Miami Developer National Group Building Affordable Housing Here
Written by Deserae del Campo on January 5, 2006
By Deserae del Campo
One affordable housing project is under construction and two are in preliminary stages thanks to a national nonprofit affordable-housing group and a Miami developer.
More affordable housing for Miami residents is close to becoming a reality after the National Housing Development Corp., an organization specializing in affordable-home placement, and developer Salomon Yuken collaborated to create affordable-housing projects in Little Havana, Overtown and Flagami.
The corporation will own the projects, and a subsidiary, NHDC Barcelona, is developing them along with Mr. Yuken.
"These are the types of projects we hope will continue in the future," said Armando Bucelo, Miami director of National Housing Development and member of the Little Havana Home Ownership Advisory Board. "Thanks to the help of an amazing board of directors, this is the first time we have these projects available for residents to own the property, not rent them."
In Miami, a family whose income does not exceed 80% of the median citywide income, $34,921, qualifies for affordable housing.
A family of three must have a total income of less than $38,950, while a family of seven must have an income of $53,650 or less to qualify for affordable housing in Miami.
National Housing Development specializes in buying, revitalizing and renting out existing properties nationwide to families in need of affordable housing. The three projects in Miami are its first here at which families can purchase and own units.
Barcelona Condominiums, under construction at 2217 SW Seventh St. in Flagami, will include 71 condos.
"Construction is complete for the garage, and the pool deck is being worked on now," said Mr. Yuken, a member of the Little Havana Home Ownership Advisory Board. "We expect to finish with construction sometime in March, with the grand opening sometime in September 2006." Mr. Yuken expects to finish the Barcelona tower by Jan. 15.
The third project, Latin Q Condominium Towers at 420 SW 12th St. in Little Havana, is a 14-story residential structure with 72 affordable condos. The first floor will include 2,555 square feet of retail space.
Latin Q is in preliminary stages. Mr. Yuken said he hopes construction can begin in February.
There are also plans to develop Overtown Condominiums, to include 30 townhouses in three separate locations in Overtown, Mr. Yuken said. "The Overtown Condominiums are also in preliminary phases in the City of Miami’s Building Department."
"The bottom line," said Mr. Bucelo, "is that these projects benefit people in need of housing."