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City Officials And A Developer Have A New Affordable Housing Formula. Will It Fly?

Carl Juste
Miami Herald
Residents cross the lobby of the new Canvas condo in the Omni district of Miami. The developers have proposed building a new subsidized project next door that would consist of 252 affordable and workforce apartments in a similar tower.

Miami’s old Omni district seems to have everything needed for a concerted attack on the city’s housing affordability crisis —acres and acres of vacant land just north of downtown, and a public agency that gets millions in tax revenue to combat poverty and blight. But for years, the much-criticized Omni Community Redevelopment Agency failed to spend a cent on housing.

Now, amid a gradual turnaround, the Omni CRA has been working on novel ways to spur the creation of affordable housing that its leaders say could produce thousands of low-cost apartments in a few years. Among those is a new rule that requires developers to include units in new residential projects in the neighborhood for low or middle-income people.

The CRA’s latest idea: Teaming up with a private developer on a plan to build 252 affordable and workforce high-rise apartments, with a financing twist that officials say could speed up production of so-called income-restricted housing in the area.

Read more at our news parter the Miami Herald.