New developments designed to ‘make a dent in the crisis’ of affordable housing
With a recently opened project in Margate and another in the works for Fort Lauderdale, the development company Housing Trust Group is building affordable housing across South Florida for families and seniors.
The housing projects require that residents meet income requirements to qualify for the units, generally capped at $38,820 for a family of two.
Matthew Rieger, the group’s president and CEO, said this type of housing is “so critically in demand” and they are trying to “make a dent in the crisis.”
On Wednesday, the Coconut Grove-based developer celebrated the formal grand opening of a six-story project in Margate called Arbor View, at 3100 N. State Road 7. Rieger said at the ceremonial event that the majority of rental households in Broward County are “cost-burdened” and “the need is dire” for affordable housing.
The $27 million, 2.5-acre community, which has 100 rental apartments, opened in August and is fully leased, he said. At least one resident in the household must be age 55 and older.
“We leased this place in a day,” said Rieger. “That goes to show you the demand for safe, clean, and affordable housing in Broward, in the state of Florida, and really all over the United States of America.”
These projects, he argues, are “recession-proof” because they make money yet provide something he argues is morally required by developers to build. He is aided by federal tax credits to build, in exchange for capping the rent he can charge.
In September, the Housing Trust Group opened the 144-unit Covenant Villas, an affordable community for families in Belle Glade. Covenant Villas was built in 1988 for market-rate apartments, and the developer rebuilt the development with new metal roofs, windows, drywall, paint and cabinetry.
The company also has the following construction projects underway:
Heron Estates in Riviera Beach, a 101-unit housing community where at least one resident must be age 55 or older.
Douglas Gardens in Pembroke Pines, a 110-unit affordable housing complex for residents age 62 and older.
Princeton Park in unincorporated Miami-Dade County, a 150-unit affordable housing for all ages.
The company is also closing on land within six months for additional affordable housing projects, including 100 units for seniors in Fort Lauderdale; 60 units for seniors in the Overtown neighborhood of Miami; and 78 units for families in Kendall.
Rieger said he thinks affordable housing needs to have amenities, just like there would be for market-rate apartments.
At Margate’s Arbor View, for example, amenities include a swimming pool, dog park, computer lab, community room, fitness trail and fitness center.
“There is a stigma attached to affordable housing ,” he said. Building a nicer product helps in “erasing the stigma” and ensures occupancy.