The Joe Moretti development is among the projects Related Urban Development hopes to renovate using their $60 million tax credit.
The Related Group’s affordable housing division, Related Urban Development, has been granted a $60 million tax credit to fund public housing projects in the area, according to a June 21 press release.
Albert Milo, senior vice president for Related Urban Development, explained that they applied for the tax credit in December through the Florida Housing Finance Corporation (FHFC), and was awarded the credit June 8. The figure is deemed the largest credit given in the Miami-Dade county region, and for Related Urban Development. The funds will go toward four Related Urban Development public housing projects that will specifically serve low-income seniors.
The group is looking to renovate and modernize over 464 units in the community, focusing on the Dante Fascell, Joe Moretti, Stirrup Plaza and South Miami Plaza developments. Though the renovation projects don’t have a groundbreaking date yet, Milo explains that the group’s goal is to close on a deal and start in November.
The Miami-Dade county area is only granted $10 million per year from the U.S. Department of Housing and Urban Development for public housing projects, according to the group. Miami-Dade County Mayor Carlos A. Gimenez believes that Related Urban Development’s partnership with local public housing agencies will help accomplish the community’s apparent need for renovation.
“This funding provides an incredible opportunity to upgrade our properties and incorporate creative sustainable design solutions that will immeasurably improve the quality of life for our public housing residents,” said Gimenez.
Along with the four announced developments, Related Urban Development has plans for the redevelopment of an additional 1,800 elderly public housing units. Milo also explained that their group has already completed two renovation projects this year, and has one low-income housing development in Pine Hills, called Emerald Villas, set to open in Decemeber.
With these projects on hand, Milo shares Gimenez’s sentiments about the group’s upcoming efforts.
“We’re certainly excited to be able to help these [low-income individuals] and give them a better quality of life,” he said.