Thousands Apply for 113-unit Affordable Housing Development

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Thousands Apply for 113-unit Affordable Housing Development in Hollywood

Nearly 20,000 people have applied for a lottery to fill a 113-unit affordable housing development in Hollywood.

The developer behind Pinnacle 441 located at Johnson Street and State Road 7 is providing affordable housing to households earning 60% or less of the area median income.

Pinnacle 441 is offering two and three-bedroom units for $1100 to $1400 a month.

Currently, 62% of Broward renters pay more than 30% of their income toward their rent.

Median rental prices in the South Florida are between $2,500 and $2,800 a month.

And in most cases, now it’s cheaper to rent than to buy with sky-high mortgage interest rates and property taxes in Florida.

 

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