Miami-Dade County Mayor Daniella Levine Cava announced on Monday a $85 million investment toward affordable housing to combat rent hikes and homelessness.
The five-tiered, comprehensive HOMES plan, pending approval from the Board of County Commissioners in September, would work to preserve existing affordable housing, launch new incentive programs to expand that supply, and provide rent relief to struggling homeowners and renters.
The move is part of the mayor’s more than $10 billion 2022-23 proposed county budget, which also includes the first property tax break in 10 years – a 1% reduction that would result in the lowest property tax rate since 1982, but would not fully offset rising property values.
The plan also is the latest step in the county’s Building Blocks program, a $13.4 million federal investment announced in April to help tackle the newly declared affordability crisis.
“We’ve come a long way in the past 6 months,” said Levine Cava, “but when proposing the 2022-23 county budget, it was critical that we would continue to offer ways to support our residents and families with much needed relief.”