Seven on Seventh is a newly opened affordable housing community on Seventh Street in Fort Lauderdale. Their goal is to offer discounted apartments to essential workers in the area who are struggling with housing costs. This real estate project also aims to help the homeless who need a stable home. For this purpose, $25 million has been allocated by a Fort Lauderdale developer and a local non-profit organization.
In this sense, half of the 72 apartments are intended for local workers. This includes teachers and other citizens who meet the minimum income requirements.
On the other hand, the remaining 36 apartments are intended for people living on the streets, in shelters, as well as for families at risk.
Monthly rent for tenants starts at $1,200.00. Although the county will provide financial assistance to pay rent to those who need it.
Meanwhile, fully rented apartments range from studios to two-bedroom houses.
Moreover, thanks to the plan sTo cover part or all of the monthly rent, the property also accepts Federal Housing Vouchers.
In what context was this project developed?
According to the 2022 Broward Affordable Housing Needs Assessment, 25,000 homes in the county were considered affordable over the past five years.
However, their prices are now higher, and 32% of renters spend more than half their annual household income on rent.
Therefore, when analyzing this data we conclude that Broward was mired in a housing affordability crisis.
Additionally, the average rent for a studio apartment in Broward is $2,100.00 per month. Meanwhile, the average monthly cost for a three-bedroom apartment is $3,300.00.
Finally, Broward Partnership Executive Director Frances M. Esposito expressed her opinion regarding the association. The idea is to “help people move from homelessness to self-sufficiency,” he said.
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