Miami mayor wants EB-5 funds for affordable housing

Miami mayor wants EB-5 funds for affordable housing

Miami Mayor Tomas Regalado said the city wants to attract EB-5 visa program funds to build affordable housing.

The mayor said there is no more important conversation for city leaders to have than about the “housing crisis” as he addressed the “Homes for All” housing summit on May 6 sponsored by the Miami Coalition for the Homeless. Half of the calls the city receives and half of its visits are about affordable housing and the often poor condition of existing affordable housing stock, he said.

“Even through we celebrate the cranes, the construction, the museums, the tunnels, and the eMerge, people are still being evicted from their apartments,” Regalado said. “Families are still found underneath I-95 sleeping in their cars.”

Regalado wants to use Miami’s designation as an EB-5 regional center to attract new affordable housing funds. This program grants visas to foreign investors with at least $500,000 in job-create funds to contribute to a project.

“It is a solid investment,” Regalado said. “It may not have the great return that those Ponzi schemes offer but it does have a return."

Pinnacle Housing Group Partner Michael Wohl said the EB-5 program would be an innovative way to attract affordable housing funds and his company would like to explore it.

In his address to the summit, Miami-Dade Mayor Carlos Gimenez highlighted his initiative to redevelop the Liberty Square affordable housing project, an area ridden with crime and unemployment that he hopes will become a mixed-income community that creates 2,300 jobs. The county has secured $74 million in funds to rebuild Liberty Square.

Source : bizjournals

States

  • Florida


Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.