Developers can gain by adding Live Local affordable housing after construction begins, say panelists at ULI event
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. For example, the developer of The Arcadian, a 502-unit apartment project in Fort Lauderdale, is in the process of designating some of the apartments as affordable housing units under the state’s Live Local Act, which encourages the development of rental housing with below-market rents. The developer is Fort Lauderdale-based Fuse Group […]This article originally appeared on The Real Deal. Click here to read the full story.
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