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$185M Miami Affordable Housing Project Breaks Ground
Housing Trust Group (HTG) secured financing and commenced development on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami, Florida. Construction is expected to be completed in Q1 2027, with leasing to begin in late 2026.
Rainbow Village will be reserved for income-qualifying residents who earn at or below 30-80 percent of the area median income (AMI). Monthly rents for our one-, two-, and three-bedroom apartments will range from $793 to $2,634.
Located at 2000 NW 3rd Ave, Rainbow Village will include almost 12,000 square feet of retail, more than 50,000 square feet of amenity space, and 442 parking spaces.
Funding sources include $70 million in 4 percent Low-Income Housing Tax Credits (LIHTC) equity syndicated by Raymond James Equity Investor; $52 million and $57.2 million in construction financing provided by KeyBank Real Estate Capital and JPMorgan Chase Bank, respectively; $60.4 million in permanent financing provided by KeyBank Real Estate Capital: and a number of agency loans.
The construction team for Rainbow Village was led by general contractor ANF Group.
- ◦Development
