Miami’s housing affordability crisis got a promise of relief Thursday with the groundbreaking of two projects that will bring hundreds of units to the city.
The pair of developments — one in Allapattah, the other near the Omni — are the first in the county to leverage tax breaks and other incentives offered by Opportunity Zones, created as part of the federal 2017 Tax Cuts and Jobs Act to spur development in economically-deprived areas. The program designated 8,764 such zones nationwide; Miami-Dade has 67 and Broward has 30.
“A lot of people are not familiar with the tools that are available in order to use Opportunity Zones successfully,” said Secretary of Housing and Urban Development Ben Carson, who attended both groundbreaking ceremonies and spoke with the Herald.
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