- Two affordable housing projects broke ground in the greater Sarasota metro area of Florida, which will provide 572 units for families, individuals, and seniors.
- Last week, the Florida Senate passed a bill aimed at boosting affordable housing across the state. The Florida House is expected to take up the bill next.
- The new projects in Sarasota are targeting one of the most expensive mid-sized metro areas in the nation.
Just a week after the Florida Senate passed a bill aimed at bolstering more investments in affordable housing, developers broke ground on a new affordable housing project to the greater Sarasota metro area, one of the nation’s most expensive mid-size metros in 2022. The groundbreaking ceremony was attended by Manatee County Commissioners and other local officials.
Lincoln Avenue Capital (LAC), which bills itself as “a mission-driven developer” and investor of affordable housing, recently celebrated the groundbreaking of its first new-construction projects in Florida. The projects, dubbed “301 Flats” and “The Savoy at 301” will provide a total of 572 units of affordable housing for families, individuals, and seniors upon completion in 2025. The two projects come at a time when Florida, like the rest of the nation, is grappling with a spike in affordable housing costs exacerbated by the economic strain caused by the COVID-19 pandemic and inflation.
The state has traditionally relied on the Sadowski Affordable Housing Trust Fund, which receives money from documentary stamp taxes on real estate transactions, to address the affordable housing issue. However, as reported by The Capitolist, the fund has been frequently raided by the state government for other purposes, leaving less money for affordable housing projects.
To address this issue, the new legislation has already passed in the Florida Senate and is currently awaiting action in the House. The legislation aims to increase the amount of money that goes into the Sadowski Trust Fund by using a portion of the revenue from online sales taxes. The bills have received overwhelming support from advocates for affordable housing, Florida Association of Realtors, as well as virtually all members of the state’s business community.
Meanwhile, LAC says the new developments going up in Southwest Florida will not only provide affordable housing, but also offer community amenities and energy efficiency features.
“LAC is proud to deliver long-term affordability for families, individuals and seniors facing a housing crisis across Florida and here in Manatee County,” said Jordan Richter, LAC Vice President and Project Partner. “As a mission-driven company, we’re deeply committed to helping people put down roots in their communities by expanding access to high-quality homes.”
According to the company, LAC is “one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization that serves residents across 22 states, with a portfolio of 119 properties comprising 20,000+ units.”