MIAMI-The Landmark Cos. Inc. of Miami Beach, FL, has received funding to develop a $13 million affordable rental housing complex here. Related Capital Co., a subsidiary of publicly traded CharterMac, provided $9 million in equity financing for tax credits generated by the new development, called Emerald Dunes Apartments.

Emerald Dunes will be located near the Miami Dolphins’ Pro Player Stadium, about 12 miles north of the city’s CBD. The project will consist of 141 units and will add affordable rental housing to an area where there is strong demand for such housing and market-rate rental housing is out-of-reach for many residents.

In Miami-Dade County, a full-time worker must earn 277% of the minimum wage to afford a two-bedroom apartment at fair market rents, according to the National Low Income Housing Coalition. Strengthening the affordable rental housing demand is the fact that much of the affordable rental housing in the area is running at 100% occupancy and has waiting lists.

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