A newly completed development by Miami-based Housing Trust Group brings affordable and workforce housing to the city’s growing health district.
The 73-unit Wagner Creek Apartments includes a mix of one-bedroom, two-bedroom, and three-bedroom units. Sixty-eight of the units serve households earning at or below 60% and 33% of the area median income (AMI), and the remaining five units are for households earning up to 120% of the AMI. Rents range from $401 to $990, according to the developer.
“The growth and success of Miami’s health sciences and biotech industry depends on access to safe, clean, and affordable housing for our students, medical professionals, and those that support the health-care community,” says Matthew Rieger, Housing Trust Group’s president and CEO. “Wagner Creek’s waiting list of over 350 people is indicative of the demand, and while we’re proud to be providing a vital need to the community, it’s obvious that more needs to be done to address the shortage of affordable housing in Miami.”
The $23 million development was financed primarily with $17 million in equity provided by Raymond James Tax Credit Funds from the syndication of 9% low-income housing tax credits allocated by Florida Housing Finance Corp. Additional financing included a $3.4 million permanent loan from Citi Community Capital, $615,000 from Miami-Dade County’s surtax program, $840,000 from a city of Miami HOME loan, and the remainder in developer equity.
This is the developer’s second affordable housing community to be delivered in Miami within the past year. It completed the 84-unit Courtside Apartments in the city’s Overtown neighborhood in September.