December 28, 2012

Related Urban Awarded $46 Million in Tax Credits for Affordable Housing in Miami-Dade


The Miami Herald by Martha Brannigan

Related Urban Development Group said it was awarded $46 million in tax credits to fund two affordable housing projects in Miami-Dade County.

Related Urban, a division of Miami-based Related Group, said the 9-percent federal tax credits awarded by the Florida Housing Finance Corp. will be used to renovate Jack Orr Plaza, an existing 200-unit county public housing development for the elderly, and to build Collins Park Apartments, a new 117-unit elderly housing development in the Allapattah neighborhood of Miami.

Albert Milo, senior vice president of Related Urban, said construction on the two projects for low-income seniors is set to begin in 2013.

Combined with $60 million in federal tax credits it was awarded in June, Related Urban has gotten more than $106 million in funding over the past six months. The funds will be used for a total of six projects with 781 units.

According to Related Urban, more than 54,000 people are on a waiting list for affordable housing in Miami-Dade.