A new affordable housing project is planned for Miami’s Civic Center/Health District area.
Developer Housing Trust Group said it secured $22 million in financing for the 73-unit, mixed-income development called Wagner Creek Apartments.
Rents will start at about $420 for a one-bedroom apartment and range up to $1,050 for a three-bedroom. Sources of funding include the city of Miami, Miami-Dade County, the U.S. Department of Housing and Urban Development and Citibank.
Construction has already started. The 11-story project, at 1501 NW 13th Ct., is near the University of Miami Hospital and the Metrorail Civic Center station. It is scheduled to open in late 2016 or early 2017.
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Eligibility is determined by the area median income for Miami-Dade, which changes depending on the number of family numbers applying. For example, in order to rent most of the units at the project, a family of four would need to make no more than 60 percent of the area median income, or about $40,600 per year.
Civic leaders say Miami-Dade is suffering from an affordable housing “crisis” as home prices slip out of reach for working-and middle-class residents.
“We are grateful for the opportunity to partner with the City of Miami and Miami-Dade County on Wagner Creek, a development which provides working families with more options for safe, affordable and quality housing where it’s most needed,’’ Matthew Rieger, president and CEO of Housing Trust Group, said in a statement.
The company is also working with former Miami Heat star Alonzo Mourning on an affordable housing project in Overtown.