Miami Affordable Housing Project Wins $42M in Tax Credits

MIAMI — The Related Group and Miami-Dade County Housing Agency announced Wednesday that a planned 480-unit affordable housing development in Little Havana has received $42 million in Low Income Housing Tax Credit allocations from the Florida Housing Finance Corporation, clearing the final financing hurdle for the $185 million project.

The project, called Avista at River Park, will rise 18 stories on a 2.4-acre county-owned site at 2050 N.W. 2nd Avenue. Units will be reserved for households earning between 30 and 80 percent of Area Median Income, with rents starting at $650 per month for efficiency units.

“This is what it looks like when government and the private sector work together to solve the housing crisis,” said Miami-Dade County Mayor Daniella Levine Cava. “Every family that moves into Avista is a family that won’t have to choose between rent and groceries.”

The Related Group, Miami’s largest residential developer, will serve as developer and general contractor through its Related Urban subsidiary. Construction is expected to begin in September 2026, with first occupancy projected for mid-2029.

The financing stack includes $42 million in 4% tax credits, $68 million in tax-exempt bonds issued by Miami-Dade County, a $35 million FDOH State Apartment Incentive Loan, and $40 million in conventional debt from Citibank Community Capital.

Local nonprofit Carrfour Supportive Housing will provide on-site social services for residents, including financial counseling, job training, and health screenings. Twenty units will be designated for formerly homeless veterans in partnership with the U.S. Department of Housing and Urban Development.

Author: Daniel Ochoa

Development Reporter. Covers residential construction, mixed-use projects, and real estate development across South and Central Florida. Previously managed planning and zoning coverage for a regional trade publication.