Purchased for $970,000, the three, one-story “four-plex”
Ocean Drive Estates is located nearby several BCHA affordable housing properties, including Highland Gardens and Tallman Pines, and fits into the Affordable Housing Plan adopted by BCHA in 2002.
“The acquisition of Ocean Drive Estates will further expand our affordable housing ownership and management and will add to our affordable rental inventory,” said Ann Deibert, CEO of BCHA. “The rents at Ocean Drive are lower than average in Broward County, particularly for two bedroom units, and this is in line with our mandate to provide affordable rental properties for Broward’s workforce, as well as providing us with an additional private revenue stream outside of public sector funding.”
Affordable properties like Ocean Drive Estates are critically important for Broward County. According to the 2011 Affordable Housing Needs Assessment report by the Metropolitan Center at Florida International University, substantial affordability gaps exist for Broward County renter households earning 80 percent or less than the Area Median Household Income of $62,600.
Extremely cost-burdened renter households – those spending more than half of their income on housing – increased by 51.1 percent between 2000-2010. The average rent in Broward County is $1,253, with two- and three-bedroom units higher on average. Rents at Ocean Drive Estates average $900 per month.
About Broward Country Housing Authority
Founded in 1969, Broward County Housing Authority (BCHA) creates housing opportunities for nearly 12,000 county residents by utilizing public and private funding. It focuses on providing affordable housing through the ownership/management of properties, administration of rental subsidies and counseling of homeowners and prospective owners. Established under Chapter 421, Florida Statutes, BCHA is an independent special district of the State of Florida. For more information, visit www.bchafl.org.