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Workforce Housing - Why is it so difficult? No profits available? Part II

30 Sep 2025 11:47 AM | Anonymous

Example in Islamorada:


Wet Net:  Built by Gorman, a for profit corporation; 36-unit affordable housing complex at MM81 on Upper Matecumbe; all 3 bedroom 2 bath townhouses


Subsidies: Inexpensive land lease with Village; 80% construction funding from Florida Housing Finance Corp (Tax Credit grant)



Occupants:Low and Very Low Income


Rents: Very Low Income - $608/month; Low Income: $1688/month for 3 bedroom twnhomes


Benefit to Gorman: Rental project - they manage and get the rent of about $550,000 per year with minimal, maintenance and management expenses, insurance, pay $77,000/yr in property tax


Example in County:


Southcliff Estates: Purchased by Monroe County, An apartment complex at MM95 with all twelve 1-bedroom apartments,  


Subsidies: Purchased in 6/30/25 for $7.3 million with 100% funding from the $35 million TDC excess revenue approved by the legislature; No property taxes for  government owned property.


Occupants:Moderate Rate Income


Anticipated Rents: $1797/ month minimum up to over $3000/month for 1 bedroom apartments


Benefit to County: Approximately $260,000 per year if rented at minimum; insurance, maintenance and management minimal for new construction. $7 million purchase price included land for additional units.

*** From most recent compliance report for the Wet Net:

Average family income: $26,801

Average Income Limit Adjusted for family size: $37,089

Total Rental income: $46,351/month


Concerns about County Southcliff project :

  • Why only moderate income? With no cost for land or construction, why not help the lower income levels?

  • Minimum income of $71,880 required. Where did that number come from?  We could find no published minimum income, based on HUD standards or in county code, only maximum income.


Concerns about Village Wet Net project:

  • Compliance reports (latest reviewed is dated 7/31/25) show no income verification following initial year of occupancy

  • 17 of 36 occupants are original occupant from 2014-2015.

  • Continual reports of multiple occupants, not qualified, and other irregularities


In the End:

Fewer and fewer members of the workforce can afford the high cost of living in the Keys. Will workers traveling long hours from the mainland find better employment opportunities closer to home?   Will the traffic, lack of service employees, cost of living, eventually impact real estate prices? Will the fragile environment suffer from the over-development? Or will the environment and special lifestyle be enough to sustain the popularity of the Florida Keys?
 


Our vision

To enhance the community of Islamorada by preserving the quality of life of the residents as well as the beauty and vitality of the native ecosystems and to stop any further degradation of our community from over-development.

Mission statement

To provide the Islamorada residents with information about events occurring in our community that will impact our quality of life, preservation of our native ecosystems, land development, lawful and transparent governance.

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Contact Us

ICA.in.Keys@gmail.com

Islamorada Community Alliance

P.O. Box 1507

Tavernier, FL  33070-1507




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