The Housing Trust Group has been chosen by the Naranja Lakes Community Redevelopment Agency to move forward on a 328-unit affordable housing venture. If the vote goes as expected, the CRA will award the developer land and a $7 million loan in exchange for the development. The S. Florida Business Journal reports that this continues the trend of South Florida governments providing land to developers for free to create affordable housing, as high land costs are frequently a barrier to building income-restricted housing.
Under the proposal, HTG would receive this property at a nominal amount in exchange for keeping the site affordable for 99 years, with incomes ranging from 30% to 80% of area median income.