The Florida Housing Finance Corporation approved funding recommendations for affordable housing development projects in Monroe County last week. The funding recommendation includes allocations of $8,923,989 for land acquisition and $22,876,017 for development funding.
The project sponsors include the Monroe County Board of County Commissioners, the Monroe County Housing Authority, the Housing Authority of the City of Key West, and the Seahorse Cottages Big Pine Key, LLC.
“We are thrilled with this news, as this is a culmination of many agencies working together to develop new affordable housing after Irma,” said Christine Hurley, Assistant County Administrator.
The Florida Housing Finance Corporation grant was funded with Community Development Block Grant-Disaster Recovery (CDBG-DR) Funding for Hurricane Recovery in Monroe County, and is designed to help address the County’s unmet need for new workforce rental housing.
“The County will add 37 units of workforce rental housing for low-income households earning up to 80 percent of the area median income for the County,” said Juanita Jones, Housing Recovery Administrator for the County. “For a single-person household, this means a maximum household income of $53,600 and a maximum one-bedroom rental rate of $1,435.”
Monroe County’s proposed developments include five units on Key Largo, which may be substituted elsewhere, 10 units on Conch Key, 10 units at Howard’s Haven on Big Pine Key, and 12 scattered-site units on Big Pine Key and Little Torch Key. The City of Key West proposed 103 new apartment units, and Seahorse Cottages has 17 units at the Seahorse Trailer Park on Big Pine Key.
For more information about the program, contact email@example.com.