THE WORKING POOR VERSUS MILLIONAIRES

26-UNIT AFFORDABLE HOUSING WINS SECOND HIGHEST GREEN AWARD in STATE of FLORIDA

March 23rd, the Florida Green Building Coalition (FGBC) awarded a 26-unit affordable housing development known as 73 Ocean in Marathon the second highest Platinum level in the State of Florida for the year 2017. The developer also won highest score in the state in 2016.

All 26 new apartments feature low-flow water fixtures, stainless steel appliances, in-unit dish, clothes washers and dryers which are considered a luxury for the vast majority of Keys lessees. It is estimated these platinum units will save approximately 40% in energy and water costs and were built at a 1.5% above normal construction costs according to the United States Green Building Council (USGBC), FGBC statistics and the developer/owner.

Ric Lightner is the FGBC Green Certifying Agent and has only certified Platinum level in residential and multi-family homes since 2009. As a Design and Analysis member of the FGBC Board of Directors and member of the City of the Key West Sustainability Advisory Board, he further states that, “It is the general opinion of the public and even some architects, that green sustainability and building are mutually exclusive due to costs”. And further; “That is an absolute fallacy that might have been true 20 years ago, but not in today’s exponentially changing world”.

He states, “As an example, for 2017, FGBC first place went to Alys Beach Lucian Development LLC near Panama City Florida, where eight individual units sold for between one and two millions dollars”. An Interesting juxtaposition, 26 apartments of the working poor barely making ends meet at $250.o to $450.00 per week, living in the same highest end green platinum sustainable units as millionaires”.

Statements from the owner and lender are, “We are proud to spearhead the development of 73 Oceans, as it will provide much-needed affordable housing options for families within closer proximity to employment destinations.” [Martin Flynn, principal of Tri-Star Affordable, which partnered with Alden Capital Partners to construct the development]. And; “The Florida Keys are critically underserved when it comes to affordable housing,” said Dana Mayo, executive vice president of Alden Capital Partners. “We are proud to work on a development that changes this narrative and provides quality affordable housing.”

The two companies utilized low-income housing tax credit financing for 73 Ocean. The LIHTC funding encourages the construction of affordable housing projects. They have completed 94 of these units in the last year.

The rents are based on income, with one-, two- and three-bedroom apartments reserved for very-low, low and moderate-income residents earning between 25 and 60 percent of the area’s Federal low income working poor.

Rents for one-bedroom units range from $185 for low-income residents to $749 for moderate-income residents.

The larger three-bedroom units range from $277 to $1,059. There are be four one-bedroom units, 14 two-bedroom units and eight three-bedroom units.

The FGBC Green Designation represents achievements in a number of categories, such as energy efficiency, water conservation, site preservation, health, materials, and durability, including disaster mitigation.

FGBC-certified homes complete a technically rigorous building assessment and construction process to promote design and construction practices that reduce the negative environmental impacts of the building, improve occupant health and well-being, and reduce operating costs by as much as to 40% for the occupants.

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