Dade, Miami Herald.
- How Bluenest is Redefining Affordable Homeownership in Miami-Dade — PROFILEmiami South
Florida Real Estate and Lifestyle, PROFILEmiami. - Miami-Dade’s First All-Workforce Housing Project Set To Break Ground, Bisnow.
- Waitlist for Miami-Dade affordable housing assistance is open, Miami’s Community News.