Legislation proposing an increase in the current affordable-housing cap has been brought before the county commissioners in Miami-Dade. The current cap stands at $205,000 and the proposed increase would allow developers to sell for upwards of $235,000, according to a recent National Mortgage News report.
"Changes to a related program would let projects with low-interest county loans sell for as much as $310,000, more than a 50% increase from the existing $205,000 cap," according to NMN.
Experts are seeing the increase as expanded opportunity though, there have been concerns about rising prices when it comes to buyers. Housing affordability has been a big deal for the county commissioners who want make sure families are able to get into homes without worrying about the rising costs.
"Improving access to affordable housing is already a campaign plank for the one commissioner running for mayor, Daniella Levine Cava, and has been a main issue for others planning a run to succeed Carlos Gimenez when he leaves office in 2020," according to the report.
"She said the higher price caps will help open up the program to families who make more than the typical affordable-housing buyer but still struggle in the Miami market. But she said the current proposal includes too many price increases, and that she would propose a longer schedule that would let the county boost caps as real estate prices increase."
To learn more about the proposed cap increase on affordable-housing in Miami-Dade, click on the image above.