New affordable housing project aims to tackle crisis in Broward

In a recent government meeting, representatives from New Rock Companies presented plans for a new affordable housing development in Miramar, Florida. The proposed project will consist of 84 multifamily units within a single five-story building on a currently vacant two-acre site. This initiative aims to address the pressing affordable housing crisis in Broward County, where many residents are becoming cost-burdened due to rising housing costs.

New Rock Companies, with 30 years of experience and a portfolio of over 17,000 multifamily units, highlighted their commitment to community engagement throughout the development process. They conducted multiple meetings with local residents and city officials to gather feedback, which led to several modifications in their project plans. Notably, they increased the number of parking spaces from the minimum required to 188, added security measures including a perimeter fence and surveillance cameras, and committed to maintaining and resurfacing nearby Foxtrot Road during and after construction.

The project will feature a range of unit sizes, with rents set between 30% and 80% of the area median income (AMI), averaging around 60% AMI. This pricing structure is designed to accommodate a diverse group of residents, including teachers, police officers, and other essential workers. The development is expected to be financed through low-income housing tax credits, with Broward County contributing $100,000 to the project.

During the meeting, concerns were raised about the limited number of units available at the lowest income thresholds. The developers clarified that while only three one-bedroom units would be available at the lowest rent of $465, the overall mix of units is designed to meet the average AMI requirement necessary for funding.

The project is anticipated to create significant job opportunities during construction and ongoing management, with a construction timeline of approximately 12 to 14 months. The developers emphasized their adherence to local, state, and federal standards throughout the construction process, ensuring minimal disruption to the surrounding community.

As Broward County grapples with a severe shortage of affordable housing—estimated at over 34,000 units—the proposed development represents a crucial step toward alleviating the housing crisis and providing much-needed options for local residents.