In 2013, over half of Miami lived in rental property. This is great news for real estate investors, but the competition is fierce. It’s important to understand your options and choose what will maximize your profits.
The following options can help you uncover government resources for your real estate investments, whether renting or developing South Florida real estate.
Affordable Housing Programs for Single/Multi-Family Rental Homes
Because Miami residents spend over 40% of their income on rent, affordability in housing is an important feature. Look into participating in the Section 8 program from the US Department of Housing and Urban Development (HUD). Getting started requires a trip to the local housing authority to set up an initial inspection and certification. HUD has a guidebook on its website that explains the program standards.
If you’re interested in becoming a Section 8 landlord in Miami-Dade County, you can attend an orientation. These sessions are held the last Wednesday of the month in January, July, April, and October from 6:00-6:30pm EST.
Working with a non-profit may also be an option. These agencies can keep your occupancy rate high by providing a steady-flow of pre-screened tenants.
Local Housing Authority Resources
Affordable Housing Development Opportunities
The City of Miami provides grants to private developers for making a portion of new multi-family units available as affordable housing. A mix of state, federal, and local government money funds a percentage of the total project.
Miami-Dade County is accepting applications through the end of October 2016 for affordable housing and commercial transit-oriented development through Florida’s Building Better Communities program, which invests in both development and management of affordable housing.
To find more development opportunities, look for RFQs from each housing authority, which will provide greater detail on the application process.
Investing in real estate can be laden with risks. Having reliable income from local and state governments will help ease the burden from your riskier investments. While it may take a little extra work to get started, the time spent is worth it.