February 2025 Edition
The Ledger is your source for the latest updates, stories, and insights on the Live Local Act (LLA) and its profound impact on affordable housing across Florida. Every month, we delve into the transformative projects, legislative updates and community voices that are shaping the future of housing for Florida’s workforce.
Stay informed with in-depth features on innovative developments, learn about implementation strategies of leading municipalities and explore the dynamic conversations within communities about urban planning and housing initiatives.
The Ledger is more than just a newsletter—it’s your gateway to understanding how policy and practice converge to create a more inclusive and affordable housing landscape in Florida.
Here’s your monthly dose of Live Local Act news—keeping you up to date on the latest developments in Florida’s housing market, key policy updates, and insights on how the program is shaping communities
Spotlight:
North Fort Myers Welcomes First Affordable Senior Housing in Decades
For the first time in over 30 years, North Fort Myers is getting a new affordable rental community—Hermosa, Phase I & II. Developed by ReVital Development Group in partnership with Birdsong Housing Partners and the Lee County Housing Authority, this project is designed exclusively for seniors 62 and older, with a preference for veterans.
Hermosa will provide 160 affordable apartments for residents earning 60% or less of the area median income. Built to strong hurricane-resistant standards, the community will also feature sustainability-focused design and offer amenities such as a fitness center, business center, and pool. Residents will benefit from free programs like adult literacy courses and assistance with household tasks.
Hermosa is the first project in Lee County to use recovery funds from Hurricane Ian and leverage Florida’s Live Local Act. The demand for affordable senior housing in the area is undeniable—just weeks ago, ReVital’s workforce housing project, Civitas in Cape Coral, saw lines of applicants camping overnight to secure a unit.
With construction already underway, Hermosa is expected to welcome its first residents early next year, marking a significant milestone in the region’s push for more resilient and affordable housing. Source
Development Round-Up: Major Projects Under the Live Local Act
New Workforce Housing Project Proposed Near North Miami Beach Under Live Local Act
Genesis USA Properties is looking to bring much-needed workforce housing near North Miami Beach, leveraging Florida’s Live Local Act to bypass zoning restrictions. The proposed five-story development at 16575 N. Miami Ave., near Jackson North Medical Center, would include 32 apartments and 40 parking spaces on a 0.31-acre site.
The entire project is designated as workforce housing, meaning all units will be priced for residents earning up to 120% of the area median income (AMI). The apartments will range from 540 to 980 square feet, with a mix of studio, one-bedroom, and two-bedroom units.
With skyrocketing market rents in Miami-Dade, especially for essential workers like those in healthcare, projects like this highlight the growing reliance on the Live Local Act to create affordable housing solutions. Source
Cymbal DLT Secures $114M Refi for Live Local Act Project
Developer Asi Cymbal landed a $114 million refinancing for Laguna Gardens, a 341-unit apartment complex in Miami Gardens. Originally planned as market-rate, the project was retroactively converted under the Live Local Act, qualifying for a property tax exemption with rents capped at 120% AMI.
With 95% occupancy and rents starting at $2,000, the deal reflects strong lender confidence in South Florida’s workforce housing market. Next up for Cymbal: the 1,200-unit Nautico District in Fort Lauderdale. Source
Luxury Developers Step Into Miami’s Affordable Housing Arena
Miami’s affordability crisis is pushing high-end developers into uncharted territory: building housing that meets both market-rate expectations and affordability standards. With South Florida short more than 90,000 homes for those earning less than 80% of AMI, the challenge is clear—but so is the opportunity, thanks to Florida’s Live Local Act.
By offering tax incentives, the act is reshaping what affordable housing looks like. Developers like Michael Swerdlow of SG Holdings are prioritizing high-quality, mixed-use developments that blend affordability with premium features. The result? Projects like Sawyer’s Walk in Overtown, the largest affordable housing development in the U.S. in a decade, designed for low-income seniors with easy access to transit and retail.
Meanwhile, Laguna Gardens in Miami Gardens, one of the first properties delivered under Live Local, offers modern amenities like a lakeside trail and pet care area. And looking ahead, the Bal Harbour Shops project will dedicate 40% of its upscale residences to workforce housing, targeting the city’s essential workers.
Developers aren’t just answering the call—they’re redefining affordable housing in Miami. With 7,500 new units planned in Little River, including workforce and market-rate homes, the shift is clear: affordability no longer means sacrificing quality. Source
Do you think this shift will be enough to meet Miami’s growing demand, or are deeper policy changes needed?
Palm Bay Affordable Housing Project Secures $19.2M, Breaking Ground Soon
Palm Bay’s first and only affordable housing project under Florida’s Live Local Act is moving forward after securing $19.2 million in state funding. The 120-unit development by Agador Spartacus Development will be built near Sportsman Lane NE, with 40% of units reserved for households earning up to 120% of AMI.
However, this will be the last project in the city to benefit from the LLA’s tax exemptions, as the Palm Bay City Council opted out of key incentives, citing concerns over long-term financial sustainability. Passed in December 2024, Resolution 2024-46 eliminates a 75% tax break for middle-income units, ensuring Palm Bay retains local tax revenue for infrastructure, public safety, and city services.
Despite the policy shift, construction is set to begin within 6–12 months, with completion expected in late 2026. The complex will feature a resort-style pool, clubhouse, and green spaces. Future affordable housing in Palm Bay will likely rely on local partnerships and permit fee reductions rather than state-backed tax relief. Source
Community Story:
Tampa Rents Are Dropping—So Why Aren’t Renters Feeling Relief?
Tampa Bay renters got some seemingly good news: rents are down 8% year-over-year, the second-biggest drop in the country after Austin. At $1,729, median rent is now at its lowest point since 2021. But for long-time residents, the decline doesn’t erase the nearly 30% surge in rents since 2020.
The drop is largely due to new apartment supply hitting the market, as projects started during Tampa’s pandemic-era boom finally come online. However, with high interest rates slowing future construction, experts warn that rent declines may not last.
While LLA encourages developers to keep building, housing experts argue that more is needed—especially for low-income renters who still can’t keep up with costs. Will Tampa’s rental market stabilize, or are renters bracing for another surge? Source
Thank you for reading! Keep an eye on your inbox for our next issue, where we’ll continue to share updates, insights, and news on Florida’s affordable housing initiatives. Don’t forget to subscribe and share this newsletter with colleagues and friends who want to stay informed!
