Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and commenced development on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami, Florida.
Rainbow Village will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70, and 80 percent of the area median income (AMI). Monthly rents for our one-, two-, and three-bedroom apartments will range from $793 to $2,634, significantly below the median rents in Miami, which range from $1,875 to $9,070 for comparable units. (Zillow).
“As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” said Matthew Rieger, president and CEO of Housing Trust Group. “This new development will not only provide a place to call home but will also serve as a cornerstone of stability and opportunity for generations to come.”
Funding sources include a $15 million loan provided by the Southeast Overtown/Park West Community Redevelopment Agency (SEOPW) CRA.
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