Click here to read the post on the V101.5 website.
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.