F unding the Ga p o f 1 Affo rda b le / Wo rkfo rc e Ho using Units I n the City o f Mia mi Be a c h BY T AT IANA E SCOBAR CDBG PROJE CT S COORDINAT OR OF F ICE OF HOUSING AND COMMUNIT Y SE RVICE S CIT Y OF MIAMI BE ACH
T he Pro b le m 2 Re nt c o ntro ls limit the a mo unt o f de b t a pro je c t c a n suppo rt c re a ting a g a p b e twe e n the pro je c t’ s to ta l c o st a nd the le nding o ppo rtunitie s a va ila b le fo r wo rkfo rc e ho using .
F unding so urc e s 3 Afforda ble Housing Workforc e housing Re g ula r le nding L o w I nc o me institutio ns – limite d funds a va ila b le ho using ta x c re dits (L imit a t 60%) Sta te funds c a p a t 120% - sma ll F e de ra l funds c a p a llo c a tio ns a t 80% AMI Co unty F unds c a p a t 140% - Co unty surta x – c o mpe titive a pplic a tio n
Curre nt a c tio ns b e ing ta ke n 4 to re duc e c o sts L o c a l L e ve l (I n pro c e ss) De nsity I nc re a se - Unit Size Re duc tio n Re duc tio n o r E limina tio n o f Pa rking Re q uire me nts I nte nsity Bo nus - F lo o r Are a Ra tio (F AR) F ull L a nd Sub sidy – Unde rutilize d Asse ts
Po ssib le So lutio ns 5 Mix o f Wo rkfo rc e / Ma rke t –Re nt Units I de ntify Adja c e nt L o ts with E xtra Sq ua re F o o ta g e – De ve lo p Jo intly City to Pro vide F unding Ga p Cre a te a Wo rkfo rc e Ho using De ve lo pme nt T a x F und I nc re a se I nte nsity T hro ug h T ra nsfe r o f De ve lo pme nt Rig hts – Cha rte r Ame ndme nt
Ac kno wle dg me nts 6 Pe te r Mc Do ug a l - Ra za De ve lo pme nt F und Sha hrza d E ma mi - L e g a l Se rvic e s o f Gre a te r Mia mi, I nc . Andre w F re y - T e c e la Jim Wa lke r - F lo rida Co mmunity L o a n F und Na nc y Me ro lla a nd Jim Mitc he ll - F lo rida Co mmunity Ba nk, N.A. Sc o tt E va ns - Ba nk o f the Oza rks Cinzia K e e ve r & Che ryl He nry-Re nn - Ne ig hb o rho o d L e nding Pa rtne rs Do ug Ma ye r - Sto ne So up De ve lo pme nt
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