Flagler Villas: Affordable Housing for Seniors
Construction has begun on Flagler Villas, a new $28.9 million affordable housing project in Miami aimed at providing 60 one-bedroom apartments for low-income seniors. Located in the Flagami neighborhood, this initiative addresses the critical shortage of affordable housing options for seniors, with rents capped at $638 per month. The project has garnered support from local officials and involves funding from various sources, showcasing the community’s commitment to helping its vulnerable residents. The six-story building is expected to be completed in 15 to 18 months, aiming to create a supportive living environment for seniors.
Miami is buzzing with excitement as Construction starts on Flagler Villas, a brand-new $28.9 million affordable housing project dedicated to our senior citizens. This anticipated construction marks a significant step forward in providing much-needed housing options for low-income seniors in the vibrant Flagami neighborhood.
The Flagler Villas will boast an impressive 60 one-bedroom apartments specifically designed for seniors. Nestled on a 25,000-square-foot plot at 5215 W. Flagler Street, the project is being leased from the city of Miami. The ribbon-cutting ceremony, which took place on January 16, symbolizes the beginning of this impactful venture that aims to offer safe and affordable homes for those who need it the most.
This project has a clear mission: to serve seniors whose income is at or below 30% of Miami-Dade County’s area median income. For those wondering what that means, a household of one earning 30% AMI would see an annual income of $23,850. The rent for these one-bedroom units will be capped at a budget-friendly $638 per month according to HUD guidelines, making this an excellent opportunity for seniors who may be struggling with today’s soaring rent prices.
The financing for this comprehensive project comes from a variety of sources. The city has contributed $3.9 million from its Forever Bond, while an additional $1.6 million has come from Home Partnership funds provided by HUD. Other aspects of the financing include a construction loan from South State Bank and low-income housing tax credit equity from Raymond James. This collaborative effort highlights the community’s commitment to supporting its vulnerable citizens.
Miami Commissioner Manolo Reyes and Congresswoman Maria Elvira Salazar played vital roles in securing the funding necessary to bring Flagler Villas to life. Their support underscores the importance of collaboration among local leaders to foster positive developments within the community.
The project is slated to take 15 to 18 months to complete and will stand as a six-story building. Residents can look forward to a variety of amenities designed with their comfort and lifestyle in mind. These include an outdoor domino terrace (perfect for some fun and games), a laundry room, a club room for social gatherings, and a computer lounge for staying connected. This project aims to create a supportive community where seniors can enjoy their golden years.
Interestingly, this site has a background as a former gas station, which means that the developers will be decontaminating the soil to ensure it is safe for residents. This step demonstrates a commitment to environmental responsibility while working to provide essential housing.
In South Florida, where the average rent has skyrocketed to around $2,755 per month, affordable housing solutions like Flagler Villas are essential. To avoid being cost-burdened, a household needs an annual income of at least $110,218. Given these figures, the introduction of affordable options is a breath of fresh air for many families and individuals.
The Related Group, a well-respected real estate development company founded in 1979, has made a name for itself by developing and renovating over 100,000 condo and apartment units across the U.S. Here in Florida, Related Urban has also crafted and rejuvenated at least 6,500 residential units, proving their dedication to enhancing the living conditions of those in our communities.
As construction on Flagler Villas ramps up, the hope is that these new affordable homes will not only provide housing but will also contribute to the broader goal of building a strong, supportive community for Miami’s seniors.
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