Lewis Swezy's Plans 132-unit Age-restricted Affordable Housing Project in Princeton, FL

Developer Lewis Swezy has put forward a plan to build a 132-unit affordable housing development in the Princeton neighborhood of Miami-Dade County. The project, known as Princeton Manor, aims to provide age-restricted apartments for low-income residents, a sector that has proven resilient in the face of rising interest rates and uncertain financial markets.

Project Details and Location

The proposed eight-story building will be situated on a 1.7-acre vacant site at 13841 Southwest 252nd Street, in the unincorporated southern region of Miami-Dade. Swezy's Miami Lakes-based company, Centennial Management, has submitted an application to the county for an administrative site plan review.

Targeted Income Levels and Housing Units

Princeton Manor will feature 75 one-bedroom and 57 two-bedroom apartments, specifically targeting households earning between 30 percent and 70 percent of the area median income (AMI), which is currently $79,400 in Miami-Dade.

Financing Through LIHTC Program

The project is likely to be financed through the Low-Income Housing Tax Credit (LIHTC) program, which provides a crucial source of funding for affordable housing projects. This program allows developers to apply for tax credits, which they can then sell to investors to secure equity for the project, offering a dollar-for-dollar reduction on federal taxes.

Centennial Management’s Experience and Portfolio

Lewis Swezy has extensive experience with the LIHTC program, having worked with it since its inception in 1986. His firm, Centennial Management, recently began construction on another affordable housing project, Cordova Estates, a 190-unit development in Florida City. Centennial’s portfolio includes 3,500 affordable units across 227 acres in south Miami-Dade, including in Florida City, Naranja, and Princeton.

Affordable Housing Demand in South Florida

The enduring demand for affordable housing in South Florida is driven by several factors, including favorable financing options through programs like LIHTC, and government grants and loans that offer lower interest rates than private debt. Additionally, the region has faced a long-standing shortage of below-market rate housing, a situation worsened by an influx of new residents during the pandemic, which led to a surge in demand and record rent increases.

Other Affordable Housing Proposals in Miami-Dade

In addition to Princeton Manor, other affordable housing projects are being proposed in Miami-Dade County. Coastland Residential plans to build a 371-unit building in Glenvar Heights, with 55 of those units set aside for households earning up to 120 percent of AMI. Meanwhile, Pinnacle has proposed a 120-unit affordable housing project near Cutler Bay.