Surtax affordable housing funds must now be allocated to projects ready to break ground

(Miami-Dade, Florida) -  On June 3, 2014, the Board of County Commissioners adopted a resolution sponsored by Commissioners Monestime, Edmonson, and Diaz that establishes a policy for ensuring that Surtax affordable housing funds are allocated to projects that are ready to break ground.  Prior to this resolution, a significant number of projects awarded funds through the County’s Affordable Housing Surtax program have not been financially viable, and have not begun construction many years after being awarded funding.  These older projects are tying up resources that could be used for developments that are ready to go. 

This resolution gives developers six months from the time of award to get their development fully financed.  “This resolution will free up millions of dollars that have been stuck in projects that are just simply not ready to go to construction,” explained Commissioner Monestime.  “Our community expects that we will invest these scarce funds wisely and this resolution helps the County do that in a more efficient way.”

According to Miami-Dade Public Housing and Community Development, more than $80 million in Surtax funding is allocated to projects that could be put to better use.