Developer Seeks $5.5M in County Funding for Fort Lauderdale Apartments

Affiliated Development is seeking up to $5.5 million in incentives from Broward County to incorporate workforce housing into its Fort Lauderdale apartment project, Era Apartments. The County Commission will consider the incentive deal for the project, which aims to address the pressing need for affordable housing in the area. Under the proposal, the county would rebate 50% of property taxes generated by the development for 30 years, in exchange for more than half of the apartments being rent-restricted at workforce income levels for the same duration.

Jeffrey Burns, CEO of Affiliated Development, highlights the strategic location of the site and the challenges of financing such projects without government assistance. The Era Apartments project, with a budget exceeding $130 million, is scheduled to break ground this summer. Additionally, the Fort Lauderdale City Commission has approved a separate incentive deal granting the developer a 100% rebate on city property taxes for 15 years, further facilitating the project's development. Burns emphasizes the importance of collaborative efforts between the city and county to enable the construction of much-needed housing solutions like the Era Apartments.

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