First Keys’ Affordable Housing Development for Seniors Outside of Key West Opens!
Key Largo, FL – On April 20th a ribbon-cutting ceremony was held to mark the opening of Monroe County’s only rent restricted, affordable housing for low-income seniors outside of Key West. Paradise Point Senior Living Community residents are 55 years of age or older. The project started leasing in January and the complex will begin a waiting list shortly.
Amenities of the newly constructed complex includes: 42 one and two-bedroom apartments, a community room, fitness center, computer lab, landscaped grounds and all units have patios and balconies. Construction took 16 months. It was developed by Gorman & Associates (www.gormanusa.com) and cost $12.9 million. Boston Capital, JP Morgan Chase and Cinnaire all played a role in the funding/lending.
“We are thrilled to have opened Paradise Point in the northern Florida Keys” says Hana Eskra, Gorman’s Florida Market President. She adds “while this is a senior community, many of the residents are working adults who are employed by local businesses that serve residents throughout Monroe County.”
Do we want to even guess at how much the rent will be ?
If maximum income for one person is $38,640 for one person and $44,160 for a couple the rent can’t be too high. 40% of $38K would be about $1,260 per month.
I’m gonna look into this!
This breaks down to a little over $300.000 per unit. Must be some kind of new math. Many do not earn 38 k a month and then turn on utilities. Perhaps the key word here is affordable. Most make less than 38k. This is $15,120 a year plus utilities and food and a car. It dam sure is not what a retired person usually has for income or a worker gets paid at most jobs. So I see this as middle class income at best.
Someone will be footing a huge bill to maintain and run this property and likely be the tax payers. Am sure they will fill fast.
I find it hard to feel sorry for a couple making $44 k to need help with paying rent. Live where you can afford or demand higher wages.