The Live Local Act is incentivizing some developers to add affordable housing units with below-market rents to buildings that are already under construction or completed, instead of doing so at the pre-approval stage of development, according to a panel of speakers at the Urban Land Institute’s Fort Lauderdale Forum
“Every project we’re looking at, we’re looking at adding a Live Local component to it,” said panelist Doron Broman, founder and CEO of Miami-based Moderno Development Group. “Most projects don’t pencil in today. So, with the Live Local Act that gives you additional income, that means, maybe, the project will pencil in.”
Moderno started construction of Rivr Lofts, a 29-story, 352-unit apartment building in Fort Lauderdale, in 2022, prior to enactment of the Live Local Act. Construction is complete, and “we are looking right now at converting some of the units into the Live Local pool,” Broman said. “The smaller studios seem to be a very good fit for that type of product.
”The availability of Live Local units at Rivr Lofts would be limited to people who collect up to 120 percent of area median income. “So, we’re talking about aiming units at people making around $90,000 a year,” Broman said. “A lot of our residents already fit that criteria, so it’s worthwhile for us to lower the rent a little bit more and get the tax benefit.”
