The affordable housing crisis in Broward County is such a challenge to find meaningful solutions. As a City, we have partnered and pushed for more affordable housing opportunities.
In 2012, I was there for the opening of one of the most successful affordable housing developments in Sunrise – Pinnacle at Avery Glen. But building new truly affordable housing requires smart developers, government tax incentives (which have been historically challenging to get from the Federal Government), reasonable land prices, and a committed municipal partner.
The most difficult sector to finance and build has been quality housing for those 30%-80% Average Median Income residents – considered low and very low income.
Thankfully, the City is partnering with Atlantic Pacific for a true affordable housing development located at 3100 N. University Drive. Atlantic Pacific is a large multi-family developer who has many successful affordable housing developments in South Florida and around the country. Today, I toured an affordable housing property in Fort Lauderdale that Atlantic Pacific built, which is entirely 30%-80% AMI income, and it is almost identical to the one planned for Sunrise – that building was amazing and fully occupied with a waiting list!
You can see from the pictures that the building has great amenities and is a wonderful place for residents. The managers were compassionate and inspiring. I had the opportunity to meet with a resident in their unit and she was so grateful for quality affordable housing in a wonderful building with great neighbors! Class. Dignity. Beauty. All is possible with a smart strategy and an investment commitment to quality housing.
The building in Sunrise is a proposed five-story building that will include ground-floor retail along with 96 one and two bedroom rental units, proposed to be restricted as affordable and serving between 30% to 80% Area Median Income.
Atlantic Pacific will apply for federal low-income tax credits through the Florida Housing Financing Corporation to assist in the funding for the project. The City Commission will be voting on a Loan Commitment Agreement at the June 25, 2024, City Commission Meeting, using existing restricted affordable housing funds for the City’s loan commitment for the project – these funds have been received directly from residential developers over the years and earmarked to be utilized for affordable housing developments.
There is more affordable housing coming! We are committed to finding great partners to build on our previous success and to commit the investment necessary to help our residents and businesses find quality affordable housing – with Class, Dignity and Beauty.