Francis Suarez: In Miami we will create 12.000 affordable homes

One of the problems having Miami is house prices, which is considered high when compared to low wages, for this reason it is essential that entrepreneurs expand their real estate offer, to this situation - known by the mayor of the city - they are looking for a solution.

By MiamiDiario Newsroom

On the few affordable homes that exist in the popular South Florida town, JP Morgan Chase & Co He made the Research Connect Capital Miami, she gave it to the Mayor Francis Suarez, who asserted : “the City of Miami, not the county, needs at least 50.000 affordable homes to alleviate this situation.

Francis Suarez,

For that reason Suarez assured that it is planned to “create 12.000 affordable homes, to meet at least a third of the need with the funds we have and others that we can get”.

La Miami Commission approved the Housing and Community Development report, which establishes the construction of 633 new homes, the investment cost is 200 million, eight million will be granted by the fund of 400 million of the Forever Bond Program that was approved in 2017.

The rest of the money, 192,315.869 dollars, will be assigned by the federal, state and county governments, through the different public funds.

controversial housing project

But these projects are controversial as there have been known cases where the buildings will be built - with taxpayer money - but only a few apartments will be affordable housing.

Such is the case of the four-story building project that would be carried out on a plot of land at West Flagler Street and 52nd Avenue, in District 4. It would have 19 apartments and would cost $4.150.000, of which $850,000 would be money. from taxpayers, but only 4 apartments would be designated as affordable housing.

The chosen family group would be according to their annual income, which should be located between 32 thousand and 54 thousand dollars a year, from 30% to 505 of AMI.

But the rest of the apartments would be for families earning more than $154 a year.

Reyes assures that it is necessary to have projects that really solve the housing problem. He added that he proposed to the Miami Commissioner, Joe Carollo, the creation of a municipal housing authority, to deal with this situation.

For its part, Francis Suarez, ensures that 633 homes have been built, to which we must add 100 more that are already approved, they "add almost the first thousand of the 12.000 that we have planned, to build in my first four years as mayor."

But miami problem has been accentuated over time because the priority is to build apartments and luxury mansions, which are bought by foreigners, and they did not give importance to the affordable housing.