Pinnacle Advances 196-Unit Affordable Housing in Fort Lauderdale

Key Points:

• Pinnacle Housing Group plans a 196-unit affordable housing complex in Fort Lauderdale's Cypress Creek area, featuring separate buildings for seniors and workforce tenants.​

• The Fort Lauderdale City Commission approved a $640,000 loan to support 96 workforce housing units, contingent upon securing Low-Income Housing Tax Credits.​

• The project aligns with Florida's Live Local Act, promoting affordable housing development in commercial and industrial zones.

Pinnacle Housing Group is developing a 196-unit development in the Cypress Creek area to enhance Fort Lauderdale's affordable housing landscape. This initiative underscores the city's commitment to providing quality housing for seniors and workforce tenants. The project benefits from supportive local policies and state legislation aimed at addressing housing affordability.​

Project Overview:

• Development Details: The Pinnacle at Cypress project has two phases: the first phase includes 100 affordable apartments for seniors, and the second includes 96 rent-controlled workforce housing units. ​

• City Support: The Fort Lauderdale City Commission has approved a $640,000 loan commitment to assist in financing the workforce housing units. The commitment is contingent upon Pinnacle securing 9% Low-Income Housing Tax Credits from the Florida Housing Finance Corporation.​

• Timeline: Construction for the senior apartments is slated to begin in the first quarter of 2026, with the entire development expected to be completed by June 2028.​

Live Local Act Alignment: Florida's Live Local Act, a comprehensive statewide strategy designed to increase affordable housing availability, facilitates the project's advancement. This legislation encourages developments like Pinnacle at Cypress by allowing affordable housing projects in areas zoned for commercial or industrial use. Thus, it streamlines approval processes and promotes the creation of affordable units within communities. ​

Financial Structuring:

• Funding Sources: In addition to the city's loan commitment, Pinnacle has secured a State Apartment Incentive Loan (SAIL) and bond inducement from the Broward County Housing Finance Authority. The developer is also pursuing additional gap financing from Broward County to ensure the project's financial viability.​

• Tax Credits: Allocating 9% Low-Income Housing Tax Credits is crucial for the project's funding structure, as these credits provide significant equity contributions when sold to institutional investors.​

Community Impact:

The Pinnacle at Cypress development addresses a critical need for affordable housing in Fort Lauderdale. It offers quality living options for seniors and workforce residents. By integrating affordable units into the Cypress Creek area, the project supports economic diversity and provides residents with convenient access to local amenities and employment opportunities.​