The Plan on How to Fix Miami Housing Problems Has Been Revealed

A program to help low income Miamians was recently unveiled. The program lead by Miami Coalition for the homeless intends to build 1000 affordable housing units for the benefit of low income families in Miami who earn minimum wage.

Administrators aim to raise $5 million to $10 million from philanthropists, banks and investors. The funds are then awarded to developers of low-income housing developers. The developers in return are obliged to allot 20% of their units for extremely low income families.

A family is considered extremely low income when the breadwinners of a family of four have an annual income of $20,000. According to the University of Florida for every 100 families that earn that much, there are only 33 available units of affordable housing. There are 75,000 estimated Miamians who are extremely low income; they spend 60% of their monthly income on rent.

The executive director of South Florida Community Development Coalition believes that quality and affordable housing is the foundation of the community. In the absence of reliable housing, extremely low income families are one step away from living in a homeless shelter. Miami Beach Property Management says that the challenge for government and housing advocates is to establish creative funding opportunities that encourage investment in non-profitable units.

The director of Miami-Dade County’s Department of Public Housing and Community Development believes that creating affordable housing is beneficial for Miamians but pointed out that the plan has to be carefully carried out so that it does not cause unintended consequences in the market.

Source: miamiherald.com