Investment Opportunities
The Development Department can develop or facilitate development of affordable housing designed to serve a range of income qualified lifestyles. Tenants earning up to 150% of the Area Median Income (AMI) qualify for our consideration under Florida law. The Development Department, however, typically builds or manages rental communities where the tenant earns up to 120% of the AMI. In no event will the rents charged exceed thirty percent of the resident’s income. Accordingly, our purchase of land or operating properties will reflect those or similar end use limitations.
To continue serving residents with a wide range of incomes, acquisition of existing properties with project based agreements in place provides the housing authority an opportunity to oversee long term housing quality for residents with the most modest incomes. All project based opportunities regardless of size will be considered.
Market rate acquisition opportunities:
- should be post 1998, or strategically located to justify acquisition and rehabilitation, or acquisition, demolition and new construction
- properties should have entitlements in place to allow at least 100 apartments
Acquisition opportunities with access to well regarded schools, transit options, proximity to other property owned or managed by the housing authority or in communities with severe need for affordable housing will also be considered on a case by case basis.