JP Morgan Chase Launches $5 million Affordable Housing Initiative In South Florida

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JP Morgan Chase is aiming to tackle South Florida’s affordable housing crisis with a $5 million investment to develop and renovate residential buildings in areas close to Virgin Trains USA and Opportunity Zones. The initiative was announced at an Oct. 30 press conference.

The $5 million will be used to leverage up to $75 million in affordable and resilient housing investments from private investors, lenders and government agencies. In order to qualify, development sites and existing buildings must have the following criteria:

▪ Must be located within a half-mile of existing Virgin Trains USA and Tri-Rail stations along the Florida East Coast railway. This would allow project to gain density and mixed-use bonuses for being a transit-oriented development.

▪ Must be within proximity of Opportunity Zones, census-designated tracts in which investors and developers can defer capital gains taxes by putting the funds into construction of new projects in economically disadvantaged areas.

▪ And be in or near Community Redevelopment Areas (CRA), neighborhoods that receive property tax revenue from local governments to fund affordable housing and economic development projects.

The South Florida Housing Link Collaborative will direct where the $5 million is invested. The goal is to build 300 affordable rental units through new construction and renovations of existing buildings. The initiative will also provide 200 home improvement loans for energy efficiency and resiliency.

South Florida remains one of the most expensive places to rent or buy a house. The South Florida Housing Link Collaborative said nearly 60 percent of employed adults in the tri-county region of Miami-Dade, Broward and Palm Beach spend more than 30 percent of their income on rent.

Virgin Trains USA, formerly Brightline, currently has three stations in downtown Miami, downtown Fort Lauderdale and downtown Palm Beach. The company also built mixed-use office and retail projects near the stations that is spurring some new development in surrounding neighborhoods.

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JP Morgan Chase is aiming to tackle South Florida’s affordable housing crisis with a $5 million investment to develop and renovate residential buildings in areas close to Virgin Trains USA and Opportunity Zones. The initiative was announced at an Oct. 30 press conference.

The $5 million will be used to leverage up to $75 million in affordable and resilient housing investments from private investors, lenders and government agencies. In order to qualify, development sites and existing buildings must have the following criteria:

▪ Must be located within a half-mile of existing Virgin Trains USA and Tri-Rail stations along the Florida East Coast railway. This would allow project to gain density and mixed-use bonuses for being a transit-oriented development.

▪ Must be within proximity of Opportunity Zones, census-designated tracts in which investors and developers can defer capital gains taxes by putting the funds into construction of new projects in economically disadvantaged areas.

▪ And be in or near Community Redevelopment Areas (CRA), neighborhoods that receive property tax revenue from local governments to fund affordable housing and economic development projects.

The South Florida Housing Link Collaborative will direct where the $5 million is invested. The goal is to build 300 affordable rental units through new construction and renovations of existing buildings. The initiative will also provide 200 home improvement loans for energy efficiency and resiliency.

South Florida remains one of the most expensive places to rent or buy a house. The South Florida Housing Link Collaborative said nearly 60 percent of employed adults in the tri-county region of Miami-Dade, Broward and Palm Beach spend more than 30 percent of their income on rent.

Virgin Trains USA, formerly Brightline, currently has three stations in downtown Miami, downtown Fort Lauderdale and downtown Palm Beach. The company also built mixed-use office and retail projects near the stations that is spurring some new development in surrounding neighborhoods.