Developer hopes to provide relief to affordable housing crisis

MIAMI – As Miami’s housing market stays on the epicenter of the nation’s housing crisis, startup developer Bluenest is hoping to provide extra choices for patrons in Miami-Dade County. 

Bluenest Development has at present damaged floor on over 30 affordable properties all through Miami-Dade County that are all priced inside 80% of an space’s median earnings. By the tip of subsequent yr, they plan to full 120 properties. 

“I think there is a very big need for affordable housing. When you look at the median income in it’s not really high, and Miami is getting more and more expensive,” mentioned Salim Chraibi, CEO at Bluenest Development. 

According to a brand new report from RealtyHop, the typical household in Miami would have to put aside roughly 86% of their annual earnings to afford the median-priced dwelling, which is now round $600,000. 

Chraibi instructed CBS4 News his firm is concentrated on creating affordable choices for households in areas which have been missed by builders up to now, equivalent to Brownsville, Liberty City, and elements of Florida City. 

“Quartz kitchen [counter tops], stainless steel appliances; we want to give the feel and look of a luxury high-end condo in an affordable home,” mentioned Chraibi. 

Bluenest Development can also be constructing properties in Northwest Miami-Dade and elements of SW Dade, together with Homestead. 

We have over 120 properties within the pipeline. We put a number of our properties by way of known as the infill program in Miami Dade,” mentioned Chraibi. 

Miami-Dade County’s infill program permits eligible patrons to qualify with solely a 1% down cost on properties which can be $365,000 or much less. Chraibi says he locations lots of properties within the infill programming, together with their townhomes which begin at $295,000. 

“The mayor is very pro-affordable housing and she’s been pushing. So there are programs where people can just put 1% down payment and afford a home and it comes out to be cheaper than renting,” mentioned Chraibi. 

For extra information on Bluenest click here. 

The housing crisis is leaving many determined for assist. That’s why CBS News Miami desires to share your tales to present the crisis you are in or the way you navigated the system. We will spotlight these points and work to get solutions and options. Send us an e mail at [email protected].